Default Research Reports S. California Foreclosures Decrease in July 2008

Los Angeles County Tops 100,000 Foreclosures in One Year

(PRWEB) August 21, 2008 -- Default Research, the premier provider of preforeclosure real estate data in Southern California, is reporting that Notice of Defaults and Notice of Trustee Sales are down approximately eight percent from June 2008 to July 2008. The statistics also show that, over the past year, foreclosure filings in that area have jumped 120 percent from July 2007.

"An improvement of over eight percent in Southern California is welcome news and hopefully the start of an upward trend," said Serdar Bankaci, founder of Default Research. "However, Riverside and Los Angeles counties continue to be major contributors to the 120 percent jump from last year."

Ten percent of the households in Riverside County saw Notice of Default or Notice of Trustee sales being recorded in the past 12 months. Last month there were 7,247 unique foreclosure documents recorded in Riverside. The nation's largest county, Los Angeles, had 12,609 unique recording in July 2008. The 12 month total for that county topped 100,000 for the first time.

"The housing market indicators show a declining inventory of homes for sale, but the median home values also continue to decline," said Bankaci. "Many areas have seen home values fall over 30 percent since the middle of 2006 during the housing boom. Without a short sale or a few other options, it is nearly impossible to sell a home that was overly leveraged."

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 (2433), Lancaster (951), Palmdale (934), Long Beach (591), Santa Clarita (334), Pomona (306) and Whittier (263)

Orange County Foreclosures - Hardest hit cities are Santa Ana (552), Anaheim (441), Garden Grove (215), Orange (163), Fullerton (143)

Riverside Foreclosures - Hardest hit cities are Riverside (1031), Moreno Valley (856), Corona (804), Murrieta (507), Perris (465) and Hemet (368)

San Bernardino Foreclosures - Hardest hit cities are Fontana (775), San Bernardino (692), Victorville (610), Hesperia (437), and Rialto (335)

San Diego Foreclosures - Hardest hit cities San Diego (1504), Chula Vista (626), Oceanside (390), Escondido (379) and Vista (213)

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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