The Property Shark November 2007 Foreclosure Report has been released and here are the key takeaways:
Comparison to October 2007: Although Los Angeles, Miami and New York City experienced just slight increases compared to October 2007, all three regions reached two-year highs for new foreclosures. Seattle saw the second highest monthly foreclosure value for the past 2 years and a jump of 118% over October 2007.
Comparison to November 2006: Scheduled foreclosure auctions in Los Angeles, grew by 234% compared to October 2006, while New York City increased by 129% and Miami by 111%.
Foreclosures per Household: Of the four cities, Miami had the highest foreclosure rate per
household, about 6% higher than Los Angeles, and 872% higher per household than New York City.
New York City Boroughs: First time foreclosures in Staten Island increased by 49% compared to October 2007, again surpassing Brooklyn to be the New York City borough with the second highest number of monthly foreclosures. All boroughs had higher foreclosure numbers compared to October.
Los Angeles Trouble Spots: Ones again zip codes in Lancaster and Palmdale topped the list with the most new foreclosure auctions scheduled in November..
Manhattan’s foreclosure numbers remain relatively stable as you can see from this chart:
Just more evidence that housing markets are hyper-local.