Palm Beach Foreclosures Have Another Big Week
For those who monitor the traditional press you probably saw the article that was all over the Associated Press wires yesterday that 1,900,000 million homes entered the foreclosure process during 2011 and that was the lowest level since 2007 the first full after the real estate bubble popped. The article asked us to not get too excited as some of this slowdown was caused by the “robo-signing” debacle that caused the big stir and is still hanging over our heads.
For the second straight week the number of homes foreclosed on in Palm Beach County have been among the highest we have experience over the past 6 months while the success rate of 3rd party bidders remains very, very healthy. Some projections feel that the problems experienced last year because of improper documentation by the banks and their legal representatives will mean higher overall foreclosure rates this year. Expect higher numbers this year than last but probably not as many as the peak, or so they say.
The chart above shows you the six-month trend of foreclosures in Palm Beach County where we still have an auction every day of the week Monday through Friday. This week the actual foreclosure numbers decreased for the first time in 5 weeks but then last week’s number was the highest weekly total since back in May of last year. This week 292 properties were foreclosed upon down from 348 the previous week. We remained well above the 6 month average which currently stands at 196 but stayed well short of the 351 units foreclosed on in the same week of 2011.
We also see the trend continue of banks lowering their top bid amount at the auctions in what appears to be a cognizant decision to let investors take over some of their headaches. Believe me most of those investors participating in these auctions have a very good handle on what they are doing; and they are doing it at a profit. Sometimes a substantial one so it is fair to say that a lean mean and smart investor can more efficiently handle a piece of real estate that a lender can. The fact is these banks are so big and poorly run they remind me of our government. Once again this week the third party bidders had another excellent showing winning 16.44% which is the 9th straight week where those numbers have exceeded 15%. Look back to the same week last year when 3rd party bidders took home the prize only in 9.69% of that week’s auctions and the difference is plain to see.
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