Foreclosures rising in Miami, Seattle
Real estate brief
By Inman News, Wednesday, November 5, 2008.While new foreclosure auctions in Los Angeles and New York City fell considerably between September and October, conditions appear to be worsening in Miami and Seattle, real estate data company PropertyShark.com reported Tuesday.
Miami saw a 93 percent jump in new foreclosure auctions between September and October, and Seattle experienced a 14 percent increase. Compared to a year ago, Miami foreclosures are up 35 percent and Seattle foreclosures up 108 percent.
Meanwhile, new foreclosures in Los Angeles plummeted 51 percent from September, and New York City foreclosures dropped 15 percent. Los Angeles foreclosures, however, are still 11 percent higher than a year ago, and New York City foreclosures are up 50 percent, according to the report.
In New York City, new foreclosure auctions between September and October decreased the most in the Bronx (down 54 percent), followed by Staten Island (down 25 percent), Brooklyn (down 16 percent) and Queens (down 9 percent). Auctions actually increased slightly in Manhattan during the period.
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Submitted by Steve Simon on November 5, 2008 - 1:54pm.
The actions of the Government virtually assured the likelyhood of more foreclosures...
The there has been almost zero accountability, there will be incentives to cease paying for many...
The credit imbalance has not been fixed and the economy is still slowing.
Add to that the biggest spender in the Senate will now be in the Oval Office.
Anyone that thinks this is going to be over quickly is just not watching...
If the answer to a complex problem is very simple, it is usually incomplete...
Steve Simon is the lead instructor at the Steve Simon School of Real Estate www.stevesimon.us