Foreclosures Up In Palm Beach County

BOCA RATON, FL (BocaNewsNow.com) — Realtors will have fun spinning this: foreclosures are up in Palm Beach County if you compare April with May, but down if you compare last month to a year ago.

What does it mean?

The real estate market is getting better, but it’s not there yet.

According to Clerk’s office:

New foreclosure case filings in Palm Beach County increased in May compared with the previous month, but decreased compared with the same time last year, according to the latest statistics from the Clerk & Comptroller’s office.

 

There were 1,067 new foreclosures filed in May, a 10.9 percent increase from 962 cases filed in April, but a 21.3 percent decrease from 1,356 cases filed in May 2012.

 

“This is the fourth straight month that we’ve seen fewer foreclosures filed compared with the previous year,” Clerk Sharon Bock said. “Our case numbers are stabilizing, for now.”

 

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 6,124 deeds recorded in Palm Beach County during May, a 12.3 percent decrease from 6,985 deeds recorded in April, but a 0.33 percent increase from 6,104 deeds recorded in May 2012.

 

There also were 3,522 mortgages recorded in May, a 22.6 percent decrease from 4,548 mortgages recorded in April, but a 9.9 percent increase from 3,206 mortgages recorded in May 2012.

 

Foreclosure Sales Results

 

There were 886 properties sold during May’s online foreclosure auctions, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 667 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 219 were sold to a third party.

 

There were 466 sales canceled in May, out of 1,353 advertised for sale. The cancellation rate was 34.4 percent, compared with 40 percent in April.

 

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.

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