Los Angeles, California (PRWEB) January 12, 2009 — PropertyShark.com, the premier real estate data site, today released its quarterly report covering first-time residential foreclosures in Los Angeles, Miami, Seattle and New York City for the fourth quarter of 2008. (NOTE: This report covers aggregate foreclosure levels, to view individual foreclosure listings in an area, go to http://www.propertyshark.com/mason/Foreclosures/index.html?utm_source=pr&utm_medium=pr&utm_campaign=0109forcs)

Los Angeles, New York City, Seattle, and Miami Foreclosures Q4 08

Key findings:

• Los Angeles foreclosures jump 69% over Q4 2007, but drop 29% from Q3 2008 - New foreclosures in Los Angeles decreased 29% in Q4 2008 (11,232 new foreclosure auctions) compared to Q3 2008 (15,763), predominately due to the foreclosure state law that went into effect in September 2008. However, the number of new foreclosures was extremely high in December 2008, 110% higher than in October 2008, when the initial effects of the law were seen.

“In Los Angeles, the 110% increase in new foreclosure auctions in December over October is troubling,” stated Bill Staniford, CEO of PropertyShark.com. “Typically we see a slowdown at the end of the year due to the holidays and instead we see spike upwards.”

• Miami foreclosures increase by 18% over Q4 2007, but drop 10% from Q3 2008 - In Q4 2008,foreclosures in Miami continued to drop, with new foreclosures (2,290) 10% lower compared to Q3 2008, but still 18% higher compared to Q4 2007.
• Seattle foreclosures drop 12% from Q4 2007 and 37% from Q3 2008 - Seattle had 318 newscheduled foreclosure auctions in Q4 2008, down 37% from Q3 2008, and down 12% from Q4 2007.
• New York City foreclosures up 25% over Q4 2007, but drop 32% from Q3 2008 - In Q4 2008, newforeclosures in New York City dropped to the lowest level of the year. The current number (764) was down 32% from Q3 2008, but was still up 25% compared to the same quarter last year (611).
• Foreclosures in Queens jumped 84% in comparison to Q4 2007, while other boroughs decreased.The largest decline in foreclosures occurred in the Bronx (down 53%), followed by Brooklyn (down
  23%) and Manhattan (down 19%).
• The number of investors buying properties at auction increased in Queens. Twenty-three percent

(23%) of properties auctioned in Queens in Q4 2008 were bought by independent buyers, compared
to only 16% sold to independent buyers in Q3 2008, with the rest going back to the lender.

“While the state foreclosure law and the winter holidays helped New York City foreclosures drop to their lowest quarterly level of the year, the fourth quarter of 2008 jumped 25% compared to the same quarter last year” stated Staniford. “Beyond foreclosures, we are also seeing the inventory of New York City property for sale rise to decade high levels”.

This entry was posted on Monday, January 12th, 2009 at 2:31 pm and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.