L.A., Miami Home Foreclosure Rates More Than Double (Update1)
July 2 (Bloomberg) -- 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 online real estate data company PropertyShark.com reported.
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 in a report distributed by e-mail. In Miami-Dade County, the number climbed to 2,677 from 1,282.
``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.
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