Los Angeles Foreclosures Rocket Higher in the 3rd Quarter of 2007
Areas of Miami and New York City Continue to Increase;
Seattle Recovers by 24 Percent
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"Third Quarter 2007 Foreclosure Report" through Kelly Kreth
NEW YORK, Oct. 3, 2007 (PRIME NEWSWIRE) -- PropertyShark.com, the premier real estate data site, today released its quarterly report covering first-time residential foreclosures in Los Angeles, Miami, Seattle and New York City for the July-September 2007 time period.
Key Four-City Findings (Request full report for details and charts):
* Foreclosure Auctions: PropertyShark.com recorded 5320 first-time trustee sales in Los Angeles, 698 foreclosure auctions in New York City, 1531 in Miami-Dade County, and 251 in Seattle for July-September 2007. * Major Los Angeles Increases: The number of foreclosures rose sharply in Los Angeles, 40.26% higher than last quarter and 247% higher than the same quarter in 2006. * Foreclosures per Household: Of the four cities, Miami had the highest foreclosure rate per household, about 116% higher than Los Angeles, and 852% higher per household than New York City.
"Again we see record levels of foreclosures in New York City, Miami, and Los Angeles since PropertyShark.com began tracking foreclosures, with truly staggering numbers in Los Angeles this quarter," stated Ryan Slack, chief executive officer, PropertyShark.com.
Los Angeles County
* Trustee Sales: Los Angeles had 5320 trustee sales during the period, a 40.26% increase from the second quarter of 2007, and a 247% increase over the third quarter of 2006. Six of the top ten Los Angeles County zip codes for foreclosures were in Lancaster and Palmdale.
Miami-Dade County
* Foreclosure Auctions: There were 1531 residential foreclosure auctions scheduled in Miami-Dade County for the third quarter of 2007, a 19.42% increase from Q2 2007 and a 168% increase from Q3 2006. For a list of the top 20 Miami zip codes for foreclosure auctions, request the report.
New York City (five boroughs):
* New Foreclosure Auctions: New York City saw an 8.55% quarterly increase in new residential foreclosures in the third quarter of 2007 (698 foreclosures) compared to the second quarter of 2007 (643 foreclosures), and a 64.24% jump over the third quarter of 2006. * Foreclosures by Borough: Staten Island had the largest percentage increase in foreclosures (64.81%) compared to the prior quarter, but Queens and Brooklyn again comprised the highest number of new foreclosure auctions in New York City. The number of Manhattan foreclosures remained very low.
Seattle (King County)
* Trustee Sales: For the third quarter of 2007, there were 251 new residential trustee sales scheduled in Seattle (King County), a decrease of 24.85% from the prior quarter.
"While a foreclosure can be an extremely difficult time for a homeowner, real estate investors often seek them out, providing an opportunity for an owner to sell at a market price before the banks close in," stated Matthew Haines, founder and chairman, PropertyShark.com. "I believe that there are a lot of deals to be made out there, but you have to have solid information to separate the good from the bad."
Real estate investors can browse current foreclosure listings for the following areas:
Los Angeles Foreclosures: http://www.propertyshark.com/mason/california/Foreclosures/index.html
Miami Foreclosures: http://www.propertyshark.com/mason/florida/Foreclosures/index.html
New Jersey Foreclosures: http://www.propertyshark.com/mason/nj/Foreclosures/index.html
NYC Foreclosures: http://www.propertyshark.com/mason/Foreclosures
Philadelphia Foreclosures: http://propertyshark.com/mason/pennsylvania/Foreclosures/index.html
San Francisco Foreclosures: http://www.propertyshark.com/mason/san_francisco/Foreclosures/index.html
Seattle Foreclosures: http://www.propertyshark.com/mason/seattle/Foreclosures/index.html
Press may request a copy of the report by contacting Kelly Kreth, KKreth@KrethCommunications.com , 201-417-8691.
With over 25 million properties in 20 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: www.propertyshark.com
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