More than half of Palm Beach County foreclosure auctions canceled

by Kim Miller

Palm Beach County continued to see a large number of its foreclosure auctions cancelled in January with 1,358 scheduled sales _ 51.5 percent _ never making it to bid.

Before foreclosures imploded in the fall, the average cancellation rate was about 30 percent.

In December cancellations were 48.6 percent.

At least with cancellations, auction participants don’t end up bidding on properties that aren’t properly prepared. About 70 homes went to auction between Jan. 1 and last week that weren’t properly advertised and therefore could not have certificates of sale issued on them.

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