Los Angeles Foreclosures Fall 26%, Miami Foreclosures Drop 22% and New York City Decline 7% Compared to July 2008; Seattle Foreclosures Up 63% Says PropertyShark.com

Los Angeles Foreclosures Fall 26%, Miami Foreclosures Drop 22% and New York City Decline 7% Compared to July 2008; Seattle Foreclosures Up 63% Says PropertyShark.com

New York City, NY, August 11, 2009 – PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in New York City, Miami, Seattle and Los Angeles for July 2009.

Key Report Findings

• Queen’s (199) properties comprised 63% of the new foreclosures in New York City.
• New scheduled foreclosure auctions in New York City (318) decreased 7% from July 2008 (341) and were down 8% from June 2009 (344).
• Investors are reluctant to buy New York City* foreclosures at auction: Out of the 250 newly scheduled foreclosures in Queens, Brooklyn, and Manhattan, 75 properties were auctioned while the rest were postponed. Of the 75 successfully auctioned properties only 9 (12%) were bought by investors (independent buyers), the other 66 being repossessed by the banks.
• In July 2009, new foreclosures in Miami (858) declined 22% from July 2008 (1,099), but increased 36% over June 2009 (633).
• There were 325 new trustee sales scheduled in Seattle for July 2009, up 63% from July 2008 (199) and 21% lower than June 2009 (410).
• Los Angeles had 4,421 new trustee sales scheduled in July 2009, down 26% from July 2008 (5,985), and down 17% from June 2009 (5,327).

The full July 09 Foreclosure Report can be found on PropertyShark BlogCenter along with other market reports and press resources.

In addition to foreclosure listings, PropertyShark.com visitors can view property reports for almost every property in New York City, run sales comparables to assess market values, or browse Manhattan Ultra-Luxury Sales.  PropertyShark also runs real estate classes in Manhattan through www.PropertySharkUniversity.com.

About PropertyShark: 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, property tax, 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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