Substantial Foreclosure Drop In Palm Beach County

BOCA RATON, FL (BocaNewsNow.com) — Palm Beach County foreclosures dropped dramatically during the final part of 2013. The Clerk’s office reports that the total number of new foreclosure cases filed with the Clerk & Comptroller, Palm Beach County is at its lowest point in seven years, with new foreclosures down 36 percent in 2013 compared with 2012.

There were 9,857 new foreclosures filed in 2013, compared with 15,419 filed in 2012. The last time the number of new foreclosure cases filed in Palm Beach County dropped below 10,000 was in 2006, when 5,144 foreclosure cases were filed.

“The biggest contributors to our decline in foreclosure cases in 2013 were the improving economy and changes to Florida’s foreclosure laws,” Clerk Sharon Bock said. “This is a positive sign for Palm Beach County, and one that I believe will continue throughout 2014.”

The number of new foreclosure cases filed in December followed the trend. There were 587 new foreclosures filed in December, an 8.7 percent decrease from 643 cases filed in November, and a 49.2 percent decrease from 1,155 cases filed in December 2012.

Mortgages/Deeds Recorded

The improving real estate market was reflected by the number of mortgages and deeds recorded in Palm Beach County during 2013. There were 75,661 deeds recorded in 2013, an 18 percent increase from 64,097 deeds recorded in 2012, and 46,384 mortgages recorded, a 20.3 percent increase from 38,553 mortgages recorded in 2012.

Numbers for deeds and mortgages recorded in December were mixed. There were 6,221 deeds recorded in December, a 17.2 percent increase from 5,310 deeds recorded in November and a 7.7 percent increase from 5,774 deeds recorded in December 2012. There were 3,055 mortgages recorded in December, a 23 percent increase from 2,484 mortgages recorded in November, but a 6.3 percent decrease from 3,259 mortgages recorded in December 2012.

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.

 

Foreclosure Sales Results

There were 10,220 properties sold at foreclosure auction out of 16,084 scheduled for sale in 2013, according to statistics from Grant Street Group, the facilitator of ClerkAuction®.

In December, 795 properties were auctioned, according to Grant Street. Of those, 631 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 164 were sold to a third party.

There were 445 sales canceled in December, out of 1,240 scheduled for sale. The cancellation rate was 35.9 percent, compared with 37.8 percent in November.

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 is available at www.mypalmbeachclerk.com.

 

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