The Real Deal Miami

Metro foreclosures surge

January 06, 2009 11:12AM

The 25 largest urban areas in the U.S. saw foreclosure sales triple in
the first 10 months of 2008 from the same period in 2007. New York-based
real estate data company Radar Logic said foreclosure auctions and bank
sales increased 193 percent from January to October 2008. Radar Logic
said prices will stabilize in Los Angeles and Phoenix in 2010, while
values will fall further in Miami and New York. Home prices fell in 24
of 25 U.S. metropolitan areas in October, the data company said.