S. California Foreclosures Drop Over 3 Percent In February 2009

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Area Begins to See an Increase in Non-Residential Foreclosures.

Default Research, the premier provider of preforeclosure real estate data in Southern California, is reporting that Notice of Defaults and Notice of Trustee Sales recorded in Southern California dropped 3.54 percent from February 2008 to February 2009. For more detailed Southern California area foreclosure statistics listed by county, please visit http://market.defaultresearch.com

Housing indicators show a continued decrease in home inventories while median home prices are beginning to level out," said Serdar Bankaci, founder of Default Research. "With the full effects of the multiple stimulus packages, along with the president's new Mortgage Modification plan, we may begin to have some hope for the housing market."    

According to Default Research, approximately 4.98 percent of Southern California households entered into some stage of foreclosure in the past 12 months in the region. The two hardest hit areas in Southern California remain Riverside County with 10.49 percent of homes entering into foreclosure followed closely by the Inland Empire's San Bernardino County at 9.35 percent. The nation's largest county, Los Angeles, saw 3.61 percent of households enter into foreclosure in the last 12 months.

"With California's unemployment rate at 10.1 percent, which is well above the national average of 7.6 percent, we may still see more people lose their homes," said Bankaci, whose daily pre foreclosure lists, which also include commercial properties, are e-mailed directly to real estate professionals in the region.

With the jobless rate spiking and consumer spending down, businesses are being forced to close as Default Research is beginning to see more non-residential foreclosures occurring, including both commercial and retail buildings. In fact, the number of commercial foreclosures in the Default Research coverage areas increased approximately 35 percent from January 2009 to February 2009.

Bankaci explained that when the commercial loans are due, property owners are unable to refinance, and that is contributing to the commercial foreclosure increase. However, the new commercial properties present a new avenue for the savvy Default Research clients to explore.

"Although banks may not be lending money now, private equity may come into play when financing commercial projects," said Bankaci. "Many experts predict that, with the hefty economic stimulus plans going into effect, consumer confidence will begin to rise again in late 2009 and 2010. This, in turn, would result in more businesses opening and commercial properties increasing in value."

Below is a unique and accurate local look at how the Default Research foreclosure statistics (February 2009) affect your area:

Los Angeles Foreclosures - Hardest hit cities are Los Angeles (1537), San Jose (906), Palmdale (561), Lancaster (540), Long Beach (353), Vallejo (278) and Oakland (252)

Orange County Foreclosures - Hardest hit cities are Santa Ana (349), Anaheim (297), Garden Grove (133), Huntington Beach (116), Orange (111)

Riverside Foreclosures - Hardest hit cities are Riverside (799), Moreno Valley (650), Corona (613), Murrieta (408), Perris (354) and Hemet (309)

San Bernardino Foreclosures - Hardest hit cities are Fontana (631), San Bernardino (569), Victorville (495), Hesperia (350) and Ontario (310)

San Diego Foreclosures - Hardest hit cities San Diego (1269), Chula Vista (474), Escondido (296), Oceanside (254) and El Cajon (160)

For more detailed Southern California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

To learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff at joshc(at)defaultresearch.com. More information about Default Research can be found at its Web site: http://www.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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