Industry News

New foreclosure auctions rise 247% in Los Angeles area

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A foreclosures report by real estate research and data company for four major U.S. metro areas revealed a 247 percent rise in foreclosures in Los Angeles in the third quarter compared to the same quarter last year. The report defines a foreclosure as a property scheduled for a foreclosure auction for the first time during the period and focuses on new foreclosures -- not properties that have been in and out of foreclosure or have had auctions postponed. The metro areas studied include Los Angeles, Miami, New York City and Seattle. Miami had the highest rate of new foreclosures per household in the third quarter, at one for every 507 households. Next on the list was Los Angeles with one new foreclosure for every 589 households, followed by Seattle with one in every 2,832 households and New York City with one in every 4,324 households. Scheduled foreclosure auctions jumped 247 percent in Los Angeles, 168 percent in Miami and 64 percent in New York City in the third quar...