Palm Beach County Foreclosures Down for the 20th Week Straight
For 20 straight weeks foreclosures in Palm Beach County have been down, down, down. And this week they got even lower as we hit the lowest weekly total we have seen during that 20 week span. I keep hearing that we should brace ourselves for the next onslaught of bank owned properties but so far no sign of them and with the percentage of auctions going to 3rd party bidders lately I am not so sure we will see it. In fact inventory levels continue to shrink and in an ordinary market we would expect to be seeing pricing pressure to the upside. But of course this is no ordinary market. Over the past 20 weeks we have averaged about 169 foreclosures per week in Palm Beach County compared with an average of 302 in the preceding 20 week period. A decrease of just about 44% over a lengthy period is nothing to sneeze at.
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 decreased to 121 units from 193 the previous week but still below the six month average which sits at 206. Since the lower level of foreclosures have been with us for about 5 months we inch closer and closer to the six month average.
Third party bidders had another amazing week with over 15% of auctions ending in their favor; this is the 19th week in a row those numbers have been in excess of 10% and this is the 8th straight week 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. 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 [email protected] It would be my sincere honor to work with you!