Foreclosure Rise Drastically During 1st Quarter

Now that the first quarter of 2008 is officially over, experts have begun to analyze foreclosure data to determine some of the trends in the first part of the year. The first reports are indicating that in several major metropolitan areas, foreclosures have risen drastically.

Los Angeles foreclosure were some of the most plentiful in the first quarter, with the amount for foreclosures in the city over 225% higher than they were during the first quarter of 2007. Los Angeles has seen a huge amount of adjustable rate and sub prime mortgage reset lately, leaving borrowers with huge sums to pay every month and often resulting in foreclosure sales.

Miami’s foreclosure inventory rose over 125%, to the highest quarterly total in two years. Miami’s market for foreclosures is booming, especially with so many newly developed vacation properties up for auction.

New York City saw a rise of nearly 65% compared to the first quarter of 2007, including an incredible surge in Staten Island foreclosures, which were up over 410% from 2007. This represents an incredible upward trend in New York, which hasn’t had the soaring rates of foreclosure seen in other cities until now.

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Related Posts:

• Los Angeles Foreclosed Homes Rising Steadily in 2008
• Buyers Finding More Los Angeles Cheap Homes due to Foreclosure
• Miami Foreclosed Homes Drop Slightly in March
• Dallas Foreclosed Homes Up 40% from 2007
• Why Los Angeles Foreclosure Listings Are the Best Place to Look for Properties