Industry News

Foreclosure auctions soar in Los Angeles in Q2

Seattle sees foreclosures soften

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Housing markets across the country are experiencing a downturn in sales and prices and mortgage lending standards are tightening, causing many markets to see a rise in foreclosures. According to real estate data provider PropertyShark.com, foreclosures were on the rise in Los Angeles, New York and Miami in the second quarter, but have recovered in Seattle. PropertyShark.com recorded 3,793 first-time trustee sales in Los Angeles, 643 foreclosure auctions in New York City, 1,282 in Miami-Dade County, and 334 in Seattle for April-June 2007. Miami had 136 percent more properties scheduled for foreclosure per household than Los Angeles, and a 775 percent higher rate per household than New York City. Los Angeles had 3,793 trustee sales during the period, an increase of 54.6 percent from the first quarter of 2007, and a 202 percent increase compared to the first quarter of 2006. The top five ZIP codes in Los Angeles County for trustee sales were in Lancaster and Palmdale. There were 1,282 new...