L.A. foreclosure chart looking "like a ski jump"
News item from Bloomberg News: "New foreclosures almost quadrupled in Los Angeles and doubled in Miami in the second quarter, with as much as $5 billion worth of loans going bad in L.A. alone, the onine real estate data company PropertyShark.com reported."
More: "The number of homes scheduled for auction in Los Angeles rose 14,505 compared with 3,797 in the same period a year earlier, PropertyShark said... 'The foreclosure chart for Los Angeles is unfortunately starting to look like a ski jump,' Adina Dumitru, a member of PropertyShark's foreclosure products team, said in the statement."
More evidence the foreclosure story continues to be a regional one: The foreclosure rate per houshold in Los Angeles is seven times higher than Seattle, and 15 times higher than New York City, according to PropertyShark's analysis.
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