Where Does the Mainstream Press Get Their Numbers?
As we have now reported here for nine straight weeks the actual number of properties foreclosed upon in Palm Beach County is now down for an extended two month period. The local real estate market has been nothing short of spectacular to date this year, interest rates remain at historic lows and all seems well. Investors continue to gobble up foreclosed properties for a small fraction of what they once sold for and many believe these are the best wealth building opportunities we have seen in 50 years.
So what comes next? I just read one article that reported Florida foreclosures are down 60% for the first half of 2011. I am not sure where they get their numbers but during the 22 week period between February 1, 2010 and June 27, 2010 a total of 5,217 properties were foreclosed on in Palm Beach County and the during the similar time this year a total of 6,000 properties were foreclosed on. Looks to me that foreclosures in Palm Beach County are actually up 15%. Please note thee numbers are actually for about a 5 month period as on-line auctions began in the county on February 1, 2010 and that is where our records start.
The chart above shows the 6 month trend of foreclosures in Palm Beach County and we do have historical numbers going back to February 1, 2010 when we began the on-line bidding process. Please note that the numbers shown represent the total sales for that week but are not broken down into sales that were sold to the Plaintiff or sold to a third party. This week, the actual foreclosure auction numbers decreased to 192 units from 231 the previous week and still in line with the lower numbers we have been seeing. As we have also reported the “robo-signing” debacle may be the cause of this slow down in activity but it is really hard to say.
Third party bidders saw another successful week with over 14% of auctions ending in their favor. We continue to keep our eyes on these numbers as it is clear banks are happy to let some of their headaches go at this level to investors and not having to go the REO route.
Here at “Results Driven Real Estate” we are passionate about the market and love assisting each one of our clients achieve their real estate goals. If we can ever be of help in any way with your needs throughout Palm Beach and Martin Counties please feel free to contact Tom at 561 308-0175 or via e-mail at firstname.lastname@example.org. It would be my sincere honor to work with you!
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty