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Foreclosure Auctions Increase Substantially in Los Angeles, Miami, and New York City in the First Quarter of 2007; Seattle Stabalizes

New York, April 11, 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 January-March 2007 time period.

Four-City Findings (Request report for details):

  • Foreclosure Auctions: PropertyShark.com recorded 2453 first-time trustee sales in Los Angeles, 554 foreclosure auctions in New York City, 987 in Miami-Dade County, and 382 in Seattle for January-March 2007.
  • Foreclosures per Household: Miami had 692% more properties scheduled for foreclosure per household during the quarter than New York City, 236% more per household than Seattle, and 162% more per household than Los Angeles.

New York City

  • New Foreclosure Auctions: There were 554 new residential foreclosures in New York City (5 boroughs), a 56.5% increase from the fourth quarter of 2007 (354 foreclosures).
  • Foreclosure Auctions by Borough: Of the boroughs, Queens had the highest number of foreclosures in Q1 2007 (319, a 91% quarterly increase). Sixteen of the top-20 zip codes for foreclosures were in Queens. Manhattan again had very few foreclosures (25) for the quarter.

“The number of new foreclosure auctions in New York City returned to levels seen last year at this time and follows the typical seasonal up-tick after the last quarter of a year. However, the foreclosure levels in Queens are worrisome” stated Ryan Slack, chief executive officer, PropertyShark.com.

Los Angeles County

  • Trustee Sales: Los Angeles had 2453 trustee sales during the period, an increase of 24.14% from the fourth quarter of 2007. The top 3 zip codes in Los Angeles County for trustee sales were in Lancaster and Palmdale.

Seattle (King County)

  • Trustee Sales: King County had 382 new foreclosures in the first quarter of 2007, an increase of 3.24% from the fourth quarter of 2007. The top zip codes were 98178 and 98042.

Miami-Dade County

  • Foreclosure Auctions: There were 987 new residential foreclosures in Miami-Dade for the quarter, a 30.56% increase from Q4 2006. For a list of the top 20 Miami zip codes for foreclosure auctions, request the report.

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

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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, retail spaces, homes for sale, 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