Palm Beach County Foreclosures Remain at Very Low Levels
Foreclosure activity in Palm Beach County remained well below the 6 month moving average line last week for the 13th straight week. As this trend of fewer foreclosures continue the trend line becomes more in line with recent activity and we find these new lower numbers become expected. Shadow inventory is still an undefined number and as we continue to work our way out of the great real estate bubble we will continue to monitor these weekly numbers very closely.
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 decreased to 127 units from 198 the previous week but still well below the six month averages. Last year during the same week we had 273 foreclosures so we are seeing a remarkable drop off. 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 had their 2nd most successful week ever with an amazing 18.1% of auctions ending in their favor; this is the 12th week in a row those numbers have been in excess of 10%. 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