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 residential foreclosures in Miami-Dade for the quarter, a 29.9 percent increase from Q1 2007 and a 146 percent increase from Q1 2006.

In New York City’s five boroughs, there were 643 new residential foreclosures, a 16.1 percent increase from the first quarter of 2007 (554 foreclosures), and a 19.5 percent increase from the second quarter of 2006.

All New York City boroughs had a quarterly increase in the number of new residential foreclosure auctions, according to PropertyShark, with large percentage increases in the Bronx (76.6 percent) and Staten Island (58.8 percent) since last quarter. However, 73 percent of New York City foreclosures were Queens and Brooklyn properties.

PropertyShark CEO Ryan Slack said foreclosures are at all-time highs for the cities since the company began tracking the figures. “Typically, the second-quarter foreclosure numbers are lower than the first quarter due to the ‘holiday effect,’ but this year the numbers keep climbing,” he said.

Meanwhile, Seattle (King County, Wash.) saw opposite movement in foreclosures from the rest of the cities tracked by PropertyShark.

There were 334 new residential trustee sales in Seattle (King County) in the first quarter of 2007, a 13 percent decrease from the first quarter of 2007. The top ZIP codes were in Federal Way and Columbia.

Nationally, foreclosure activity was down in June compared to the previous month, but was still well above activity for the same month a year ago, according to foreclosure reporting service RealtyTrac. (See Inman News story.)

A total of 164,644 foreclosures were filed in June, down 7 percent from May and up 87 percent from June 2006, RealtyTrac reported.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×