Third Party Bidders Set Record Taking almost 24% of Foreclosed Properties
What a week it was in the world of foreclosures in Palm Beach County. One would think a shortened calendar with only 4 auction days the week before Christmas would be a yawner. But certainly not too many were sleeping as the level of foreclosures hit an 8 week high while third part bidder success was the second highest ever recorded.
As we wind down 2011 and look into the rear view mirror it has been a good year for the markets, in fact a very good year. At no time over the past 6 years have the signs been so bright and I am looking forward to bringing you our year end recap in a few weeks. With house prices lower than they have been since 2003, interest rates continuing to break records and an economy that seems to be improving 2012 should be a banner year. The amount of shadow inventory and a still dismal, but improving, jobs picture are the only two things still keeping a lid on prices.
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 three months but the numbers continue to be all over the board. This week, the actual foreclosure auction numbers increased for the second week in a row this time by 50 units to 261 from 211 the previous week. With shortened holiday weeks and a general slowdown this time of year we expect more volatility and probably lower weekly numbers as we work our way into 2012. In fact three of the next four weeks will also bring shortened auction schedules so watch for the volatility to remain with us for a while.
The success rate of third party bidders continues to amaze and this week brings a record week where they won 23.75%% of all this weeks auctions. Almost 1 in 4 homes the bank let go; typically at numbers well below market value. This number has been eclipsed only one time and that was over a year ago. Watch these numbers as they are unprecedented and show that the appetite for real estate investors in Florida has never been stronger.
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!
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty