Northern California Foreclosures Increase 37 Percent In August 2008

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Sacramento and Solano Homeowners are Hardest Hit.

Default Research, the premier provider of preforeclosure real estate data in Northern California, is reporting that Notice of Defaults and Notices of Trustee Sales in the Northern California region jumped 37 percent from July 2008 to August 2008. According to Default Research, (http://www.defaultresearch.com), the Northern California region as a whole is up 170 percent in terms of Notice of Default and Notice of Trustee Sale from the same time last year.

"Northern California is seeing significant foreclosure activity," said Serdar Bankaci, founder of Default Research. "Approximately 4.6 percent of households entered some stage of foreclosure in the region last month, and that is approximately double the national average of over two percent."

Sacramento County lead the region with 4,512 unique foreclosure documents recorded in August 2008. Contra Costa (3,190) and Alameda (2,665) were not very far behind the capital city. While those foreclosure statistics are bad news for homeowners in the region right now, according to Bankaci, it is important to remember that the foreclosure crisis will end and prices will go up.

"There are literally thousands of deals out there for homebuyers and real estate investors," said Bankaci, whose foreclosure lists arrive two to three weeks ahead of the competition. "Look at the market indicators - inventories are going down. It is supply and demand; if inventories continue to drop, prices will go up."

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 (929), Hayward (505), Fremont (228), San Leandro (218) and Livermore (162)

Contra Costa Foreclosures - Hardest hit cities are Antioch (630), Richmond (419), Pittsburg (356), Concord (282) and Brentwood (258)

Sacramento Foreclosures - Hardest hit cities are Sacramento (2542), Elk Grove (642), Citrus Heights (229), Antelope (203) and Rancho Cordova (163)

Santa Clara Foreclosures - Hardest hit cities are San Jose (1947), Gilroy (194), Santa Clara (95), Morgan Hill (92) and Milpitas (87)

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 Northern 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.

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Josh Chernikoff
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