NEW YORK, Nov. 29, 2006 (PRIME NEWSWIRE) -- PropertyShark.com, the premier real estate data site, issued its quarterly new residential foreclosure report covering New York City, Miami, and Los Angeles for the July-September 2006 time period. To see actual foreclosure listings in each area, visit: http://www.propertyshark.com/mason/Foreclosures/
Request a complimentary copy of the PropertyShark.com "Third Quarter 2006 Foreclosure Report" through Kelly Kreth.
Four-City Findings (Request full report for details):
-- Number of New Foreclosure Auctions: PropertyShark.com recorded 1533
trustee sales in Los Angeles, 425 foreclosure auctions in New York
City, 572 in Miami-Dade County, and 293 in Seattle (King County)
for July-September 2006.
-- Foreclosure Auctions per Household: On a per household basis, Miami
had a concerning 523% more properties scheduled for foreclosure per
household during the quarter than New York City, 179% more per
household than Seattle, and 150% more per household than Los
Angeles.
New York City:
-- Number of New Foreclosure Auctions: There were 425 new residential
foreclosures in New York City (5 boroughs), an overall decrease
(-21%) in new foreclosures in the current quarter from the second
quarter of 2006 (538 foreclosures).
-- Foreclosure Auctions per Household: Of the five boroughs, Staten
Island had the highest rate of foreclosure auctions per household
in Q3 2006, about twice the rate of Brooklyn and over 10 times the
rate of Manhattan.
-- Average Lien Amounts: Manhattan had the highest average lien per
property in foreclosure at $330,728. The Bronx had the lowest
average lien at $226,995.
-- Foreclosure Auctions by Neighborhood: In NYC, 17 of the top 20 zip
codes for foreclosures were in Queens and Brooklyn.
-- Lis Pendens (Pre-Foreclosures): The number of residential
pre-foreclosures in NYC for the quarter (1468) dropped 10.92% from
the second quarter of 2006 (1648), but increased 20.33% from the
third quarter of 2005 (1220).
"The decrease in new foreclosure auctions in New York City since the second quarter of 2006 is definitely counter to popular perception of the housing market, but foreclosures are just one factor in determining the economic state of real estate," stated Ryan Slack, chief executive officer, PropertyShark.com. "Comparing NYC Lis Pendens in Q3 2005 and Q3 2006, we see an increase in defaults across all boroughs; this may be indicative of a future increase in foreclosure rates City-wide."
Los Angeles County
-- Number of Trustee Sales: Los Angeles had 1533 trustee sales during
the period, an increase of 22.15% from the second quarter of 2006.
-- Trustee Sales by Neighborhood: The majority of Los Angeles trustee
sales occurred in the Lancaster/Palmdale area and in South Central
Los Angeles.
"The 22% increase in Los Angeles trustee sales is important because California, a trustee state with an expedited foreclosure process, tends to foreshadow future trends in other states such as New York, which has a lengthy foreclosure court process," said Ryan Slack, chief executive officer, PropertyShark.com.
Seattle (King County)
-- Number of Trustee Sales: King County had 293 new foreclosures in
the third quarter of 2006.
-- Trustee Sales by Neighborhood: The majority of King County
foreclosures occurred in the Auburn/Federal Way areas.
Key Miami-Dade County Findings
-- Number of New Foreclosure Auctions: There were 572 new residential
foreclosures in Miami-Dade for the quarter, an 8.92% increase from
Q2 2006.
-- Foreclosures by Neighborhood: The majority of Miami-Dade
foreclosures occurred in the Hialeah area. (Request report for top
20 zip codes).
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, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, directly from the web. 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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