Residential Foreclosures up 51% in Palm Beach County

A March 2009 report finds that the number of foreclosure filings in Palm Beach county increased 51 percent in February 2009, year-over-year, according to Default Research, a provider of preforeclosure listings. “Real estate market indicators show median home prices continuing to decline as home prices have dropped nearly 40 percent since 2006,” according to Default Research founder Serdar Bankaci said in a news release. In Palm Beach county the five cities with the most residential foreclosures are as follows: West Palm Beach (431) Lake Worth (266) Boca Raton (219) Boynton Beach (177) Delray Beach (96) Default Research noted it has also begun to see more commercial and retail foreclosures. The number of commercial foreclosures in its coverage areas increased about 35 percent between January and February.
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Residential Foreclosures topped 100,000 in Tri-County area in 2008

South Florida foreclosure filings topped the 100,000 mark last year, according to Default Research, which tracks pre-foreclosure listings. Miami-Dade County led the region with 47,672 foreclosures, followed by Broward County, at 37,446, and Palm Beach County, reaching 16,743.
And while the data found that foreclosure activity actually leveled off in the fourth quarter, “we expect to see foreclosure activity remain relatively high until the third or fourth quarter of 2009,” Default Research founder Serdar Bankaci said. Overall in 2008, Miami-Dade had 4.91 percent of households entering foreclosure, followed by Broward, at 4.66 percent, and Palm Beach, with 2.62 percent. The hardest-hit cities in Palm Beach County were West Palm Beach (457), Lake Worth (275), Boca Raton (198), Boynton Beach (189) and Delray Beach (96).