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News Release

CLERK & COMPTROLLER RELEASES August FORECLOSURE STATS

New foreclosure filings down 61 percent from previous year

WEST PALM BEACH, FLA. (September 12, 2013) – A new state law continued to affect the number of new foreclosure filings in Palm Beach County, with new cases down substantially from 2012.

There were 578 new foreclosures in August, a 49.4 percent increase from 387 new foreclosures in July, but a 61.1 percent decrease from 1,485 cases filed in August 2012.

The new foreclosure filing requirements outlined in Section 702.015, Florida Statutes, requires plaintiffs to acknowledge in their foreclosure complaint that they have all the documents necessary to prove a case against a homeowner. Those requirements took effect July 1, 2013.

“We haven’t seen our foreclosure case load this low since 2006,” Clerk Sharon Bock said. “Even though we saw an increase in August compared to July, it is evident that this new law continues to have an effect on our filings.” 

Mortgages/Deeds Recorded

The number of new mortgages and deeds recorded in Palm Beach County during August remained higher compared with the previous year, but lower than the totals recorded in July.

There were 6,228 deeds recorded in Palm Beach County during August, down 10.8 percent from 6,985 deeds recorded in Palm Beach County in July, but up 19.2 percent from 5,226 deeds recorded in August 2012.

There also were 3,923 recorded in August, a 10 percent decrease from 4,358 mortgages recorded in July, but a 13.6 percent increase from 3,454 mortgages recorded in August 2012.

The Clerk’s office is the keeper of Palm Beach County’s official records, and records all deeds and mortgages submitted for recording in Palm Beach County.

Foreclosure Sales Results

There were 917 properties sold during August’s online foreclosure auctions, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 677 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 240 were sold to a third party. 

There were 523 sales canceled in August, out of 1,441 scheduled for sale. The cancellation rate was 36.3 percent, compared with 35.5 percent in July.

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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