Miami Foreclosures Double & 5 Billion Loans Default in LA

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.

To put that in prospective See the graph below that I borrowed from the folks at Housingdoom.com

One doesn't have to be a scientist to see how severe the housing contraction has been. As you can see the beginning of 08 was worse than any year on the graph. Erasing all the gains from the boom in a matter of months.