A foreclosures report by real estate research and data company PropertyShark.com 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 quarter compared to third-quarter 2006, while scheduled foreclosure auctions declined 14.3 percent in Seattle. Compared to second-quarter 2007, scheduled foreclosure auctions increased 40 percent in Los Angeles, 19 percent in Miami and 8.6 percent in New York City while falling 24.9 percent in Seattle in the third quarter, PropertyShark.com reported.
Six of the top 10 Los Angeles area ZIP codes for foreclosures were in Lancaster and Palmdale, according to the report, and in the New York City metro area Staten Island had the largest percentage jump in foreclosures, at 64.8 percent, in the third quarter compared to the second quarter.
Manhattan was the lone New York City borough that did not experience an increase in the number of new foreclosure auctions in the third quarter compared to the second quarter, PropertyShark.com reported. The six New York City ZIP codes with the highest number of new foreclosures in the third quarter are all in Queens. And nine of the 20 ZIP codes with the highest number of new third-quarter foreclosures are in Queens, while six of the top 20 ZIP codes are in Brooklyn.
The 33177 ZIP code in the Miami area, which includes parts of Miami, and the neighborhoods of Perrine, Quail Heights and Country Lakes, had the highest number of new foreclosures in the third quarter. The 93550 ZIP code, which covers parts of Palmdale, Calif., had the highest number of new trustee sales in the third quarter among Los Angeles metro-area ZIP codes, PropertyShark.com reported. And the 98042 ZIP code in the Seattle area, which includes the Covington, Kent and Lake Sawyer neighborhoods, had the highest number of new foreclosures in the third quarter.
Source: PropertyShark.com Foreclosures Report, Third Quarter 2007