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News Release

JULY FORECLOSURE STATS AVAILABLE FROM CLERK & COMPTROLLER

Foreclosure sales cancellations, new case filings decline

WEST PALM BEACH, FLA (August 12, 2011) – Both the number of new foreclosure case filings and foreclosure sales cancellations dropped in July, according to the latest statistics available from the Clerk & Comptroller’s office.

After several months of record-high sales cancellations, fewer banks called off foreclosure auctions in July, with 376 scheduled sales cancelled out of 1,130 advertised for auction. That puts the cancellation rate at 33.27 percent in July, compared with 35.51 percent in June.

The average cancellation rate is around 30 percent.

The number of new foreclosure cases filed in July also declined compared to the previous month and to the same time last year. There were 950 cases in July, down 2.56 percent from the 975 cases filed in June, and down 40.66 percent from the 1,601 cases filed in July 2010.

“Some analysts have predicted that we’ll see an uptick in foreclosure filings in the second half of the year,” said Clerk Sharon Bock. “We’re watching to see whether those predictions will actually come true.”

The Clerk’s office had more than 31,000 foreclosures filed in 2009, and 19,840 new foreclosures filed in 2010. The number of new filings from January to July is down 54 percent compared with the same time period in 2010.

Foreclosure Sales Results

There were 754 properties sold during the Clerk’s online foreclosure auctions in June, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 657 were sold back to the plaintiff in the foreclosure proceeding – typically a bank or mortgage company – while 97 were sold to a third party.

The Clerk & Comptroller’s office processes all foreclosure-related court documents, notices of action and motions. After a foreclosure judgment, the office conducts the foreclosure auction and issues all post-sale documents, such as the certificate of title.  Information about foreclosures, updates about when certificates of title will be issued and links to auctions of Palm Beach County’s foreclosed properties are available at www.mypalmbeachclerk.com.  

The Florida Constitution established the independent office of the Clerk & Comptroller as a public trustee, responsible for safeguarding public records and public funds. Clerk Sharon Bock is directly elected by and accountable to Palm Beach County residents.  In addition to the roles of Clerk of the Circuit Court, County Recorder and Clerk of the Board of County Commissioners, the Clerk & Comptroller is the Chief Financial Officer, Treasurer and Auditor for Palm Beach County.

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