Each month we like to update the current rate of new foreclosure filings along with the existing inventory of residential properties in foreclosure in the tri-county area.  Today we have the spotlight on Palm Beach County.

Out of the three counties, Palm Beach is in the best shape as far as the total count of residential properties in foreclosure.  As of September 23, there were roughly 29.805 single-family homes and condo/townhouse properties in some stage of foreclosure in Palm Beach County.  That compares with over 60,000 in Miami-Dade County and over 66,000 in Broward County.  When we say “over” it is because our search results are limited to 5,000 properties in each segment, so more and more cities are maxed-out with over 5,000 houses or 5,000 condo/townhouses currently in foreclosure.  One important detail to remember is that the shadow inventory of foreclosures has continued to grow month over month in each county.  As far as Palm Beach County, some of the chart leaders are as follows:

• Boca Raton – 3,620 houses and 1,030 condo/townhouse properties in some stage of foreclosure
• Boynton Beach – 3,105 houses and 580 condo/townhouse properties in some stage of foreclosure
• Lake Worth – 3,871 houses and 273 condo/townhouse properties in some stage of foreclosure
• West Palm Beach – over 5,000 houses and 1,512 condo/townhouse properties in some stage of foreclosure
• Delray Beach – 1,618 houses and 658 condo/townhouse properties in some stage of foreclosure
• Jupiter – 1,431 houses and 237 condo/townhouse properties in some stage of foreclosure

These are just some of the cities that have an elevated level of properties in foreclosure.  One positive sign is that the pace of new foreclosure filings has moderated after spiking in June.

In August, there were just 599 new foreclosure filings in the single-family home sector and 141 new filings on condo/townhouse properties in Palm Beach County.  As you will notice from the chart, that is a noticeable drop from the previous few months.  Now the trick is getting these properties through the court system and onto the the market for sale (or rent).  There has been a dramatic drop in available inventory for sale or rent in South Florida and getting these distressed properties on the market would certainly add some much needed supply.

This last chart above illustrates the total residential foreclosure filings for Palm Beach County and you will certainly see the drop in filings in August.  Although the pace has slowed, the monthly average is still above the 2012 average.  In 2012, the monthly average of new filings was  914 filings and so far through August in 2013, the monthly average is 1,386 which is roughly a 52% increase year over year.  Stay tuned and we will be updating the South Florida residential inventory numbers, sale prices and the recent impact of rising interest rates on the South Florida housing market.