L.A. Foreclosure Rate 13 Times Higher Than New York's
Los Angeles' residential forceclosure rate in April was 13 times that of New York's, according to a new report from PropertyShark (PDF).
Los Angeles recorded 4,540 newly scheduled foreclosure auctions in April, up an astounding 466.8 percent from the number in April 2007. New York City recorded 329 foreclosure auctions in April, up 84.8 percent from April 2007, but down from March of this year. New York's foreclosure rate per household in April was 0.011 percent. L.A.'s was 0.145 percent.
A foreclosure in the PropertyShark report was defined as a property scheduled to have a foreclosure auction happen during the month for the first time.
Of the 329 New York ones in April, 58 percent were in Queens. This is not a new trend: Queens has had more foreclosure auctions than any other borough every month for at least the last 13 months. Single- and two-family homes in Queens were the likeliest to face foreclosure, according to the report.
Brooklyn ran a distant second to Queens in April in the number of foreclosures, with 55. Manhattan had just 15.
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I live in L.A. and I remember when all the pro house flippers got out, it was about this time last year. I had never seen so many "for sale" signs on every corner of every neighborhood. I mean, there were a DOZEN on every corner.
So many people got in thinking they were gonna make 50k a year on a flip that it was like an entitlement. Oh well. People in Manhattan seem to be breaking even with their flips. The flippers didn't make anything, but they learned something. L.A. hasn't been so lucky.