Higher Foreclosures Return to Palm Beach County After 5 Month Break
After a long 5 month run where foreclosure numbers in Palm Beach County had been down about 44% from what we had become accustomed to things have changed. For the second week in a row we have seen a significant jump and it may just be that the slowdown was caused by the “robo-signing” debacle and things are just now getting back on track. The good news is the sooner they foreclose on properties where that is the ultimate fate the sooner this market can get back to normal balanced trading conditions. The other good news is investors are picking up some amazing bargains as banks let some of these deals go cheap.
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 223 units from 249 the previous week. It is also the second time in a long while that we have jumped ahead the 6 month moving average.
Third party bidders again had another strong week with almost 19% of auctions ending in their favor; this is the 21st week in a row those numbers have been in excess of 10% and the 9th time in 10 weeks we have exceeded 15%. It is very clear that banks are letting more properties go for bargain prices to those who play the foreclosure game. And investors are ending up with some incredible bargains; for example one bidder was successful at $135,700 where the final judgement was $458,130. 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