Foreclosure rates in New York City reached a three-year high in August, while rates in Los Angeles, Miami and Seattle fell slightly from July, according to a monthly foreclosure report by real estate website PropertyShark.com.
In the one month period, Los Angeles improved the most with a decrease of 18% to 4,907 foreclosures. Miami’s rate declined 10% to 994 foreclosures, while Seattle’s declined 8% to 175.
Rates for all four cities were up from August 2007. In Los Angeles, the foreclosure rate went up 159% over August 2007. Miami’s rate went up 72%, while New York City’s and Seattle’s rates increased by 53% and 27%, respectively. Locally, Twin Cities foreclosure rates are up nearly 50% from 2007.
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