Foreclosure Auctions Increase Substantially in Miami, Los Angeles, and Seattle in the Fourth Quarter of 2006; New York City Foreclosures Decrease

New York, February 22, 2007 – PropertyShark.com, the premier real estate data site, announces its quarterly report covering first-time residential foreclosures in New York City, Miami, Seattle and Los Angeles for the October-December 2006 time period.

Four-City Findings (Request report for details):

  • Foreclosure Auctions: PropertyShark.com recorded 1976 first-time trustee sales in Los Angeles, 354 foreclosure auctions in New York City, 756 in Miami-Dade County, and 370 in Seattle for October-December 2006.
  • Foreclosures per Household: Miami had 870% more properties scheduled for foreclosure per household during the quarter than New York City, 179% more per household than Seattle, and 86% more per household than Los Angeles.

New York City:

  • New Foreclosure Auctions: There were 354 new residential foreclosures in New York City (5 boroughs), an overall decrease (-16.7%) from the third quarter of 2006 (425 foreclosures).
  • Foreclosure Auctions by Borough: Staten Island had the highest foreclosure rate per household in Q4 2006, 250% higher than Brooklyn and seven times the rate per household in Manhattan. Sixteen of the top-20 zip codes for foreclosures were in Queens and Brooklyn.

“The biggest surprise to us was in Brooklyn, with new foreclosure auctions down 34% from last quarter and at two-year lows,” stated Ryan Slack, chief executive officer, PropertyShark.com.

Los Angeles County

  • Trustee Sales: Los Angeles had 1976 trustee sales during the period, an increase of 28.90% from the third quarter of 2006. The majority occurred in the Lancaster/Palmdale area and in South Central Los Angeles.

Seattle (King County)

  • Trustee Sales: King County had 370 new foreclosures in the fourth quarter of 2006, an increase of 26.28% from the third quarter of 2006. The top zip code was in the Auburn/Federal Way area.

Miami-Dade County

  • Foreclosure Auctions: There were 756 new residential foreclosures in Miami-Dade for the quarter, a 32.17% increase from Q3 2006. The majority of Miami-Dade foreclosures occurred in the Hialeah area.

Real estate investors can browse current foreclosure listings for the following areas:


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