We have a few good charts that will provide some insight to the distressed residential real estate market in Palm Beach County, Florida. Our first chart shows the total number of residential foreclosure filings and the black line is the trend. Although Palm Beach County has fared better than Miami-Dade and Broward County, you will still notice that the trend is moving upward. In June there were 1,413 new filings, up 32% from May.
As for the breakdown of single-family homes and condo/townhouse properties, take a look at the next chart. In June there were 1,217 new foreclosure filings in the single-family home market and 236 in the condo/townhouse market.
Next we will take a look at the properties currently in some stage of foreclosure throughout Palm Beach County. As of July 7, 2014, we counted 25,543 houses and 4,746 condo/townhouse properties in some stage of foreclosure throughout the county. Just click on the chart to see which cities had the highest level of properties in foreclosure. Some of the chart leaders are the cities of Boca Raton, West Palm Beach, Lake Worth and Delray Beach.
As for the overall trend of foreclosure filings in South Florida, it certainly appears to be on the rise. The chart broke out last month with a staggering 9,446 new foreclosure filings. We will spotlight the Broward County and Miami-Dade County numbers over the next few days, but here are the South Florida (tri-county) totals with the upward sloping trend line in black: