New York City, April 8th, 2008 – 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 first quarter of 2008.
Key Four-City Findings (Request report for details and charts):
- Foreclosure Auctions: PropertyShark.com recorded 8,877 first-time Los Angeles foreclosures, 2231 in Miami-Dade County, 918 in New York City, and 385 in Seattle for the first quarter of 2008.
- Comparison to Q1 2007: Scheduled foreclosure auctions in Los Angeles jumped 261% compared to the first quarter of 2007, while Miami increased by 126%, New York City by 66% and Seattle up 6.94%.
- Comparison to Q4 2007: First time foreclosure auctions for the quarter reached two-year peaks in all four regions studied, with New York City (up 51%) and Los Angeles (up 34%) having the highest increases over the previous quarter. The New York City increase is largely attributed to the borough of Queens.
- Foreclosures per Household: Of the four cities, Miami had again the highest foreclosure rate per household, 5 times higher than Seattle and 9 times higher per household than New York City.
“Record quarterly numbers in all four of these geographically dispersed major cities indicate that there may be few MSAs unaffected by the foreclosure crisis.” – Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com
Los Angeles County
- Trustee Sales: Los Angeles had 8,877 trustee sales during the period, 34.05% higher than last quarter and 261% higher than the same quarter last year.
- Los Angeles Trouble Spots: Zip Codes in Le Puente (91744, 88% increase), Palmdale (93550, 64% increase) and South Gate (90280, 62% increase) saw the highest increase in new trustee sales since last quarter. The top 5 zip codes were in Palmdale, Lancaster and Quartz Hill.
“With quarterly increases over both last quarter and the same quarter of 2007, Los Angeles reached new heights for Trustee Sale activity, again concentrated in the Lancaster/Palmdale area.” – Ashleigh Rose Clark, Data Acquisitions Manager, PropertyShark.com
Miami Dade County
- Foreclosure Auctions: There were 2231 new residential foreclosure auctions scheduled in Miami-Dade County for the first quarter of 2008, the highest quarterly number of new foreclosures in the past two years.
New York City (five boroughs)
- New Foreclosure Auctions: There were 918 first time foreclosures scheduled in New York City for the first quarter of 2008, a 51.7% increase in new foreclosures over the fourth quarter of 2007, and an increase of 65.7% over the first quarter of last year.
- New York City Boroughs: First time foreclosure auctions in Queens and Staten Island reached new highs this quarter, with Staten Island up 411% and Queens up 59% over the first quarter of last year.
“We saw massive increases in Queen’s foreclosures scheduled this quarter, 90% higher than the last quarter of 2007 and 59% higher than the same quarter last year. While Manhattan foreclosures are still almost nonexistent, Queens has single-handedly taken New York City foreclosure levels to new heights.” – Ashleigh Rose Clark, data acquisitions manager at PropertyShark.com
Seattle (King County)
- Trustee Sales: The number of new foreclosure auctions saw a slight increase of 7% over the previous quarter, nonetheless reaching a quarterly two-year peak
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 or visiting PropertyShark BlogCenter
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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, residential for sale 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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