Mt. Pleasant, PA (PRWEB) September 18, 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 up approximately 23 percent from July 2008 to August 2008. The statistics also show that, over the past year, foreclosure filings in that area have jumped 158 percent from August 2007.
"Although there was a slight decline last month, foreclosures are back on the rise again," said Serdar Bankaci, founder of Default Research. "The hardest hit county is Riverside with over one in every 10 homes facing some sort of foreclosure. Our foreclosure numbers are never inflated which makes the statistic even more alarming."
According to Bankaci, the spike is actually good news for an investor or real estate professional. "Foreclosures continue to make up a high percentage of real estate transactions in Southern California and, as an investor or real estate professional, there are literally thousands of opportunities on which to capitalize," said Bankaci.
Los Angeles County set a record for their area and also a new state record with over 13,500 Notice of Default and Notice of Trustee Sale recordings in August. This was followed by Riverside (9,614), San Bernardino (7,344), and San Diego (6,365).
"The housing market indicators continue to show a declining inventory of homes for sale, but the median home values also continue to decline," said Bankaci. "Some areas have seen a decline between 25 and 35 percent. However, as inventories continue to drop each month, we will see prices begin to escalate. We expect the real estate market to climb very quickly once the much needed good news of increasing prices finally hits the marketplace."
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 (2227), Palmdale (862), Lancaster (783), Long Beach (506), Compton (295), Pomona (294) and Santa Clarita (282)
Orange County Foreclosures - Hardest hit cities are Santa Ana (904), Anaheim (685), Garden Grove (339), Orange (230), Fullerton (228)
Riverside Foreclosures - Hardest hit cities are Riverside (1388), Moreno Valley (1152), Corona (1043), Perris (642), Murrieta (635) and Hemet (511)
San Bernardino Foreclosures - Hardest hit cities are Fontana (1073), San Bernardino (931), Victorville (850), Hesperia (563), and Rialto (468)
San Diego Foreclosures - Hardest hit cities San Diego (2269), Chula Vista (911), Oceanside (510), Escondido (500) and El Cajon (288)
If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff at joshc @ defaultresearch.com. More information about Default Research can be found at its Web site: http://www.defaultresearch.com. For more detailed Southern California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
Since 2004, Default Research has been providing the freshest and most accurate foreclosure data and statistics to real estate professionals and investors. Default Research's proven data collection and distribution methods help us deliver our foreclosure lists two to three weeks ahead of the competition. The Default Research difference gives our clients a clear advantage in being the first to approach and help homeowners in distress. With the tremendous increase in foreclosure activity in the United States, Default Research prides itself on teaming up savvy real estate investors with struggling families to create a partnership that benefits both sides.