January 2008 Foreclosure Report Issued by PropertyShark.com -- Los Angeles Foreclosures Rocket 397% to New Highs; Seattle, Miami and New York City Foreclosures Also Increase

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The monthly report examines Los Angeles Foreclosures, New York City Foreclosures, Miami Foreclosures, and Seattle Foreclosures up through January 31st 2008 and going back to January 2007.

Los angeles Foreclosures

For the first time since PropertyShark.com has been tracking foreclosures, all four regions under study reached record monthly highs

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 January 2008.

Key Four-City Findings (Request report for details and charts):

  •     Foreclosure Auctions: PropertyShark.com recorded 3857 first-time Los Angeles foreclosures, 795 in Miami-Dade County, 266 foreclosure auctions in New York City, and 176 in Seattle for January 2008.
  •     Comparison to January 2007: Scheduled foreclosure auctions reached two-year peaks in all four regions, with Los Angeles rocketing up by 397% compared to January 2007, Miami increasing by 220%, and Seattle by 85%.
  •     Comparison to December 2007: After dipping in December 2007, the number of scheduled

foreclosure auctions rose this month in all four regions (New York City, Miami, Los Angeles, and
Seattle).

  •     Foreclosures per Household: Foreclosures per Household: Of the four cities studied, this is the first time in two years that Los Angeles surpassed Miami in foreclosures per household. Los Angeles rates were about 20% higher than Miami's and 1296% higher per household than New York City's.

"For the first time since PropertyShark.com has been tracking foreclosures, all four regions under study reached record monthly highs" stated Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com.

Los Angeles County

  •     Trustee Sales: Los Angeles had 3857 trustee sales during the period, 90.09% higher than last month and 397% higher than January 2007.
  •     Los Angeles Trouble Spots: Zip Codes in Lancaster and Palmdale topped the list, each zip code with increases in new foreclosures over last month well over 100%.

Miami-Dade County

  •     Foreclosure Auctions: There were 795 residential foreclosure auctions scheduled in Miami-Dade County for January 2008, an increase of 20.27% from December 2007 and 220% higher than January 2007.

New York City (five boroughs):

  •     New Foreclosure Auctions: New York City saw a 106% increase in new foreclosures over December 2007, partially due to typical seasonality, but also increased by 24.3% over January 2007.
  •     New York City Boroughs: New foreclosure auctions in Staten Island jumped by 184% after seeing a big improvement in December. New auctions in Queens rose by 150%. All other boroughs also experienced an increase in new foreclosures.

"Queens's foreclosures were back at troubling levels for the month of January, 150% higher than
December 2007 and 5.5% higher than January of 2007" stated Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com. "More alarming increases came from Staten Island, where foreclosures were up 260% from January of 2007."

Seattle (King County)

  •     Trustee Sales: For January 2008, there were 176 new residential trustee sales scheduled in Seattle (King County), a 34.35% increase over December 2007 (131), and an 85% increase from January 2007

Real estate investors can browse current foreclosure listings and detailed property report s 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

San Francisco Foreclosures:     San Francisco Foreclosures

Seattle 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: PropertyShark.com

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