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Distressed property update for Palm Beach County, Florida
It has been a few months since we have provided an update on the distressed residential real estate market in Palm Beach County, so let’s take a look.
The above chart illustrates the pattern of new foreclosure filings in Palm Beach County for both single-family and condo/townhouse properties. It looks like the highest level was reached in February of this year, when 1,619 single-family and 253 condo/townhouse properties entered into foreclosure.
This next chart shows the total number of filings per month for both single-family and condo/townhouse properties. If you take the average of the past 17 months in the chart (January 2012-May 2013), the average is 1,047 new filings per month.
So where are all of the existing foreclosures located throughout Palm Beach County? We have assembled the next chart to show which cities have the highest level of existing foreclosures. A few of those cities are:
- West Palm Beach – 4,069 single-family homes and 1,273 condo/townhouse properties in foreclosure
- Lake Worth – 2,721 single-family homes and 231 condo/townhouse properties in foreclosure
- Boca Raton – 2,517 single-family homes and 825 condo/townhouse properties in foreclosure
- Boynton Beach – 2,208 single-family homes and 459 condo/townhouse properties in foreclosure
- Delray Beach – 1,140 single-family homes and 536 condo/townhouse properties in foreclosure
With all of the recent news about a housing recovery, people find it difficult to believe that there is still this foreclosure overhang in South Florida. As of July 1, 2013, there were 20,514 single-family and condo/townhouse properties in foreclosure in Palm Beach County, Florida. One final issue of concern is that there is still a steady flow of new foreclosure filings, that are being added to the already high level of existing foreclosures. This final chart compares new foreclosure filings in Miami-Dade, Broward and Palm Beach County and illustrates the point that they don’t appear to be subsiding anytime soon.
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