Secret Realtor Reality: Palm Beach County Foreclosures Skyrocket

palm beach county foreclosure

BOCA RATON, FL (BocaNewsNow.com) — Don't believe the rosy picture being painted by realtors who often report a decrease in foreclosure activity to justify higher sales prices and less negotiating. The Palm Beach County Clerk's Office — which has no agenda — just released staggering results from October.

Direct from the Clerk's office:

The number of new foreclosure filings increased in October compared with the previous month, as well as with the same time in 2011, according to the latest statistics from the Clerk & Comptroller’s office.

The 1,418 new foreclosures filed in October also pushed Palm Beach County’s foreclosure case total for 2012 to 13,057, exceeding the 12,154 cases filed for all of 2011.

The number of new foreclosures filed in October increased 26.16 percent from September, with 1,418 new cases filed in October compared with 1,124 in September. October’s foreclosure cases also represent an 8.16-percent increase from the 1,311 new foreclosures filed in October 2011.

“Our foreclosure caseload continues to grow, and shows no signs of slowing down,” said Clerk Sharon Bock. “That we’ve already exceeded the number of new cases filed in all of 2011 is proof of that.”

Mortgages/Deeds Recorded

Another indicator for Palm Beach County’s housing market is the number of mortgages and deeds recorded by the Clerk & Comptroller’s office. The Clerk’s office is the keeper of Palm Beach County’s official records, and records all deeds and mortgages submitted for recording in Palm Beach County.

There were 5,485 deeds recorded in Palm Beach County during October, a 3-percent increase from the 5,324 deeds recorded in September, and a 16.4-percent increase from the 4,712 deeds recorded in October 2011.

There also were 3,759 mortgages recorded in October, a 6.42-percent decrease from the 4,017 mortgages recorded in September, but a 58.07-percent increase from the 2,378 mortgages recorded in October 2011.

Foreclosure Sales Results

There were 758 properties sold during October’s online foreclosure auctions, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 555 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, while 203 were sold to a third party.

There were 418 sales cancelled in October, out of 1,176 advertised for sale. The cancellation rate was 35.54 percent, compared with 27.99 percent in September. The average cancellation rate is about 30 percent.

The Clerk & Comptroller’s office processes all foreclosure-related court documents, notices of action and motions. After a foreclosure judgment, the office conducts the foreclosure auction and issues all post-sale documents, such as the certificate of title. Information about foreclosures, updates about when certificates of title will be issued and links to auctions of Palm Beach County’s foreclosed properties are available at www.mypalmbeachclerk.com.

Note: Our partners at RealtyTrac have a great list of most foreclosures available. Click the ad to learn more. RealtyTrac

 

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  1 comment for “Secret Realtor Reality: Palm Beach County Foreclosures Skyrocket

  1. James
    November 14, 2012 1:33 pm at 1:33 PM

    I’ve had conversations with a few recently foreclosed homeowners. They were upside-down and could rent a similar property for far less than their monthly mortgage payment. I wonder what percentage of homes in the area are in that situation. That’s the key to forecasting the end of this mess, and I would guess we have a long way to go.

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