Buyers are finding more opportunities for Los Angeles cheap homes purchase, as new statistics show that the sprawling city’s current foreclosure rate is more than 13 times that of New York City.

Brand new statistics for April showed that Los Angeles foreclosure homes numbered just over 4,500 filing for the month, a figure that is up a staggering 460% over April of 2007. These statistics seems to be indicative of the type of growth trend in foreclosure Los Angeles has seen in recent years. With property values falling, more homeowners in distress due to unstable loans or personal finance problems cannot avoid or refinance their homes to avoid foreclosure. As this trend continues, more homeowners simply end up surrendering their homes to lenders, which has resulted in huge growth on Los Angeles bank owned homes as well.

Interested buyers are currently taking advantage of the city’s growing foreclosure rate by purchasing these properties at auction. Droves of homebuyers have come to the city to pursue homes found in Los Angeles foreclosure listings, and with the flooded market for the properties, they are finding excellent deals on real estate, a trend expected to continue well into the year, as the foreclosure rate is expected to keep growing.