PropertyShark.com’s Quarterly Report Tracks Foreclosure Auctions in NY, LA and Miami
Press Release
PropertyShark.com, a real estate investment data site, announced residential foreclosure auction numbers for New York City, Miami, and Los Angeles for the April-June 2006 time period.
Key Three-City Findings:
• Number of Foreclosure Auctions: PropertyShark.com recorded 1,250 trustee sales in Los Angeles, 535 foreclosure auctions in New York City, and 515 in Miami-Dade County for April-June 2006.
• Foreclosure Auctions per household: On a per household basis, .066% of Miami households had a property go to foreclosure auction during the quarter, an alarming 374% more foreclosures per household than New York City, and 166% more foreclosures per household than Los Angeles.
“The number of foreclosures per household in Miami-Dade County is particularly high for the quarter. South Florida is definitely one of the first regions we have seen to show clear signs of problems in the housing market,” stated Ryan Slack, chief executive officer, PropertyShark.com.
Key New York City Findings:
• Number of Foreclosure Auctions: The five NYC boroughs saw an overall decrease (-6.47%) in residential foreclosure auctions in the second quarter of 2006 (535 foreclosures) from the first quarter of 2006 (572 foreclosures), although the boroughs of Manhattan, Staten Island, and the Bronx increased.
• Foreclosure Auctions per household: Staten Island had the highest rate of foreclosure auctions to households (.045% in Q2 2006) in the five boroughs, about twice the rate of both Brooklyn and Queens, and over 15 times the rate of Manhattan.
• Average Lien Amounts Against Foreclosure Auction Properties: Brooklyn had the highest average lien amount per property in foreclosure at $318,262. The Bronx had the lowest average lien at $232,671. All boroughs except Staten Island had a quarterly increase in average liens.
• Average Lien Amounts Against Foreclosure Auction Properties: Brooklyn had the highest amount of total liens ($64,925,405) against properties at foreclosure auctions. Manhattan had the lowest at $5,769,325.
• Foreclosure Auctions by Neighborhood: Foreclosures in New York City are highly concentrated in the Jamaica (Queens) and Bedford Stuyvesant/Crown Heights (Brooklyn) neighborhoods.
• Lis Pendens (Pre-Foreclosures): There was a very slight (.84%) decline in residential pre-foreclosures for New York City from the first quarter of 2006, but this follows a very large jump in pre-foreclosures over the last two quarters of 2005. The current levels are fairly similar to pre-foreclosures in the first half of 2005.
“All five boroughs are coming off steep drops in foreclosures over 2005, bringing the number of foreclosure auctions to near-term lows, which is encouraging for the city,” said Slack. “However, the average and total lien amounts on Brooklyn properties in foreclosure are quite high, even though we did see a 3.25% decrease from the first quarter of 2006.”
Key Los Angeles County Findings
• Number of Trustee Sales: Los Angeles County had 1,250 trustee sales during the period, an increase of 11.61% from the first quarter of 2006.
• Trustee Sales per Household: The 1,250 foreclosures during the quarter represent .04% of households in Los Angeles County.
• Trustee Sales by Zip Code: The majority of Los Angeles trustee sales can be found almost exclusively in the Lancaster/Palmdale area and in South Central Los Angeles.
“The 11% increase in Los Angeles trustee sales is worth noting because Los Angeles, with its expedited foreclosure process, tends to indicate future trends in the overall economy, especially in comparison to the lengthy foreclosure court process in New York state,” said Slack.
Key Miami Dade County Findings
• Number of Foreclosure Auctions: Miami Dade County had 515 foreclosure auctions during the period
• Foreclosure Auctions per household: The 515 foreclosure auctions represent .066% of Miami households
For more information visit www.propertyshark.com.
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