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News Release

FEBRUARY FORECLOSURE STATS AVAILABLE FROM
CLERK & COMPTROLLER

Clerk Bock says Decreases in new Foreclosure Filings may be Temporary

WEST PALM BEACH, FL (March 16, 2011) – The number of new foreclosure cases in Palm Beach County declined in February to the lowest levels since early 2007.

According to the latest figures available from the Clerk & Comptroller’s office, there were 756 new foreclosure cases filed in February 2011, down from 860 the previous month.

February’s case filings represent a nearly 70 percent decrease over the number of cases filed during the same month the previous year.

“We believe this decrease in new foreclosure filings is just a temporary lull—the calm before another wave of foreclosures,” said Clerk Sharon Bock. “We predict that case filings will pick up again when banks have a chance to review all their paperwork, processes and procedures. We just don’t know when that will be.”

Foreclosure Auction Sales Cancellations

The Clerk’s office continues to see higher-than-average foreclosure sales cancellations, with 51 percent of auctions – or 1,133 out of the 2,211 scheduled sales – cancelled in February. The average cancellation rate is around 30 percent.

Foreclosure Sales Results

Though the number of scheduled foreclosure sale cancellations remains high, 1,077 properties sold in the Clerk’s online foreclosure auctions during February, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those properties, 929 were sold back to the plaintiff in the foreclosure proceeding – typically a bank or mortgage company.

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.  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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