Palm Beach County Releases October Foreclosure Stats

The number of new foreclosure filings in Palm Beach County increased in October compared with the previous month; as well as with the same time in 2011, according to the latest statistics from the Clerk & Comptroller’s office.

The 1,418 new foreclosure filings that occurred in October also pushed Palm Beach County’s foreclosure case total for 2012 to 13,057; exceeding the 12,154 cases filed for all of 2011.

The number of new foreclosures filed in October increased 26.16 percent from September. This is with the filing of 1,418 new cases in October compared with 1,124 in September. October’s foreclosure cases also represent an 8.16-percent increase from the 1,311 new foreclosures filed in October 2011.

“Our foreclosure caseload continues to grow, and shows no signs of slowing down,” said Clerk Sharon Bock. “That we’ve already exceeded the number of new cases filed in all of 2011 is proof of that."

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 5,485 deeds recorded in Palm Beach County during October, a 3-percent increase from the 5,324 deeds recorded in September. And, a 16.4-percent increase from the 4,712 deeds recorded in October 2011.

There also were 3,759 mortgages recorded in October, a 6.42-percent decrease from the 4,017 mortgages recorded in September. But, a 58.07-percent increase from the 2,378 mortgages recorded in October 2011.

Foreclosure Sales Results

There were 758 properties sold during October’s online foreclosure auctions. Of those, the plaintiff bought back 555 – typically a bank or mortgage company – in the foreclosure proceeding. Meanwhile, a third party bought 203.

There were 418 sale cancellations in October, out of 1,176 advertised for sale. The cancellation rate was 35.54 percent, compared with 27.99 percent in September. The average cancellation rate is about 30 percent.

If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.