PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in Los Angeles, Miami, Seattle and New York City for July 2008.
Key Takeaways (New York City, Miami, Los Angeles)
Foreclosures increase in all four regions; LA and Miami reach two-year — Compared to July 2007, the Los Angeles foreclosure rate was on top with a 249% increase, followed by Seattle with 156%, Miami up 137%, and New York City up 67%.
One in every 526 LA County homes scheduled in July — In Los Angeles, one in every 526 homes was scheduled for a first time foreclosure auction in July 2008. In comparison, New York City registers one in every 10,000 homes scheduled for foreclosure auction.
Queens dominates New York City foreclosure activity — In July, the top New York City zip codes for foreclosure activity were in Queens (specifically Jamaica and St. Albans).
Exacerbating the situation, overall residential sales transactions in these zip codes dropped by 40% in the first two quarters of 2008 compared to the first two quarters of 2007, and the median sale price dropped to $413,000 from $452,000 for this area.
Lien amount exceeds $2 billion for new LA County foreclosures in July — This is the first month during the last two years in which the total aggregate lien amount from new LA County foreclosures has exceeded $2 billion. In Los Angeles County, the sum of the aggregate lien amounts for properties scheduled for trustee sales in July 2008 was $2,249,303,843.
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