After 10 Years of crowded court Dockets with banks going after struggling borrowers, Palm Beach County foreclosures fell to pre-crash levels in 2015.
There were 10,451 homes in some stage of foreclosure last year, according RealtyTrac.if. Foreclosures peaked at 43,438 in 2010 . This is the lowest they have been since 2006, when the housing bubble was still inflating.
Measured another way, only 1.6 percent of Palm Beach County homes were in foreclosure in 2015, down from a peak of 6.8 percent in 2010.
This is good news for all sellers, the excess has finally been taken from the market. Seller no longer have to compete with the banks to make a sale. Of course this also means the days of the great bargins are over in West Palm Beach.
The trend is similar statewide. Florida foreclosures are off 67 percent from 2010 to 2015. Still, Florida ranks No. 2 among all states with 1.8 percent of homes in foreclosure. Only New Jersey’s 1.9 percent was worse.