West Palm Beach foreclosures (REO)

Yes we did it again, as of February 2013 Florida has the distinction of being #1 with the highest home foreclosure (REO) rate in the nation for the sixth month in a row. Thats up 6% over January and up 20% year over year.

There are about 15,000 Palm Beach County foreclosures that were filed between 2007 and 2010 that are still unresolved with a total of about 30,000 foreclosure cases pending as of the end of January 2013

Now as bad as our  REO numbers sound Palm Beach County was not ranked in the top 10 REO spots for the nation. Florida did grab 7 of the top ten national spots, Miami was awarded the #1 position, Orlando at No. 2, Ocala No. 3,Tampa No. 4, Palm Bay No. 5, Jacksonville No. 8 and Naples No. 9. but as you can see Palm Beach County wasn't one of them.

So in other words Palm Beach County seems to be slowly but surely making progress digging its way out from under its REO back log. As a result of demand for good housing in Palm Beach county banks will be very receptive to get their REO inventory back on the market ASAP. This bodes well for first time home buyers who are finding good quality valued homes harder to find. Many of our REO properties often are in very good condition and priced to sell quickly, getting multiple offers within the first week of availability. So any increase in REO inventory will represent OPPORTUNITY to thousands of buyers.

If your interested in tracking the REO inventory in Palm Beach county you can do this right from my website  http://peterrejune.kwrealty.com/ look under communities served, click the area that interest you, and you will find regular listing, REO and short sales for that area.

Good luck,

Peter ReJune
Keller Williams Palm Beach
Direct-561-793-2493
realestate53@comcast.net