Some very positive news on the housing market in our area . . . The number of foreclosure cases filed in Palm Beach County fell 9% from January to February of this year. More impressively, the number of cases filed in February 2014 was down 49% compared to the same month last year.
Granted, there are many factors to consider when examining the rate at which foreclosure cases are filed by banks, so these numbers need to be kept in perspective. Government regulation and oversight can keep lenders in check, and banks often make self-serving decisions about when to take delinquent homeowners to court. But no matter how you look at these numbers, things are definitely looking up.
If you’re wondering how the Downtown West Palm Beach condo market measures up, the news is even better. At present, there are 4,980 condos for sale in Palm Beach County, 372 of which are foreclosure listings – a rate of about 7.5%. In the downtown area, however, only 5 of the 199 listings (about 2.5%) are foreclosure properties. That ain’t at all bad.
The downtown real estate market is vibrant and on the rise, and we see it rockin’ along into the foreseeable future. The data suggests that we might just be right. But don’t take our word for it – keep an eye on the market for yourself on our Buildings page!