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Reduced Prices for Boca Raton Bank Foreclosed Homes for Sale

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By : John Cutts    99 or more times read
Prices continue to be attractive for buyers of foreclosed homes for sale in Boca Raton, as more housing units are repossessed by lenders.

In June, foreclosure postings in the city of Boca Raton and in other cities of Palm Beach County increased by almost 15 percent from the previous month to 1,640 filings, based on a foreclosure report issued by the county clerk and comptroller. In the first half this year, there were already 10,385 notices filed, but they marked a drop of 32 percent from the nearly 16,000 notices filed in the first six months last year.

Another research firm, meanwhile, reported a higher foreclosure figure for Palm Beach County than the number reported by county officers. The research firm said that a total of 18,083 foreclosures were filed in the first half this year, almost the same number compared to the figure reported during the same period last year. With this high number, people engaged in Boca Raton foreclosure investing would have a lot of units to explore for their investment endeavors.

Additionally, almost 530 housing units in Palm Beach became bank foreclosed homes for sale in June, triple the number repossessed by banks in June last year, although lower than the number posted in May. The median price for single-family units in the county in May was $235,200, down substantially by $155,800 from the peak price posted in May 2006. A price reduction of nearly 40 percent has been a strong attraction for buyers.

It was the number of Florida foreclosed homes for sale in June that really spiked because it jumped up sharply by 76 percent from the total last year to 12,936 bank-owned units. People planning to find foreclosures for sale should consider Florida as the total number of bank owned residential units in the state for the six month period from January to June has already reached 55,186 units.

In the second quarter, the number of bank foreclosed homes for sale in Florida reached 32,867 units, a jump of nearly 50 percent from 22,050 units in the first quarter.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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