More homes are hitting the foreclosure auction block in Palm Beach County, but the volume of new foreclosure cases in the county is plunging.
RealtyTrac posted its latest foreclosure figures on Wednesday. Palm Beach County had a 76 percent year-over-year increase in the number of residences scheduled to be sold through foreclosure auctions in October, the Sun-Sentinel reported. The county had 1,055 houses listed on its auction website last month.
The good news for the South Florida real estate market is that home prices have rebounded to the point where lenders are comfortable getting rid of foreclosed properties. The auctions, which often result in banks taking title to properties with bids as low as $100, have not slowed the pricing momentum.
South Florida still had about three times the national average in foreclosure activity. RealtyTrac monitors all stages of the foreclosure process, from initial filings to auctions.
Regional market observers can take solace knowing that fresh foreclosure actions on residential properties declined by 46 percent in Palm Beach County to 496 last month. [Sun-Sentinel] — Eric Kalis