CLERK & COMPTROLLER RELEASES SEPTEMBER FORECLOSURE STATS
New cases increase for the second straight month
WEST PALM BEACH, FLA. (October 13, 2011) – The number of new foreclosure cases increased for the second straight month, but the total foreclosures filed in 2011 remains substantially lower than a year ago, according to the latest statistics available from the Clerk & Comptroller’s office.
There were 1,188 new foreclosures field in September, a 5.5-percent increase from the 1,126 cases filed in August. However, the total number of foreclosure filings is down substantially compared with the same time last year. Foreclosures are down by 38 percent compared with September 2010, when 1,916 cases were filed.
The number of foreclosures filed through the end of September 2011 is down 50 percent compared with the same time period in 2010 – 8,420 cases filed from January to September 2011, compared with 16,944 filed from January to September 2010.
“We’ve seen the number of new filings fluctuate in recent months, so we’ll be looking to see whether this increase is a trend that continues over the next month or two,” said Clerk Sharon Bock. “It appears some lenders are still holding off on filing foreclosures, but it’s difficult to say whether that will continue.”
Foreclosure Sales Cancellations
The number of sales cancellations remains stable, with the cancellation rate slightly above the average of around 30 percent.
There were 343 scheduled auctions cancelled in September, out of 983 advertised for sale. The cancellation rate was at 34.89 percent, compared with 30.82 percent in August.
Foreclosure Sales Results
There were 640 properties sold during the Clerk’s online foreclosure auctions in September, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 528 were sold back to the plaintiff in the foreclosure proceeding – typically a bank or mortgage company – while 112 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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