2nd Quarter Foreclosure Report Released By Property Shark

Tina Mattow of PropertyShark.com was kind enough to send over their 2nd Q Foreclosures Report of four major cities: Los Angeles, Seattle, Miami and of course our very own New York City.  Here are the "key takeaways" directly from the report with an obvious focus on our local markets(important to note that New York City encompasses all 5 boroughs):

• Comparison to Q1 2007: The number of scheduled foreclosure auctions this quarter in Los Angeles soared (54.63%) higher from last quarter. Miami (29.89% increase) and New York City (16.06% increase) also increased. Seattle foreclosures declined by 13.02% compared to last quarter.
• Comparison to Q2 2006: Scheduled foreclosure auctions in Los Angeles, jumped 202% compared to the second quarter of 2006, while Miami increased by 146% and New York City by 19.5%.
• Foreclosures per Household: Of the four cities, Miami had the highest foreclosure rate per household, about 136% higher than Los Angeles, and 775% higher per household than New York City.
• New York City Boroughs: Properties in Queens and Brooklyn again dominated the total number of new foreclosure auctions in New York City, although the largest percentage increases from last quarter were seen in the Bronx and Staten Island. Queens foreclosures are up 102% compared Q2 2007.

Since the last quarter of 2006 Queens jumped from 167 to 324 foreclosures and Brooklyn from 84 to 147.  The Bronx had 41 in Q4 2006 and 83 this quarter …OUCH!!!  And we can’t ignore those Manhattan numbers (20 in Q4 2006 and 35 this quarter) which in my humble opinion points directly to the fact that the sub-prime meltdown is not as big of a problem for wealthy Manhattan homeowners.  That could change however if it begins to effect wealthy Manhattan bonuses???

Thanks again to Tina and PropertyShark.com for sharing this data.