The aggregate amount of all liens from Los Angeles County properties scheduled for trustee sale for the first time in May 2008 is shockingly close to $2 billion, underlying the severity of the housing crisis in this region
New York City, NY (PRWEB) June 5, 2008
PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in Los Angeles, Miami, Seattle and New York City for May 2008.
Key Four-City Findings (Request report for details and charts):
- Los Angeles foreclosures set a monthly record; New York City and Seattle foreclosures decline from last month: The number of newly scheduled trustee sales in Los Angeles County surged 17% from April 2008, setting a two-year record with 5,308 new trustee sales. New foreclosures in Miami remained flat while New York City and Seattle saw a decrease when compared to the previous month.
- Los Angeles, Miami, Seattle and NYC foreclosures all up big over May 2007: The number of new foreclosures were up over May 2007 by 233% in Los Angeles, 73% in Miami, 68% in Seattle, and 50% in New York City.
- The foreclosure epicenter in New York City is District 12 in Queens: District 12 in Queens (Jamaica, South Jamaica, Hollis and St. Albans) had 80 new foreclosure auctions scheduled in May 2008. Foreclosures in this Queen's community district eclipses the entire boroughs of Brooklyn (55 new auctions) and Staten Island (47) for the month.
- Total lien amount in Los Angeles County approaches $2 billion: In Los Angeles County, the sum of the lien amounts for properties scheduled for trustee sale in May 2008 was $1,964,112,580, just shy of the $2 billion mark.
"While most of New York City has escaped the astronomical foreclosure activity seen nationwide, some areas like the neighborhoods of Jamaica, South Jamaica, Hollis and St. Albans are in dire shape, with a foreclosure rate per household 21 times higher than the city average" stated Ashleigh Rose Clark, Data Acquisition Manager at PropertyShark.com
Los Angeles County
- Trustee Sales: The number of newly scheduled trustee sales in Los Angeles County surged 17% from April 2008 and 232% from May 2007, setting a two-year record with 5,308 new trustee sales. The total lien amount was just shy of $2 billion.
- Los Angeles Trouble Spots: While zip codes in the Palmdale/Lancaster area continue to have the highest number of foreclosures, we have seen a troubling increase in foreclosures in some of the priciest zip codes of the county. The number of owners with a lien against their properties over $1 million reached 70 this month, more than double the average monthly number seen in the past 12 months.
"The aggregate amount of all liens from Los Angeles County properties scheduled for trustee sale for the first time in May 2008 is shockingly close to $2 billion, underlying the severity of the housing crisis in this region" said Robert Sarb, Product Manager at PropertyShark.com.
- Foreclosure Auctions: The number of new foreclosures remained flat in May 2008 from the previous month (882), when it reached a two-year peak. Compared to May 2007, Miami-Dade County registered a 72.9% increase.
New York City (five boroughs)
- Foreclosure auctions: New York City new foreclosures (313) saw a second consecutive month of decline, down 4.86% from April 2008 (329).
- Boroughs Overview: Queens (down 8.3%) experienced the most noticeable improvement in new foreclosure counts in May 2008 compared to the previous month. Despite this, the borough remains responsible for most of New York City's foreclosure activity, compiling 56% of all new scheduled auctions.
Seattle (King County)
- There were 160 new foreclosure auctions scheduled in May 2008, down 16% from the 191 in April 2008, but up by 68% compared to May 2007.
Real estate investors can browse current foreclosure listings for the following areas:
- Los Angeles Foreclosures
- Miami Foreclosures
- NYC Foreclosures
- San Francisco Foreclosures
- Seattle Foreclosures
Press may request a copy of the report by contacting Brian Scully at 718.408.4985.
With over 25 million properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: http://www.propertyshark.com