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Home » Market Outlook » Foreclosure Activity » Are the foreclosure numbers in Palm Beach County, FL a trick or a treat? Let’s take a look at the charts.

Are the foreclosure numbers in Palm Beach County, FL a trick or a treat? Let’s take a look at the charts.

Each month Allied Realty Group will compile the foreclosure data on the new filings in Miami-Dade, Broward and Palm Beach County Florida.  We stress that one month does not make a trend, so usually by charting the data, you get a better visual of what is really going on in the South Florida real estate market.  You probably hear quite a bit about a “recovery”, but month over month our they data we interpret will prove that this “recovery” will be short-lived.

The tri-county area has experienced a gradual depleteion of available single-family and condo units for sale.  This is primarily because foreclosures came to a sceaching halt back in October 2010 with the robo-signer class action lawsuit against the major lenders.  That case was settled earlier this year and the settlement was fully-executed in March 2012.  After that, you will see that the major lenders are getting their foreclosure machine up and running again and processing their backlog of cases through the Florida court system.  Since Florida is a judicial state, foreclosure cases take close to 1,000 days to be completed, that is why this market is still a long way from recovery.  Let’s look at the month filings for 2012 in Palm Beach County:

I think the first observation is that the month of March shows a noticeable spike in new foreclosure filings in Palm Beach County.  In February, there were 513 new single-family and 137 condo foreclosure actions filed and you will see those numbers increase to 792 single-family and 229 condo filings in March 2012.  The new foreclosure filings have remained elevated through September with 833 new single family and 206 condo properties entering the foreclosure process.

Where in Palm Beach County are the existing foreclosures?  The chart below reflects data from October 4th, 2012:

A few quick highlights from the chart of existing foreclosures and some cities who have an elevated level of properties in foreclosure as of the data run date of 10/4/12 :

  • West Palm Beach – 2,472 houses and 829 condo/townhomes in foreclosure
  • Lake Worth – 1,661 houses and 156 condo/townhomes in foreclosure
  • Boca Raton – 1,493 houses and 608 condo/townhomes in foreclosure
  • Boynton Beach – 1,371 houses and 321 condo/townhomes in foreclosure
  • Delray Beach – 695 houses and 415 condo/townhomes in foreclosure

I think it is fair to say that the so called “recovery” that people keep talking about in the news is a “trick” rather than a treat.  We will keep  you posted with periodic updates of the housing market and foreclosure data to see which way the market is heading, but for now it appears that South Florida will be dealing with foreclosures for the next few years.

Allied Realty Group is located in Fort Lauderdale, Florida.  Our residential team serves as the exclusive broker for a variety of financial institutions in the management and sale of distressed single family and multi-family properties.  Our team will inspect, repair, market and dispose of REO properties in a manner that mitigates bank losses.

Allied Realty Group’s REO assignment territory is Broward County, Florida and we complete broker price opinions (BPO’s) for banks on a daily basis. All of our residential brokerage clients appreciate our extensive market insight since we are actively visiting properties and preparing comprehensive valuations for asset managers.