"New foreclosures almost quadrupled in Los Angeles and more than doubled in Miami i n the second quarter from a year ago, with over $5 billion of mortgages turnin g sour in LA alone..."

You know, I hate saying this is more "job security" for me; it's beginning to feel like the brain surgeon who sees a patient in a gruesome car crash and calls his travel agent because he knows he will now be able to afford that trip to Bermuda....


LA, Miami foreclosures more than double

Wed Jul 2, 2008 5:56pm EDT

| U.S. | Reuters

NEW YORK (Reuters) - New foreclosures almost quadrupled in Los Angeles and more than doubled in Miami i n the second quarter from a year ago, with over $5 billion of mortgages turnin g sour in LA alone, real estate research firm PropertyShark.com said.

The number of newly scheduled auctions of foreclosed properties in Los Angeles County rose 63 percent to 14,505 from the first quarter and 282 percent from the 2007 second quarter, PropertySh ark.com said in a report.

"The foreclosures chart for Los Angeles is unfortunately starting to look like a ski jump," said Adina Dumitru of PropertyShark.com's foreclosures product team.

Foreclosure auctions in Miami rose 108.8 percent to 2,677 from a year ago.

Foreclosure auctions rose in New York and Seattle as well, but by a much smaller percentage and from a much smaller base. In New York, only 961 foreclosed homes were scheduled for auction in the second quarter; in Seattle, 493.

That's a 49 percent increase in New York and 47.6 percent increase in Seattle, year over year.