S. California Foreclosures Increase In Second Quarter Of 2008

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Riverside, San Bernardino Have Alarming Number of Households Entering Foreclosure

Default Research, the premier provider of preforeclosure real estate data in Southern California, is reporting that Notice of Defaults and Notice of Trustee Sales, compared to the first quarter of 2008, were up 20 percent in the second quarter. Los Angeles County foreclosures lead the area with 24,968 Notice of Default and Notice of Trustee Sales followed by Riverside (24,968) and San Bernardino (19,829) counties.

"The percentage of households entering foreclosure in the area was almost as shocking a number as the Notice of Default and Notice of Trustee Sales," said Serdar Bankaci, founder of Default Research. "In Riverside County 9.54 percent of the households entered foreclosure, while the number was slightly lower in San Bernardino at 7.45 percent. Considering that the national average is 2 percent, it is clear this area is still getting buried by foreclosures."

The news was worse for Riverside which was also one of the top cities in the region for foreclosures, along with Los Angeles and San Diego. All over the region, inventories are increasing while median home prices are decreasing. However, as Bankaci points out, there is some positive news for people looking to invest.

"A volatile market ushers in the ability to make money," said Bankaci, who offers foreclosure lists two to three weeks ahead of the competition. "Three words: Buy and rent. Rental homes are in demand due to the credit crunch in the area. There are literally thousands of deals out there for properties at discounted prices to be turned into rentals."

The hardest hit counties with the largest number of documents per household are Riverside (9.54%), San Bernardino (7.45%) and San Diego (4.07%)

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

Los Angeles Foreclosures - Hardest hit cities are Los Angeles (2423), Palmdale (952), Lancaster (920), Long Beach (572) Pomona (292), Santa Clarita (284) and Compton (268)

Orange County Foreclosures - Hardest hit cities are Santa Ana (689), Anaheim (508), Garden Grove (272), Orange (178), Fullerton (157)

Riverside Foreclosures - Hardest hit cities are Riverside (1304), Moreno Valley (1078), Corona (934), Perris (579), Murrieta (548) and Hemet (468)

San Diego Foreclosures - Hardest hit cities San Diego (1951), Chula Vista (763), Escondido (492), Oceanside (464) and El Cajon (290)

San Bernardino Foreclosures - Hardest hit cities are Fontana (953), San Bernardino (874), Victorville (693), Hesperia (508), and Rialto (455)

Default Research is California's leader in foreclosure research, reporting Notices of Default and Trustee Sales Notices only 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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