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Palm Beach County courts are seeing a decrease in banks cancelling foreclosure sales. Opinions vary about whether a deluge of pent-up foreclosures will soon face the still-struggling real estate market.Īccording to the Palm Beach County Clerk of Court, foreclosure filings increased 2 percent in May compared to April, but were down 48 percent from the same time in 2010. Many banks temporarily froze foreclosures in the fall following revelations about paperwork problems. Some Realtors said Tuesday the new incentive is an effort to clear inventory before more foreclosures hit the market. Last year, Fannie Mae offered a $1,500 inventive to agents who closed deals between late September and Dec. "Anytime you provide incentives in the market place, it creates a sense of urgency." "I think it will make a difference," said Joe Bettag, broker/owner of Coastal Properties in Jupiter. The $1,200 bonus to the selling agent only applies if the buyer plans to live in the home. Palm Beach County has about 850 homes listed on Fannie Mae's HomePath sales website, Statewide, nearly 5,900 homes are listed. That offer is now good on contracts closed by Oct. Tuesday's announcement came as a June 30 deadline approached for homebuyers to earn up to 3.5 percent of the final sales price on a home to put toward closing costs. Federal mortgage backer Fannie Mae hopes to energize sales of its repossessed homes with a new $1,200 bonus to Realtors and an extension of closing cost help to homebuyers.