I wrote last week about the 67 percent annual increase in first-time residential foreclosures in New York City in July. That’s a sharp jump, no doubt. But compare it to Miami and Los Angeles, and it starts to pale.
In L.A., foreclosures jumped 249 percent annually to 5,982 in July, according to a report from research firm PropertyShark, which defines a first-time foreclosure as a property scheduled to have an initital auction take place during the month. In Miami, foreclosures were up 137 percent annually in July to 1,099.
The total number of first-time July foreclosures in New York was 338.