Los Angeles Foreclosures Fall 26%, Miami Foreclosures Drop 22% and New York City Decline 7% Compared to July 2008; Seattle Foreclosures Up 63% Says PropertyShark.com

New York City, NY - August 11, 2009 - (RealEstateRama) — PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in New York City, Miami, Seattle and Los Angeles for July 2009..

Key Report Findings

• New scheduled foreclosure auctions in New York City (318) decreased 7% from July 2008 (341) and were down 8% from June 2009 (344).
• Queen’s (199) properties comprised 63% of the new foreclosures in New York City.
• There were only 4 new scheduled foreclosure auctions in Manhattan in July 2009, 43% less than in June 2009 and 71% less than in July 2008.
• Investors are reluctant to buy New York City* foreclosures at auction: Out of the 250 newly scheduled foreclosures in Queens, Brooklyn, and Manhattan, 75 properties were auctioned while the rest were postponed. Of the 75 successfully auctioned properties only 9 (12%) were bought by investors (independent buyers), the other 66 being repossessed by the banks.
• In July 2009, new foreclosures in Miami (858) declined 22% from July 2008 (1,099), but increased 36% over June 2009 (633).
• There were 325 new trustee sales scheduled in Seattle for July 2009, up 63% from July 2008 (199) and 21% lower than June 2009 (410).
• Los Angeles had 4,421 new trustee sales scheduled in July 2009, down 26% from July 2008 (5,985), and down 17% from June 2009 (5,327).

The full Long Island Q2 09 Foreclosure Report can be downloaded at www.propertyshark.com/mason/BlogCenter/marketreports.html
In addition to foreclosure listings, PropertyShark.com visitors can view property reports for almost every property on Long Island, run sales comparables to assess market values, and browse Long Island homes for sale including Hamptons Homes For Sale. PropertyShark also runs real estate classes in Manhattan through www.PropertySharkUniversity.com.

About PropertyShark: 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

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association