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NYC foreclosure report belies chatter of residential slump.

Real estate data site, Property Shark.com, issued its quarterly new residential foreclosure report covering New York City, Miami, and Los Angeles for the July-September 2006 time period.

PropertyShark.com recorded 1533 trustee sales in Los Angeles, 425 foreclosure auctions in New York City, 572 in Miami-Dade County, and 293 in Seattle (King County) for July-September 2006.

On a per household basis, Miami had a concerning 523% more properties scheduled for foreclosure per household during the quarter than New York City, 179% more per household than Seattle, and 150% more per household than Los Angeles.

New York City: Number of New Foreclosure Auctions: There were 425 new residential foreclosures in New York City (5 boroughs), an overall decrease (-21%) in new foreclosures in the current quarter from the second quarter of 2006 (538 foreclosures).

Of the five boroughs, Staten Island had the highest rate of foreclosure auctions per household in Q3 2006, about twice the rate of Brooklyn and over 10 times the rate of Manhattan.

Manhattan had the highest average lien per property in foreclosure at $330,728. The Bronx had the lowest average lien at $226,995.

In NYC, 17 of the top 20 zip codes for foreclosures were in Queens and Brooklyn. The number of residential pre-foreclosures in NYC for the quarter (1468) dropped 10.92% from the second quarter of 2006 (1648), but increased 20.33% from the third quarter of 2005 (1220).

"The decrease in new foreclosure auctions in New York City since the second quarter of 2006 is definitely counter to popular perception of the housing market, but foreclosures are just one factor in determining the economic state of real estate," stated Ryan Slack, chief executive officer, PropertyShark.com.

"Comparing NYC Lis Pendens in Q3 2005 and Q3 2006, we see an increase in defaults across all boroughs; this may be indicative of a future increase in foreclosure rates City-wide."

According to the PropertyShark. com data, Los Angeles had 1533 trustee sales during the period, an increase of 22.15% from the second quarter of 2006. The majority of Los Angeles trustee sales occurred in the Lancaster/Palmdale area and in South Central Los Angeles.

Said Slack, "The 22% increase in Los Angeles trustee sales is important because California, a trustee state with an expedited foreclosure process, tends to foreshadow future trends in other states such as New York, which has a lengthy foreclosure court process." To see actual foreclosure listings in each area, visit: http:// www.propertyshark.com/mason/ Foreclosures/
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Publication:Real Estate Weekly
Date:Dec 6, 2006
Words:417
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