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New foreclosures triple in Los Angeles area

Real estate brief
Published on Oct 3, 2008

New foreclosure auctions nearly tripled in the Los Angeles metro area, doubled in Seattle, and rose about 60 percent in the New York City and Miami areas in the third quarter compared to the same quarter last year, real estate data company PropertyShark.com reported Thursday. Compared to second-quarter 2008, new foreclosure auctions rose 16 percent in New York City, 9 percent in Los Angeles and 2 percent in Seattle while dropping 5 percent in Miami. The foreclosure rate was tiny in Manhattan compared to the other markets, the report noted, with a foreclosure rate per household of 0.005 percent in the third quarter -- far less than the 0.5 percent rate in Los Angeles and the 0.33 percent rate in Miami. New foreclosure auctions doubled in Queens year-over-year in the third quarter and were up about 96 percent for Staten Island. One in every 952 homes was scheduled for foreclosure auction in Staten Island during the third quarter, and one in every 1,163 homes in Queens was sc...

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