{"id":13934,"date":"2008-11-17T06:01:08","date_gmt":"2008-11-17T10:01:08","guid":{"rendered":"http:\/\/www.propertyshark.com\/news-releases\/?p=126"},"modified":"2008-11-17T06:01:08","modified_gmt":"2008-11-17T10:01:08","slug":"october-2008-foreclosure-report-issued-by-propertyshark-com-covering-new-york-city-miami-seattle-and-los-angeles-foreclosures","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2008\/11\/17\/october-2008-foreclosure-report-issued-by-propertyshark-com-covering-new-york-city-miami-seattle-and-los-angeles-foreclosures\/","title":{"rendered":"October 2008 Foreclosure Report Issued by PropertyShark.com Covering New York City, Miami, Seattle and Los Angeles Foreclosures"},"content":{"rendered":"

New York, NY, November 17, 2008<\/strong> – PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in Los Angeles, Miami, Seattle and New York City for October 2008.<\/span><\/span><\/p>\n

Summary<\/span> (Request report for details and charts): <\/span><\/span> <\/span><\/span><\/p>\n

  • Los Angeles Foreclosures down 51% from Sept 2008, falling close to Oct 2007 levels:<\/strong> In October 2008, Los Angeles recorded the greatest monthly decline (51%) for first time foreclosures in the past two years, approaching levels seen in October 2007.<\/li>\n

    \u201cThe new California state law requiring lenders to contact homeowners before filing foreclosures has had an immediate impact. First time foreclosures dropped 51% from September 2008\u201d<\/em>, stated Ashleigh Rose Clark, Data Acquisition Manager at PropertyShark.com<\/span><\/span><\/p>\n

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  • NYC Foreclosures drop 15% from Sept 2008, but climb 50% over Oct 2007:<\/strong> New York City dropped by 15% overall, and every borough except Manhattan<\/a> recorded a decrease in first time foreclosures compared to September 2008. The Bronx<\/a> decreased the most (down 54%), followed by Staten Island<\/a> (down 25%), Brooklyn<\/a> (down 16%), and Queens<\/a> (down 9%). Manhattan increased by 2 foreclosures over September 2008. However, NYC was up 50% compared to October 2007, predominantly due to foreclosure activity in Queens.<\/li>\n

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  • Foreclosures begin to decrease in Los Angeles trouble spots:<\/strong> Zip codes from Palmdale and Lancaster continue to top the list for first time foreclosures, however, significant improvements can be seen in these trouble spots. Foreclosures were down 35% in zip code 93550 (Palmdale), down 52% in 93535 (Lancaster), down 25% in 93552 (Palmdale), and down 49% in 91331 (Pacoima).<\/li>\n

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  • Foreclosures continue to grow in Miami and Seattle:<\/strong> Compared to September 2008, Miami was up 93% and Seattle was up 14%. Compared to October 2007, foreclosures in Miami were up 35%, while Seattle experienced a 108% increase.<\/li>\n

    “Overall, New York City foreclosures have remained at very low rates. Manhattan has had virtually no foreclosure activity, and even Staten Island, the borough with the highest rate per household, is 2.5 times less than the rate in Los Angeles and 3.4 times less than Miami”<\/em>, stated Bill Staniford, CEO of PropertyShark.com.<\/span><\/span><\/p>\n

    Real estate investors can browse current foreclosure listings for the following areas:<\/span><\/span><\/p>\n