Palm Beach County foreclosures were down 21.3 percent in May from the previous year, the fourth month in a row that year-over-year measurements showed a decrease in new defaults.
Still, the 1,067 new filings in May were a 10.9 percent increase from the foreclosures filed in April, according to a report released Wednesday by the Palm Beach County Clerk & Comptroller.
Clerk Sharon Bock said she believes the annual decreases show the market is stabilizing “for now.”
Last week, the Irvine, Calif.-based firm RealtyTrac showed decreases statewide in new filings, but increases in foreclosure sale notices. It’s a sign that foreclosures are moving more quickly through the system, company Vice President Daren Blomquist.
The clerk’s report shows there were 886 properties sold during May’s online foreclosure auctions, with 75 percent going back to the bank and the remainder being sold to a third party.
While the new foreclosure flings are still high compared to a normal market, they are significantly lower than during the peak of the housing crisis. In May of 2008, 2,430 foreclosures were filed in Palm Beach County. In May of 2000, just 370 foreclosures were filed.
by Kim Miller