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News Release

CLERK & COMPTROLLER RELEASES MAY FORECLOSURE STATS

New case filings up more than 3 percent from April; nearly 62 percent since May 2011

WEST PALM BEACH, FLA. (June 13, 2012) – The number of new foreclosure filings increased in May, with more new cases filed compared with the previous month and previous year, according to the latest statistics from the Clerk & Comptroller’s office.

There were 1,356 new foreclosures filed in May, up 3.6 percent from the 1,309 cases filed in April, and up 61.8 percent from the 838 foreclosures filed in May 2011.

The uptick in foreclosure filings comes as the Clerk’s office prepares for the effects of a $2.5 million budget cut handed down by the Florida Legislature for the 2013 fiscal year.

Starting July 2, the Clerk & Comptroller’s office will be open to the public from 9 a.m. to 4 p.m. Monday through Friday, instead of 8 a.m. to 5 p.m. Employees will use the time that the office is not open to the public to process documents, update court files and perform other tasks that had previously been done for overtime pay after regular hours.

“We expect that our foreclosure division is one that will be heavily affected by these budget cuts,” Clerk Bock said. “My fear is if the trend of increased filings continues as it has in recent months, we will not have the ability to keep up with the volume. We will do our best, but it will be a challenge.”

Foreclosure Sales Results

There were 781 properties sold during May’s online foreclosure auctions, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 590 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, while 191 were sold to a third party.

There were 425 scheduled auctions cancelled in May, out of 1,206 advertised for sale. The cancellation rate was at 35.2 percent, compared with 29.9 percent in April. The average cancellation rate is about 30 percent.

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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