Palm Beach County Foreclosures Down for the 14th Week Straight
It is hard to believe there is only one day of summer left here in Palm Beach County. Monday my daughter heads back to school so for me summer is officially over. The real estate market has slowed down the past couple months and much of this slow down may have to do with a lack of good inventory in many neighborhoods and developments. Certainly interest rates could not be better. Having just updated my pending home numbers it looks like the slow down in monthly sales numbers will be with us for at least another couple reports.
There continues to be great news out of the Palm Beach Clerk’s office as foreclosures remain at very low numbers compared to what we had become accustomed to. 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 slightly to 139 units from 127 the previous week but still well below the six month averages. Last year during the same week we had 242 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 and I for one hope that we do not see another spike up to previous levels.
Third party bidders had another very successful week ever with over 15% of auctions ending in their favor; this is the 13th 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