April 2008 Foreclosure Report Issued by Propertyshark.Com: Los Angeles, Miami, and Seattle Foreclosures Again Reach New Highs

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Foreclosures reached new record highs in Los Angeles, Miami, and Seattle: Scheduled foreclosure auctions rocketed higher in Los Angeles by 467% compared to April 2007, while in Miami they surged by 160%, and in Seattle by 30%, to reach two-year highs in each region.

Los Angeles Foreclosures, Miami, Seattle, and NYC

When we see a month where Los Angeles, Miami, and Seattle reach record foreclosure levels, it suggests we are not through this foreclosure crisis by any means

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 April 2008

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

  •     Foreclosures reached new record highs in Los Angeles, Miami, and Seattle: Scheduled foreclosure auctions rocketed higher in Los Angeles by 467% compared to April 2007, while in Miami they surged by 160%, and in Seattle by 30%, to reach two-year highs in each region.
  •     Los Angeles' foreclosure rate per household 13 times higher than in New York City: The foreclosure rate per household in Los Angeles was the highest among the four cities, 5 times higher than Seattle, and over 13 times higher than New York City.
  •     Queens had 58% of New York City's total foreclosures: Queens continues to show the most foreclosure activity out of all the boroughs, with 58% of New York City's total number of newly scheduled auctions.
  •     In the City of Los Angeles, zip codes in Sylmar and Pacoima had the most foreclosures Within the Los Angeles City boundaries, zip codes in Sylmar (91342) and Pacoima (91331) had the highest number of foreclosures. Zip codes in Palmdale and Lancaster again had the most for the whole county.

"When we see a month where Los Angeles, Miami, and Seattle reach record foreclosure levels, it suggests we are not through this foreclosure crisis by any means" , stated Ashleigh Rose Clark, Data Acquisition Manager, PropertyShark.com

Los Angeles County

  •     Trustee Sales: The number of newly scheduled trustee sales in Los Angeles County rocketed 83% from the previous month and 467% from April 2007, setting, with 4,540 new trustee sales, a two-year record.
  •     Los Angeles Trouble Spots: Within the Los Angeles City boundaries, zip codes in Sylmar (91342) and Pacoima (91331) had the highest number of foreclosures. Zip codes in Palmdale and Lancaster again had the most for the whole county

"While we thought Los Angeles trustees sales might finally be declining after seeing lower numbers in February and March, they jumped again to new highs in April" said Ashleigh Rose Clark, Data Acquisition Manager PropertyShark.com

Miami-Dade County

  •     Foreclosure Auctions: There were 882 new foreclosure auctions scheduled in Miami-Dade County in April 2008, up 8.75% from the previous month's number, 811, and up 160% from the April 2007 number of 339.

New York City (five boroughs)

  •     Foreclosure auctions: New York City foreclosures remained high, with a third consecutive month over the 300 mark.
  •     Boroughs Overview: Queens continues to show the most foreclosure activity out of all the boroughs, with 58% of New York City's total number of newly scheduled auctions.

"This is the third consecutive month where we have seen New York City foreclosures pass the 300 mark, a level we didn't even see in any month in 2007." stated Ashleigh Rose Clark, Data Acquisition Manager, PropertyShark.com

Seattle (King County)

  •     There were 191 new foreclosure auctions scheduled in April 2008, up 189% from the 66 in March 2008, and up by 29% from April 2007. This represents a two-year record for the number of new foreclosure auctions.

Real estate investors can browse current foreclosure listings for the following areas:

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 or free basic accounts, go to: http://www.propertyshark.com

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