Mt. Pleasant, PA (PRWEB) March 26, 2009
Default Research (http://www.defaultresearch.com), the premier provider of preforeclosure real estate data in Northern California, is reporting that Notice of Defaults and Notice of Trustee Sales in the Northern California region increased approximately eight percent from February 2008 to February 2009. The counties with the highest percentage of households in foreclosure during the past twelve month period were Solano reaching 8.47 percent, Contra Costa with 7.88, and Sacramento at 7.42. For more detailed Northern California area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
"With California's unemployment rate at 10.1 percent, well above the national average of 7.6 percent, we will continue to see foreclosure activity well into 2009," said Serdar Bankaci, founder of Default Research. "That staggering jobless rate is directly tied to the approximately 4.8 percent of households that entered into foreclosure within the last 12 months in the region."
Bankaci was encouraged, though, by the median home prices which seem to have leveled off in the past 60 days while inventories have been declining steadily since July of 2008. Additionally, the state is still waiting for the Mortgage Relief Plan and to see the trickle down effect of the stimulus bills.
"The stimulus money and a spike in consumer spending cannot come too soon for the business owners of Northern California," said Bankaci, whose daily pre foreclosure lists, which also include commercial properties, are e-mailed directly to real estate professionals in the region. "As the economy continues to slump in the area and consumers spend less, businesses are being forced to close. We have begun to see more non-residential foreclosures occurring, including commercial and retail buildings."
Bankaci explained that, when the commercial loans are due, property owners are unable to refinance, and that is contributing to the commercial foreclosure increase. In fact, the number of commercial foreclosures in the Default Research coverage areas increased approximately 35 percent from January 2009 to February 2009. However, the new commercial properties present a new avenue for the well-informed 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:
Alameda Foreclosures - Hardest hit cities are Oakland (441), Hayward (285), San Leandro (124) Fremont (101) and Union City (76)
Contra Costa Foreclosures - Hardest hit cities are Antioch (267), Richmond (172), Concord (167), Brentwood (152) and Pittsburg (137)
Sacramento Foreclosures - Hardest hit cities are Sacramento (1443), Elk Grove (400), Citrus Heights (149), Rancho Cordova (82) and Folsom (70)
Santa Clara Foreclosures - Hardest hit cities are San Jose (906), Gilroy (80), Milpitas (50), Santa Clara (46) and Sunnyvale (38)
For more detailed Northern California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff. 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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