Los Angeles Foreclosures Down 51% from Sept 2008: Seattle and Miami Foreclosures Up
In the October Foreclosure Report by PropertyShark.com, Los Angeles Foreclosures were down 51% from Sept 2008, falling close to Oct 2007 levels. Compared to September 2008, Miami was up 93% and Seattle was up 14%. Compared to October 2007, foreclosures in Miami were up 35%, while Seattle increased by 108%. New York City Foreclosures drop 15% from Sept 2008 but climb 50% over Oct 2007.
Summary (Request report for details and charts):
• Los Angeles Foreclosures down 51% from Sept 2008, falling close to Oct 2007 levels - In October 2008, Los Angeles recorded the greatest monthly decline (51%) for first time foreclosures in the past two years, approaching levels seen in October 2007.
“The recent California state law requiring lenders to contact homeowners before filing foreclosures has had an immediate impact. First time foreclosures dropped 51% from September 2008” stated Bill Staniford, CEO of PropertyShark.com.
• New York City Foreclosures drop 15% from Sept 2008, but climb 50% over Oct 2007 - New York City dropped by 15% overall, and every borough except Manhattan recorded a decrease in first time foreclosures compared to September 2008. The Bronx decreased the most (down 54%), followed by Staten Island (down 25%), then by Brooklyn foreclosures (down 16%), and Queens (down 9%). Manhattan increased by 2 foreclosures over September 2008. However, NYC was up 50% compared to October 2007, predominantly due to foreclosure activity in Queens.
• Foreclosures begin to decrease in Los Angeles trouble spots - Zip codes from Palmdale and Lancaster continue to top the list for first time foreclosures, however, significant improvements can be seen in these trouble spots. Foreclosures were down 35% in zip code 93550 (Palmdale), down 52% in 93535 (Lancaster), down 25% in 93552 (Palmdale), and down 49% in 91331 (Pacoima).
• Foreclosures continue to grow in Miami and Seattle - Compared to September 2008, Miami was up 93% and Seattle was up 14%. Compared to October 2007, foreclosures in Miami were up 35%, while Seattle experienced a 108% increase.
“Overall, New York City foreclosures have remained at very low rates. Manhattan has had virtually no foreclosure activity, and even Staten Island, the borough with the highest rate per household, is 2.5 times less than the rate in Los Angeles and 3.4 times less than Miami" stated Bill Staniford, CEO of PropertyShark.com.
Press may request a copy of the report by contacting Brian Scully at 718.408.4985 or visiting PropertyShark BlogCenter www.propertyshark.com/mason/BlogCenter/marketreports.html
With over 25 million properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: www.propertyshark.com