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News Release

CLERK & COMPTROLLER RELEASES AUGUST FORECLOSURE STATS

New case filings increase 22 percent from July, 32 percent from August 2011

WEST PALM BEACH, FL (September 14, 2012) – The number of new foreclosure filings increased in August compared with the previous month, as well as with the same time in 2011, according to the latest statistics from the Clerk & Comptroller’s office.

There were 1,485 new foreclosures filed in August, a 21.7-percent increase from the 1,220 cases filed in July and a 31.9-percent increase from August 2011.

“We’re on track to see a year-over-year increase in foreclosure filings in Palm Beach County – the first in two years,” said Clerk Sharon Bock. “There have been 10,515 new cases filed so far this year, compared with 12,154 foreclosures filed in all of 2011.”

Mortgages/Deeds Recorded

Another indicator for Palm Beach County’s housing market is the number of mortgages and deeds recorded by the Clerk & Comptroller’s office. 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.

There were 5,226 deeds recorded in Palm Beach County during August, an 8.2-percent increase from the 4,828 deeds recorded in July but a 2.5-percent decrease from the 5,357 deeds recorded in August 2011.

There also were 3,454 mortgages recorded in August, an 11.2-percent increase from the 3,105 mortgages recorded in July and a 32.9-percent increase from 2,599 mortgages recorded in August 2011.

Foreclosure Sales Results

There were 597 properties sold during August’s online foreclosure auctions, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 466 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, while 131 were sold to a third party.

There were 546 canceled sales in August, out of 1,143 advertised for sale. Two auction days were canceled in August because of Tropical Storm Isaac, which contributed to the higher-than-average number of cancellations. The court will issue an order detailing the process for rescheduling the canceled sales.

The cancellation rate was 47.8 percent, compared with 32.5 percent in July. The average cancellation rate is about 30 percent.

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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