Fewer Foreclosures In Palm Beach County

down arrrowBOCA RATON, FL (BocaNewsNow.com) — The numbers are in and foreclosures are down in Palm Beach County, according to the office of Palm Beach County Clerk Sharon Bock.

Direct from the office:

The number of new foreclosure cases in Palm Beach County decreased from the previous month, as well as from the same time last year, according to the latest statistics from the Clerk & Comptroller’s office.

There were 1,022 new foreclosures filed in February, a 20.4 percent decrease from 1,284 cases filed in January, and a 14.7 percent decrease from 1,198 cases filed in February 2012.

“This is the lowest number of new foreclosure cases that we’ve seen since July 2011,” Clerk Sharon Bock said. “While you can’t predict what will happen the rest of the year based on one month’s results, it’s certainly interesting, considering that many analysts have said they expect the number of foreclosure cases to increase in 2013.”

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 5,963 deeds recorded in Palm Beach County during February, a 0.6 percent increase from 5,925 deeds during January, and a 21.1 percent increase from 4,925 deeds recorded in February 2012.

There also were 4,334 mortgages recorded in February, a 7.1 percent increase from 4,048 mortgages recorded in January, and a 76.6 percent increase from 2,454 mortgages recorded in February 2012.

Foreclosure Sales Results

There were 631 properties sold during February’s online foreclosure auctions, according to statistics from Grant Street Group, the facilitator ofClerkAuction®. Of those, 435 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 196 were sold to a third party.

There were 376 sales canceled in January, out of 1,007 advertised for sale. The cancellation rate was 37.3 percent, compared with 32.4 percent in January.