Palm Beach County Foreclosures Down for the 16th Week Straight
Forget about what was, it is time to focus on what is. All the talk about a temporary slowdown in foreclosures may be true but after four months of lower foreclosure numbers these totals are the new reality and the drops are significant indeed. In fact over the past 16 weeks we have averaged about 175 foreclosures per week in Palm Beach County compared with an average of 311 in the preceding 16 week period.
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. This week, the actual foreclosure auction numbers increased to 158 units from 138 the previous week but still well below the six month average which sits at 233. Last year during the same week we had 272 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 an amazing week with almost 21% of auctions ending in their favor; this is the 15th week in a row those numbers have been in excess of 10% and now that we have exceeded 20% very clear that banks are letting more properties go for bargain prices to those who play the foreclosure game. 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. Simply put it is a great time to be an investor.
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