There’s no shortage of foreclosure news in the media, but most of it is about national trends.  The most meaningful data about foreclosures, however, is what’s happening locally.

I am pleased to report that new foreclosure activity in Palm Beach County for the first six months of 2011 was down 41% from the same period a year ago.  Although there was a bit of a hike in June that led some experts to warn about a new wave of foreclosures, that uptick proved to be a short term aberration.  The foreclosure rate dropped back down significantly in July and August, continuing a downward trend that started in January of this year.

If you pay any attention to media reports about foreclosure activity, you have probably heard that Palm Beach County has the fifth highest foreclosure rate out of 67 counties in all of Florida.

That’s true, but it’s not cause for concern.  The high rate is related to the newness of housing in most of Palm Beach County compared to most of the rest of the state.  A lot of people paid top dollar for brand new homes all over Palm Beach County between the late 90s and 2007, and that’s where the highest foreclosure rates have been in the last few years.  Counties with more mature housing inventory, whether in Broward or Brevard County, have a much lower foreclosure rate than we do in Palm Beach County.

It’s worth mention that the very first homes in Boca Raton were only built in 1964.  Prior to that, all of what we now call Boca, from the Intracoastal to the Everglades, was farmland!