New foreclosures triple in Los Angeles area

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 scheduled for auction, according to the report.

In the Los Angeles area's 93550 ZIP code, which covers Palmdale, Calif., about one in every 45 homes was scheduled for foreclosure auction during the third quarter. Countrywide Home Loans was scheduled to foreclose on the most homes in the Los Angeles area in the third quarter, followed by Washington Mutual, the report states. There were 15,749 new foreclosures in the Los Angeles area in the third quarter, compared with 2,538 in the Miami area, 1,118 in the New York City area and 501 in the Seattle area.

New foreclosure auctions in Miami rose about 57.7 percent in the third quarter compared to third-quarter 2007.

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