NEW YORK, Sept. 7, 2006 (PRIMEZONE) -- PropertyShark.com, the premier real estate investment data site, announced residential foreclosure auction numbers for New York City, Miami, and Los Angeles for the April-June 2006 time period.
Key Three-City Findings:
-- Number of Foreclosure Auctions: PropertyShark.com recorded 1,250
trustee sales in Los Angeles, 535 foreclosure auctions in New York
City, and 515 in Miami-Dade County for April-June 2006.
-- Foreclosure Auctions per household: On a per household
basis, .066% of Miami households had a property go to foreclosure
auction during the quarter, an alarming 374% more foreclosures per
household than New York City, and 166% more foreclosures per
household than Los Angeles.
"The number of foreclosures per household in Miami-Dade County is particularly high for the quarter. South Florida is definitely one of the first regions we have seen to show clear signs of problems in the housing market," stated Ryan Slack, chief executive officer, PropertyShark.com.
Key New York City Findings:
-- Number of Foreclosure Auctions: The five NYC boroughs saw an
overall decrease (-6.47%) in residential foreclosure auctions in
the second quarter of 2006 (535 foreclosures) from the first
quarter of 2006 (572 foreclosures), although the boroughs of
Manhattan, Staten Island, and the Bronx increased.
-- Foreclosure Auctions per household: Staten Island had the highest
rate of foreclosure auctions to households (.045% in Q2 2006) in
the five boroughs, about twice the rate of both Brooklyn and
Queens, and over 15 times the rate of Manhattan.
-- Average Lien Amounts Against Foreclosure Auction Properties:
Brooklyn had the highest average lien amount per property in
foreclosure at $318,262. The Bronx had the lowest average lien
at $232,671. All boroughs except Staten Island had a quarterly
increase in average liens.
-- Average Lien Amounts Against Foreclosure Auction Properties:
Brooklyn had the highest amount of total liens ($64,925,405)
against properties at foreclosure auctions. Manhattan had the
lowest at $5,769,325.
-- Foreclosure Auctions by Neighborhood: Foreclosures in New York
City are highly concentrated in the Jamaica (Queens) and Bedford
Stuyvesant/Crown Heights (Brooklyn) neighborhoods.
-- Lis Pendens (Pre-Foreclosures): There was a very slight (.84%)
decline in residential pre-foreclosures for New York City from
the first quarter of 2006, but this follows a very large jump in
pre-foreclosures over the last two quarters of 2005. The current
levels are fairly similar to pre-foreclosures in the first half
of 2005.
"All five boroughs are coming off steep drops in foreclosures over 2005, bringing the number of foreclosure auctions to near-term lows, which is encouraging for the city," said Slack. "However, the average and total lien amounts on Brooklyn properties in foreclosure are quite high, even though we did see a 3.25% decrease from the first quarter of 2006."
Key Los Angeles County Findings
-- Number of Trustee Sales: Los Angeles County had 1,250 trustee sales
during the period, an increase of 11.61% from the first quarter
of 2006.
-- Trustee Sales per Household: The 1,250 foreclosures during the
quarter represent .04% of households in Los Angeles County.
-- Trustee Sales by Zip Code: The majority of Los Angeles trustee
sales can be found almost exclusively in the Lancaster/Palmdale
area and in South Central Los Angeles.
"The 11% increase in Los Angeles trustee sales is worth noting because Los Angeles, with its expedited foreclosure process, tends to indicate future trends in the overall economy, especially in comparison to the lengthy foreclosure court process in New York state," said Slack.
Key Miami Dade County Findings
-- Number of Foreclosure Auctions: Miami Dade County had 515
foreclosure auctions during the period
-- Foreclosure Auctions per household: The 515 foreclosure auctions
represent .066% of Miami households
Media may request a complimentary copy of the full "Q2 2006 Foreclosure Report" directly from Kelly Kreth, A2dkelly@aol.com or (201-417-8691).
With over 20 million properties in twelve major markets, PropertyShark.com enables real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices of real property and co-ops, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, directly from the web. Founded in 2003 and based in New York City, PropertyShark.com strives to level the playing field by providing 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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