Palm Beach County Foreclosure Data
Foreclosure Trends of Palm Beach County, FL
Savvy investors know that the best properties are found in the hottest markets. Turning a profit is much easier, however, when foreclosures are available in those markets. Palm Beach County, FL is overflowing with these opportunities, due to an increase in foreclosures. Throughout the past few decades, real estate data trends in Palm Beach County, FL have included an increased foreclosure rate, a statistic that continues to rise.
What has caused Florida to have such a high foreclosure rate? There are numerous reasons, including Florida’s economy which is largely tourism-based contributing to foreclosures in tourist areas where the job market isn’t as strong as it is in other parts throughout the country. When tourism slows, foreclosure statistics increases—making it a prime location for investment during economic downturns.
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Key Insights about Foreclosure Data in Palm Beach, FL County
For investors considering investing in foreclosure properties, there are a few key insights to keep in mind. Each of these insights is based on detailed real estate data from ATTOM.
Foreclosure data in Florida was on the rise before the pandemic, which indicated that Palm Beach County is an excellent location to consider for investment. A similar spike in foreclosures was noticed before the housing crash of 2008. The reason for this spike is linked to homeowners’ inability to afford the homes they qualified for. Additionally, increases in property taxes, HOA fees, and even insurance rates often become a financial burden. As these fees pile up, the risk of foreclosure increases.
Another insight about the existing foreclosure trends here is a backlog of foreclosures that are set to explode inventory rates after COVID-19. Despite the existing foreclosure inventory considered to be at a “normal” rate, banks have not been filing foreclosure due to the pandemic. However, this is set to change and with it, Palm Beach County inventory will, too.
Access the Latest Data for Palm Beach County, FL
ATTOM offers the latest insights into Palm Beach County and the counties around the nation. With up-to-date nationwide pre-foreclosure and foreclosure records and details that include data such as Notice of Defaults, Lis Pendens, Notice of Trustee’s Sale, Notice of Foreclosure Sale along with bank real estate owned completed foreclosures, and much more, ATTOM is an excellent resource for any investor.
To learn more about foreclosures in Palm Beach County, FL, keep up to date with ATTOM’s data insights.