Default Research Reports Northern California Foreclosures Decrease in July 2008

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Sacramento Continues to Lead Region in Foreclosures

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 dropped 8 percent from June 2008 to July 2008. According to Default Research, (http://www.defaultresearch.com), the northern California region as a whole is up 100 percent in terms of Notice of Default and Notice of Trustee Sale from the same time last year.

"Again, we are always pleased to see an improvement in the foreclosure situation, even if it is just a month to month adjustment," said Serdar Bankaci, founder of Default Research. "Although Southern California was hardest hit by the foreclosure crisis, the northern part of the state has also been significantly affected, but not as much in San Francisco. Even in San Francisco though, median home prices have declined."

On the opposite end of the spectrum is Sacramento which continues to lead the region with 3,177 unique foreclosure documents recorded in July 2008. Contra Costa (2,443) and Alameda (2,300) are close behind Sacramento.

"The region has seen prices fall approximately 20 to 25 percent since the middle of 2006," said Bankaci. "However, median home prices and inventories in Northern California have begun to level off in the past few months."

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

Alameda Foreclosures - Hardest hit cities are Oakland (754), Hayward (461), Fremont (199), San Leandro (172) and Livermore (143)

Contra Costa Foreclosures - Hardest hit cities are Antioch (496), Richmond (340), Concord (259), Pittsburg (256) and Brentwood (203)

Sacramento Foreclosures - Hardest hit cities are Sacramento (1804), Elk Grove (506), Citrus Heights (162), Rancho Cordova (116) and Antelope (110)

Santa Clara Foreclosures - Hardest hit cities are San Jose (1156), Gilroy (104), Milpitas (58), Morgan Hill (54) and Santa Clara (47)

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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