N. California Foreclosures Increase In Second Quarter Of 2008

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Households Entering Foreclosure are 2.34 Percent above National Average

Default Research, the premier provider of foreclosure real estate data in Northern California, is reporting that Notice of Defaults and Notices of Trustee Sales in the area climbed 21 percent in the second quarter, compared to the first quarter. According to Default Research (http://www.defaultresearch.com), the northern California region as a whole had 4.34 percent of households entering some sort of foreclosure and that is over twice the national average.

"In the past year, northern California has seen median home prices decline by almost 25 percent," said Serdar Bankaci, founder of Default Research. "Home inventories seem to have steadied in the past six months."

The worst foreclosure numbers in California came from the state capital of Sacramento with 11,470 Notice of Default & Notice of Trustee sales in the second quarter of 2008.

The three hardest hit cities were Sacramento, Stockton, and San Jose. On the flip side, San Francisco was the least affected by the foreclosure crisis with only 601 Notice of Default and Trustee Sales in Q2 and only .56 percent of homes entering into some stage of foreclosure.

Below is a unique and accurate local look at how the Default Research foreclosure statistics affect your area:

Santa Clara Foreclosures - Hardest hit cities are San Jose (1291), Gilroy (109), Milpitas (68), Santa Clara (54), and Morgan Hill (53)

Alameda Foreclosures - Hardest hit cities are Oakland (626), Hayward (400), Fremont (176), San Leandro (150) and Livermore (110)

Sacramento Foreclosures - Hardest hit cities are Sacramento (2051), Elk Grove (548), Citrus Heights (187), Antelope (151) and Rancho Cordova (144)

Default Research is California's leader in foreclosure research, reporting Notices of Default and Trustee Sales Notices days after being recorded. More information about Default Research foreclosure information can be found at its Web site: http://www.defaultresearch.com. For more detailed California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

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Josh Chernikoff
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