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News Release

JUNE FORECLOSURE STATS AVAILABLE FROM
CLERK & COMPTROLLER

Foreclosure Sales Cancellations Continue To Decline, While New Case Filings Increase

WEST PALM BEACH, FL (July 13, 2011) – The number of banks cancelling scheduled foreclosure auctions in Palm Beach County dropped in June to its lowest point since last year, when more than half of sales were pulled as banks began reviewing their pending foreclosure caseload.

There were 429 scheduled sales cancelled in June, out of 1,208 properties advertised for auction, according to the latest figures available from the Clerk & Comptroller. That puts the cancellation rate at 35.51 percent, compared with just over 40 percent of scheduled sales cancelled in May.

The average cancellation rate is roughly 30 percent.

Also in June, the number of foreclosure cases filed in Palm Beach County increased for the second straight month. There were 975 new cases filed in June, up 16.35 percent from 838 cases filed in May.

However, June foreclosures remain lower compared with the same time last year. The 975 cases filed in June represent a 48.06-percent decrease from the 1,877 cases filed in June 2010.

“While we’re not seeing the volume of foreclosures that we saw last year, we’ve now seen two straight months of increases in the number of new case filings,” said Clerk Sharon Bock. “We’re watching to see whether those numbers will continue to climb, and whether the number of foreclosure sales cancellations will continue to drop.”

Foreclosure Sales Results

There were 779 properties sold during the Clerk’s online foreclosure auctions in June, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those properties, 681 were sold back to the plaintiff in the foreclosure proceeding – typically a bank or mortgage company – while 98 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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