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News Release

MAY FORECLOSURE STATS AVAILABLE FROM
CLERK & COMPTROLLER

Foreclosure Sales Cancellations At Lowest Rate Since October 2010

WEST PALM BEACH, FL (June 10, 2011) – The number of new foreclosure cases filed in Palm Beach County increased slightly in May, but continues to remain significantly lower than last year’s totals, according to the latest figures available from the Clerk & Comptroller.

There were 838 new foreclosure cases filed in May, up 2.32 percent from 819 new cases in April. The number of new cases decreased 48.37 percent from 1,623 foreclosures filed in May 2010.

Also declining is the number of foreclosure auction cancellations. Those cancellations peaked in October 2010, when more than half of scheduled sales were scrubbed after banks began slowing and reviewing their pending foreclosure cases.

“We’re no longer seeing large numbers of banks getting court orders to cancel their sales,” said Clerk Sharon Bock. “What’s not clear yet is whether that means we’ll see an increase in new foreclosure cases, as some have forecast.”

Foreclosure Auction Sales Cancellations

While foreclosure cancellations are down, they are still higher than the 30-percent average for the Clerk’s office. There were 770 scheduled sales cancelled in May, or 40.19 percent of 1,916 advertised auctions.

Comparatively, there were 1,260 sales cancelled in April, or 48.99 percent of 2,572 scheduled auctions.

Foreclosure Sales Results

Interest in the Clerk’s online foreclosure auctions remains high, with 1,144 properties sold at auction during May, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those properties, 1,008 were sold back to the plaintiff in the foreclosure proceeding – typically a bank or mortgage company – while 136 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.  Palm Beach County’s foreclosed properties are auctioned five days a week online 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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