Palm Beach County Foreclosures Still Below Moving Average for 11th Straight Week
After setting a new 30 week low the number of foreclosures in Palm Beach County picked up a little last week still remained well below the 6th month moving average. In fact over the past 6 months the “average” week saw about 258 properties foreclosed and we were just about 35% below that number last week.
Seems like Washington finally “agreed” upon a deal for the deficit reduction but all it really shows is just how controlled everything is. While the headlines all last week shouted “days until default” interest rates actually went a bit lower which portrays just how orchestrated this is to put more fear into the American people. The fact is we were never in a position where we had to default in our debt but instead our backs were against the wall to continue the mad spending habits in Washington and both parties ultimately agreed on a plan that allows the spending party to continue.
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. Last week, the actual foreclosure auction numbers increased to 168 units from 126 the previous week but still well below the six month averages. 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 almost 15% of auctions ending in their favor; the highest weekly percentage since the week of February 14th. 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 email@example.com. 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