RealtyTrac Reports Metro Foreclosures

Foreclosures jumped 14% in New York and Chicago in August, and 19% in Los Angeles, according to RealtyTrac, an online foreclosure marketplace based in Irvine, Calif.The surge in New York foreclosures -- 2,223 properties entered some stage of foreclosure in August -- followed two consecutive months of declines. "The increase could turn out to be a one-month spike, but if foreclosures continue to rise in the coming months, that may signal a significant shift in New York City's real estate market," said James J. Saccacio, RealtyTrac's chief executive officer. In the Chicago area, Cook County reported 2,149 foreclosures, one for every 975 properties, RealtyTrac reported. "While foreclosures nationwide dipped slightly in August, Chicago and several other major metropolitan areas reported more foreclosures," Mr. Saccacio said. "If foreclosures continue to increase in major metropolitan areas, it could be a signal that more homeowners in those typically high-priced areas are reaching the ceiling of what they can afford." In Los Angeles, 1,232 foreclosures were reported in August, one for every 2,655 households. "Since May, when there were only 771 foreclosures, the city has reported more than 1,000 foreclosures each month," Mr. Saccacio said. RealtyTrac can be found online at http://www.realtytrac.com.