Increasing Foreclosures Stay the Course in Palm Beach County
It certainly appears that the spike in foreclosure numbers after a five month break is staying steady and I am actually very happy to see this trend change. Inventory levels are at multi-year lows throughout my market area and one would think we could start crowing about price increases but until we free ourselves of the foreclosure noose that crowing will probably still be down the road. Banks are also pushing short sales with some putting serious money on the table; from $5,000 to $20,000 and more to entice under water homeowners to short sale their properties.
So bring it on; bring on the increased numbers of foreclosures; bring on more short sale approvals. Let’s clear up the “shadow” inventory and move forward with a healthy market. It isn’t going to happen overnight but the increased activity has positive thoughts jumping around my head.
The chart above shows the 6 month trend of foreclosures in Palm Beach County and as you see the numbers have been higher over the past three weeks. This week, the actual foreclosure auction numbers increased by 1 to 224 units from 223 the previous week and the 2nd highest weekly total in 16 weeks. We also stay well ahead of the 6 month moving average which stands at 196.8.
Third party bidders had another strong week but slower than recent showings with 12.5% of auctions ending in their favor; this is the 222nd week in a row those numbers have been in excess of 10% but only the 2nd time in 11 weeks we have fallen below 15%. It is 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