Foreclosures in Palm Beach in Florida Jumped 117% in a Week
Foreclosures in Palm Beach in Florida Jumped 117% in a Week
Florida is one of the states where foreclosure rates have always been high. Palm Beach is one of the counties in the state where foreclosure activities continuously move in interesting paces. In the week ending November 28, the number of foreclosed homes that are put up for sale through public auctions rose from 207 units in the preceding week to 450 units. That translates to a 117% rise.
Local market observers note that the sudden jump in foreclosed homes volume could be attributed to several factors. First, it underlines the real foreclosure condition in a state where foreclosure has always been high. Second, the abrupt increase could have been brought about by mortgage banks' decision to resume foreclosure activities after several weeks of halt.
It could be noted that most major banks decided to temporarily freeze or suspend their respective foreclosure activities in September. It was due to allegations from numerous borrowers that some lenders mishandled their foreclosure documents. In the event, the so-called robo-signing' scheme was unveiled. Through robo-signers, banks are allegedly enabled to sign and process thousands of foreclosures in as fast as a day without required legal review.
In the preceding week ending November 21, sales of foreclosed homes in the county fell by 50%, from 418 units to 207 units. The steep decline was then attributed to lenders' decision to freeze their foreclosure activities due to legal questions about their handling of documents. The lower volume in the week could also be cited as one important factor for the 117% jump in the latest week monitored.
Also interesting to note is the number of third-party bidders who were able to buy foreclosures at much lower costs or lower than price tags set by lenders. In the week that ended November 28, up to 53 of those bidders were able to get steep discounts out of the 450 foreclosed homes put up for sale.
Foreclosure sales in Palm Beach County, Florida are currently conducted online. The auction or sale is conducted from Mondays to Fridays, 10 in the morning until afternoon. Sale activities are halted on holidays. The weekly foreclosure sales activities are monitored and regularly analyzed by market observers who are closely looking at the market condition in the area.
Do you want to find more news about foreclosures across the US? If you do, visit ForeclosureConnections.com regularly.
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