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News Release

MARCH FORECLOSURE STATS AVAILABLE FROM
CLERK & COMPTROLLER

Clerk Bock Predicts Increase in New Foreclosure Filings Will Continue

WEST PALM BEACH, FL (April 20, 2011) – The month of March saw the highest number of new foreclosure cases filed in Palm Beach County since October 2010, according to the latest figures available from the Clerk & Comptroller. After a few months of declining filings, there were 908 new foreclosure cases filed in March 2011, up from 756 the previous month.

“We expect the increase in filings to continue as banks become less hesitant to file,” said Clerk Sharon Bock. “We believe that as banks become more comfortable with their foreclosure processes, they will release files they have been holding and volumes will start to escalate.”

March’s case filings still represent a 52 percent decrease over the number of cases filed during the same month the previous year.

Foreclosure Auction Sales Cancellations

The Clerk’s office continues to see higher-than-average foreclosure sales cancellations, with nearly 47 percent of auctions – or 1,371 out of the 2,931 scheduled sales – cancelled in March. The average cancellation rate is around 30 percent.

Foreclosure Sales Results

Although the number of cancellations remains high, 1,558 properties sold in the Clerk’s online foreclosure auctions during March, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those properties, 1,409 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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