BOCA RATON, FL (BocaNewsNow.com) — Good news if you’re selling a home, not so good if you’re buying. The Palm Beach County Clerk of Court’s Office reports that foreclosure sales are dropping dramatically as the real estate market continues to stabilize. For sellers: you’re no longer up against undervalued property being sold in distress. For buyers… there are not nearly as many distressed deals as there were a year ago.
From the Clerk:
Palm Beach County’s new foreclosures in the first six months of 2014 are half of what they were for the same time period last year, according to the latest statistics from the Clerk & Comptroller, Palm Beach County.
There were 3,199 new cases filed in the first six months of 2014, compared with 6,454 in the first six months of 2013, representing a 50.4 percent decrease from the previous year.
The number of new foreclosures also decreased in June. There were 497 new cases filed in June, a 9.3 percent decrease from 548 cases filed in May and a 50.4 percent decrease from 1,001 cases filed in June 2013.
“The first six months of 2014 were the lowest number of new foreclosure case filings since the first six months of 2006,” Clerk Sharon Bock said. “Our case filings are stable. While it is good to keep an eye on foreclosure case filings, the numbers that I believe are just as important to watch are the number of deeds and mortgages recorded with our office. Those numbers were down in June, but not to a significant degree.”
The number of mortgages and deeds recorded in Palm Beach County decreased in June. There were 6,318 deeds recorded in June, a 7.3 percent decrease from 6,817 deeds recorded in May, and a 16.3 percent decrease from 7,548 deeds recorded in June 2013.
There were 3,036 mortgages recorded in June, a 1.2 percent decrease from 3,074 mortgages recorded in May, and a 42.7 percent decrease from 5,294 mortgages recorded in June 2013.
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 849 properties sold at foreclosure auction in June, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 634 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 215 were sold to a third party.
There were 450 foreclosure sales canceled in June, out of 1,299 scheduled for sale. The cancellation rate was 36.4 percent, compared with 38.4 percent in May.