Both Los Angeles and Miami again set new highs for first time foreclosures since PropertyShark.com began tracking foreclosures, with trend lines suggesting things will continue to get worse
New York City, NY (PRWEB) January 15, 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 the fourth quarter 2007.
Key Four-City Findings (Request report for details and charts):
- Foreclosure Auctions: PropertyShark.com recorded 6622 first-time trustee sales in Los Angeles, 1942 in Miami-Dade County, 605 foreclosure auctions in New York City, and 360 in Seattle for the fourth quarter of 2007.
- Comparison to Q4 2006: Scheduled foreclosure auctions in Los Angeles, jumped 235% compared to the fourth quarter of 2006, while Miami increased by 156% and New York City by 71%. Seattle foreclosures decreased by 2.7% compared to Q4 2006.
- Comparison to Q3 2007: Los Angeles (up 24.45%) and Miami (up 20.70%) continued their upward trend in first time foreclosures with both counties setting quarterly records compared to the prior 8 quarters. After dipping in Q3 2007, Seattle foreclosures jumped by 43.42% while New York City saw a decrease of 13.32%.
- Foreclosures per Household: Of the four cities, Miami again had the highest foreclosure rate per household, 5 times higher than Seattle, and over 12 times higher per household than New York City.
"Both Los Angeles and Miami again set new highs for first time foreclosures since PropertyShark.com began tracking foreclosures, with trend lines suggesting things will continue to get worse" stated Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com.
Los Angeles County
- Trustee Sales: Los Angeles had 6622 trustee sales during the period, 24.45% higher than last quarter and 235% higher than the same quarter in 2006.
- Los Angeles Trouble Spots: Zip Codes in Pomona (91766, 113% increase), Compton (90221, 100% increase) and Norwalk (90650, 70% increase) saw the highest increase in new trustee sales since last quarter. The top 5 zip codes were in Palmdale, Lancaster and Quartz Hill.
"First time foreclosures in Los Angeles reached new highs with no end in sight. Again we see substantial foreclosure activity in the Lancaster/Palmdale area" said Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com.
- Foreclosure Auctions: There were 1942 residential foreclosure auctions scheduled in Miami-Dade County for Q4 2007, an increase of 20.7% from Q3 2007 and 156% higher than Q4 2006.
New York City (five boroughs):
- New Foreclosure Auctions: New York City saw a 13% decrease in new foreclosures over Q3 2007. However, the number is 71% higher than Q4 2006.
- New York City Boroughs: Staten Island was the only borough that experienced an increase in new foreclosures over last quarter and also had the highest percent increase over Q4 2006 (223%).
"First time New York City foreclosures jumped 71% in the fourth quarter of 2007 compared to the same quarter in 2006, although we did see a 13% decrease from last quarter, possibly due to the typical seasonal slowdown as government offices closed for the winter holidays" stated Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com.
Seattle (King County)
- Trustee Sales: For Q4 2007, there were 360 new residential trustee sales scheduled in Seattle (King County), a 43.42% increase over Q3 2007 (251), and 2.7% decrease from Q4 2006 (370).
Real estate investors can browse current foreclosure listings for the following areas:
Los Angeles Foreclosures: Los Angeles Foreclosures
Miami Foreclosures: Miami Foreclosures
New Jersey Foreclosures: New Jersey Foreclosures
NYC Foreclosures: New York City Foreclosures
Philadelphia Foreclosures: Philadelphia Foreclosures
San Francisco Foreclosures: San Francisco Foreclosures
Seattle Foreclosures: http://www.propertyshark.com/mason/seattle/Foreclosures/index.html
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