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Foreclosures at Public Auctions Maintained High Levels

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By : John Cutts    99 or more times read
Foreclosure public auctions and other foreclosure-related activities were still high in Palm Beach County, Florida, last year compared with other regions in the U.S. However, compared with 2009 levels, the number of foreclosures was actually down last year not only in Palm Beach, but also in the whole South Florida region.

The number of foreclosure-related filings in Palm Beach County, including bank owned homes in Boca Raton and foreclosure-related filings issued in the rest of the county, totaled 43,438 last year. One household out of every 15 housing units in the county was under some stage of foreclosure in 2010. For the whole South Florida area, levels of foreclosures remained high compared with other regions, but recorded a slight drop compared with year-ago levels.

The number of foreclosed and bank owned homes in Florida remained higher than majority of U.S. states, with the region retaining its position among the top five states with the highest foreclosure activities in 2010. In South Florida, a total of 171,704 foreclosure-related filings was issued, covering the areas of Palm Beach, Broward and Miami-Dade.

The figure included initial default filings, properties sold at foreclosure public auctions and those repossessed by lenders. The South Florida region's foreclosure rate for 2010 was at 7%, with one household out of every 14 residential units receiving a filing. However, overall foreclosure activities actually declined by 0.69% when compared with 2009 figures. Compared with 2008, the figure represents a 42.5% increase.

The number of properties under bank owned foreclosure property listing in South Florida was still higher than most U.S. metro areas last year, high enough to give the region a nationwide ranking of fifth in 2010 in terms of foreclosure-related activities. Based on national housing market data, majority of the hardest hit areas recorded a drop in foreclosure numbers last year. However, levels of foreclosure activities remained way higher than levels found during normal market periods.

Analysts warned that there is a high possibility that the decline will be reversed this year as more properties get offered at foreclosure public auctions and more households receive foreclosure filings. They stated that lenders will likely make up for the slowdown in the fourth quarter of 2010 by stepping up foreclosure activities this year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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