New Foreclosure Cases in Palm Beach County Up 10% from April, Down 21% from May 2012

New Foreclosure Cases

The latest statistics for Palm Beach County’s foreclosure cases are in. There were 1,067 new foreclosure cases filed during May 2013; down 21 percent from May 2012 which had 1,356 new filings. The number of new cases for May was only 45 less than those filed in February of this year. There were 962 new cases filed in April, 10 percent less than May of this year; 21.3 percent less than May 2012. According to Palm Beach Clerk Sharon Bock, this is the fourth straight month that we’ve seen fewer foreclosures filed. In comparison to the previous year. She also indicated that case numbers, at least for now, are stabilizing.

Mortgages and Deeds

Newly recorded mortgages and deeds are another condition indicator for the Palm Beach real estate market. This past May the Clerk’s office reported 6,124 deeds, a 12.3 percent decrease from the 6,985 recorded in April. This is only a 0.33 percent increase from the 6,104 deeds that were recorded in May 2012. Mortgage numbers also decreased from April to May, from 4,548 to 3,522 or 22.6 percent. In May 2012 there were 3,206 new mortgages recorded representing a 9.9 percent increase to May 2013.

The results of foreclosure sales for May were 886 properties sold according to the Grant Street Group, with 667 sold back to the plaintiff. A 3rd party purchaser bought the remaining 219. Or, someone other than the bank or mortgage company that owned the mortgage bought them. Out of 1,353 properties listed for sale, 466 sales were canceled. The rate for May was 34.4 percent, down from 40 percent in April.

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