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News Release

OCTOBER FORECLOSURE STATS AVAILABLE FROM
CLERK & COMPTROLLER

October figures show largest month-over-month decline in initial foreclosure filings for 2010

WEST PALM BEACH, FL (November 10, 2010) –  The number of initial foreclosure filings in Palm Beach County saw its largest decrease of 2010, dropping nearly 36 percent from September to October, according to the latest statistics from the Clerk & Comptroller’s office.

There were 1,227 initial foreclosure cases filed in October, compared with 1,917 in September, equaling a 35.99-percent decline. It also represents a 48.8-percent drop from October 2009, when 2,397 initial foreclosure cases were filed.

“The decrease coincides with a move by many banks to slow and review their pending foreclosure cases,” said Clerk Sharon Bock.

From January through October 2010, the Clerk’s office received 17,295 initial foreclosure filings, compared with 25,499 for the same period in 2009.

Foreclosure Auction Sales Cancellations

The Clerk’s office saw higher-than-usual cancellations of scheduled foreclosure sales during the month of October. The average cancellation rate is roughly 30 percent; in October, there were 1,134 scheduled foreclosure sales cancelled, or 52.5 percent, according to Clerk’s office statistics.

Foreclosure Sales Results

The Clerk’s office sold 1,024 properties in its online foreclosure auctions during October. That’s down from the 1,322 sold in the previous month, prior to the wave of sale cancellations. Of those properties sold in October, 946 were sold back to the plaintiff – typically a bank or mortgage company – while 78 were sold to third-party bidders, according to sales statistics from Grant Street Group, which facilitates the Clerk’s office online foreclosure auctions. That’s a decrease from the 1,247 sold to plaintiffs and 75 sold to a third-party bidder in September.

There are more than 11,000 foreclosures scheduled for sale in Palm Beach County on the Clerk’s online auction site, ClerkAuction. There are roughly 41,000 pending foreclosure cases.

The Clerk & Comptroller’s office processes all foreclosure-related court documents, notices of action and motions. After a foreclosure judgment, the office issues a notice of sale, conducts the foreclosure auction and issues all post-sale documents, such as the certificate of title.  Palm Beach County’s foreclosed properties are auctioned five days a week online at www.mypalmbeachclerk.com.

For more information about the Clerk’s office, please visit www.mypalmbeachclerk.com or call (561) 355-2996.

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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