PLUMMET: Palm Beach County Foreclosures Fall

News

BOCA RATON, FL (BocaNewsNow.com) — In a sure sign that the housing market is turning around, the Palm Beach County Clerk's Office tells BocaNewsNow.com that foreclosure filings are significantly down.

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

There were 962 new foreclosures filed in April, a 13.95 percent decrease from 1,118 cases filed in March, and a 26.5 percent decrease from 1,309 cases filed in April 2012.

“Over the past five years, we’ve seen a consistent decline in the number of foreclosure cases filed from March to April,” Clerk Sharon Bock said. “We’ll continue to monitor the number of cases to see whether there is a trend of fewer new foreclosure cases filed with us.”

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 6,985 deeds recording in Palm Beach County during April, a 4.5 percent increase from 6,684 deeds recorded in March, and a 20.2 percent increase from 5,812 deeds recorded in April 2012.

There also were 4,548 mortgages recorded in April, a 0.8 percent increase from 4,513 mortgages recorded in March, and a 44.2 percent increase from 3,155 mortgages recorded in April 2012.

Foreclosure Sales Results

There were 810 properties sold during April’s online foreclosure auctions, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 553 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 257 were sold to a third party.

There were 540 sales canceled in April, out of 1,350 advertised for sale. The cancellation rate was 40 percent, compared with 41.5 percent in March.

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.