Palm Beach County has been going through a dramatic increase in foreclosed properties this calendar year. In the first half of 2019, the housing market experienced an increased number of distressed homeowners, which has created a shift in the market. In the first six months, there were a total of 10,258 foreclosure filings in the tri-county area. In comparison to the same time last year, this number is up a startling 7%.
What’s Causing the Increase?
In this specific case, some counties had more to do with the increase than others. Palm Beach County was one of the highest affected areas; the county experienced a 23% increase in foreclosures during the first half of 2019. What is causing the increase in this particular area isn’t what most people would expect. While the common cause is the seizure of homes in older cases, this shift has been created by new foreclosure lawsuits. In total, there were 5,663 foreclosure lawsuits in South Florida in the first half of the year, which is a 32% increase from the year prior. Out of the 220 metro areas in South Florida, 36 of them are experiencing year-over-year increases in foreclosures.
The Foreclosure Trend
It is not uncommon to see some increases in various areas across the country. Areas that are demonstrating a higher number of foreclosure starts will likely be markets to keep an eye on. Florida is one of those states right now. Currently, four out of the five markets with the highest annual foreclosure starts were located in Florida. Orlando and Jacksonville had even higher numbers than that of South Florida. Compared to the rest of the country, Florida ranks 16th for the highest foreclosure rates, at 0.41%. The metro area with the highest foreclosure rates was Atlantic City, New Jersey with 0.92% of housing going through foreclosures. Jacksonville followed with 0.54%.
Considering the Foreclosure Market
For real estate agents and homebuyers looking to score on some foreclosed properties this year, South Florida is one of the markets to watch. With so many properties experiencing foreclosure starts, there are all kinds of opportunities to invest in one of these properties. For those who are new to buying foreclosed properties, there are a handful of ways to go about it. Auction websites like PBC Home Auctions have long lists of foreclosed properties in the Palm Beach County area, where you can bid on homes right through their website. The advantage of this kind of approach is that the properties are not posted on other listing sites. Buyers are able to see property listings faster than buyers not using the site. Additionally, you might consider working with a real estate agent who specializes in foreclosures or check your local government website to find more foreclosed properties.
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