Foreclosure Listings in Palm Beach County Driven by Bank Foreclosures

Jan. 28, 2011 - PRLog -- Santa Barbara, CA ---  The current status of foreclosure inventory in Palm Beach County, Florida shows a majority of repossessed homes in the county are bank owned. RealtyStore, the leading local residential foreclosure listings and data provider nationwide, analyzed the current database of all title holders to Palm Beach foreclosures and found 75% of the county's real estate foreclosures are bank foreclosures. Freddie Mac / Fannie Mae foreclosure inventory covers 23%, and HUD homes and VA foreclosures combine to represent 2% of the area's foreclosures.

Bank foreclosure listings also lead in price, posting a median price of $94,900, according to RealtyStore. Though this is the highest median price posted in Palm Beach County among the various foreclosure owners, it is considerably below the market median home price of $209,000. Government foreclosures from HUD and the VA are lowest, with a median price of $71,000. A Freddie Mac / Fannie Mae foreclosure is inbetween with a median price of $86,500. On a blended basis, the median price for all Palm Beach foreclosure listings is $89,950.

"Government owned foreclosure listings skew to significantly lower price points in Palm Beach County," commented Peter Ranck, Vice President with RealtyStore. "The maximum price point for Fannie Mae / Freddie Mac listings is currently $387,900, and HUD homes peak at $160,000. Banks are marketing both a larger quantity of foreclosed homes and covering higher price points in Palm Beach, up to $1.47 million."

Listing incidence also varies between banks and the government sponsored enterprise, also known as GSE, owners. HUD and the VA have 97% of their combined foreclosure portfolios currently listed on the market in Palm Beach County. Fannie Mae / Freddie Mac list 61% of their foreclosures. Banks have 41% of their foreclosed property inventory currently up for sale. The balance of these respective foreclosure portfolios could continue to accumulate in the area's shadow inventory of inactive listings. If foreclosure rates continue to increase faster than each institutional owner can sell off its respective REO foreclosure inventory backlog, shadow inventory will continue to grow over time. This could affect the performance of the local housing market in the future.

See more Florida Foreclosure Listings http://www.realtystore.com/foreclosures/florida-foreclosures

Access nationwide bank foreclosures http://www.realtystore.com/foreclosures/bank-foreclosures...

Search HUD homes and government owned listings http://www.realtystore.com/foreclosures/hud-homes

Glossary:

REO = Real Estate Owned. Homes or land fully foreclosed upon and having title fully assumed by a lending institution, bank or a government sponsored enterprise (GSE) such as HUD homes, Freddie Mac, Fannie Mae or the VA.

Foreclosure listing = An REO property actively listed for sale with a posted for-sale price.

Median price = The mid point of all prices of homes listed for sale in the market. The point where half of homes for sale are priced above and half are listed below the reported median price.

Shadow inventory = REO property which is in an institutional portfolio of owned assets, but is not presently listed with a price for re-sale on the public market.

Reporting methodology
RealtyStore County Foreclosure Trends studies provide the total number of REO foreclosure properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010)