Palm Beach County Foreclosures, Real Estate Market Update, and Foreclosure Listings

Foreclosures in Palm Beach County Up, Total Sales Up, Short Sales Down

Note: If you're searching for Palm Beach County listings for foreclosures and short sales, I've built some free MLS searches for you - See the links below and bookmark this page. Let me know if you'd like a custom search with updates.

As a dedicated full-time REALTOR® in Palm Beach County, I have ridden the economic wave with my clients. The good news is that the Palm Beach County real estate market is experiencing a strong recovery.  In 2015 through Q3 there were 26,085 total closed condo and home sales in Palm Beach County, up about 8% from 24,160 for the same period in 2014.

I read an article that cited a study stating that foreclosures are up year over year for the second consecutive quarter in Q3 2015. New Jersey had the highest foreclosure rate, and Florida got honorable mention as usual.

                                       

That got me wondering about the Palm Beach County real estate market statistics. I searched the MLS for foreclosures and short sales as a percent of total sales through the 3rd Quarter each year since 2000.

As I suspected, the last two years have seen the most foreclosures since 2000, both in relative and absolute terms.

Over 4,000 closed sales in both 2014 and 2015 were listed as REO ("Real Estate Owned" bank foreclosures), reflecting over 16.8% of the total sales through the third quarter of over 26,000 for 2015 and over 24,000 for 2014.

During that same period, short sales are down from 5.53% to 2.96% of total closed sales. Compare that to a peak of almost 21% of all closed sales, and nearly 0% during the first half of last decade.

Compare that to 2000, when closed foreclosures were 1.7%  of 18,500 total closed sales through the third quarter. The rate declined to less than 1% as the total sales increased with the rising market, with the rate of foreclosures increasing dramatically starting in 2007.

Watch this blog for more details. I plan to do more after year end.

If you or someone you know is considering selling short or buying a short sale or foreclosure, I'll be happy to share my experience with a no-obligation consultation. Feel free to call me directly at 561-573-1828 or contact me here. I'm always easy to reach by phone, text and email.

MLS Foreclosure Search Links:

Click here to search the MLS free and make your own search  .  You can always contact me  if you would like me to build a custom MLS search for you.

I've custom made a list of popular MLS Foreclosure Listings searches for you. To search the MLS for foreclosure listings and to search the MLS for short sale listings click the following links:

Search MLS listings for Boca Raton short sale homes and Foreclosure Homes in Boca Raton

Search the MLS for Boca Raton Condo Foreclosure Listings and condo short sale listings in Boca Raton

MLS Home Listings for Delray Beach Foreclosures and Delray Beach short sale listings 

MLS Listings for Delray Beach Condo Foreclosures and Delray Beach condo short sales

MLS Listings for Highland Beach Foreclosures and Highland Beach Short Sales

Homes in Coral Springs MLS Listings: Coral Springs Foreclosures and Coral Springs short sales

Homes in Parkland MLS Listings: Parkland Foreclosures and Parkland short sales

Homes in Boynton Beach MLS Listings: Boynton Beach Foreclosures and Boynton Beach short sales

Homes in Wellington MLS Listings: Wellington Foreclosures and Wellington short sales

About the Author: Scott Field is a leading real estate agent in Boca Raton since 2002. In February 2015,Scott was honored with the 2014 Realtor® of the Year Award from the Realtors Commercial Alliance of the Palm Beaches. Scott specializes in physician and executive relocation, property sales including residential, commercial and investment properties, luxury homes, country club homes, waterfront condos. Hundreds of successful transactions and happy clients throughout South Florida with a focus on Palm Beach County and north Broward County.

Scott has sold a wide variety of properties in South Florida, including investment and commercial property, luxury homes, homes in country clubs, seasonal homes, and waterfront homes.

Scott routinely receives referrals from past clients and recruiters, and from real estate brokers outside the area.
Scott is actively involved in the community, serving on the board of directors and various committees with the Realtors Commercial Alliance (RCA), and the Career Academies Advisory Board of Spanish River High School, among others.

Scott's clients benefit from his extensive experience as a Realtor, business consultant, senior manager, college instructor and entrepreneur, and his exceptional skills in marketing, communication, negotiation, and transaction management.