Major Metro Areas See Foreclosures Down From Last Year

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Default Research Inc Reports Maricopa and Miami-Dade Counties Decrease by Nearly Eight Percent

Many regions are seeing home inventory rates drop to pre 2006 levels, and median home prices have begun to increase slightly

Default Research (http://www.defaultresearch.com), a premier provider of pre foreclosure listings, is reporting that pre foreclosure activity declined in the country's major metro areas from September 2008 to September 2009.

Maricopa County, Arizona's largest county and one of the hardest hit foreclosure counties in the United States saw Notice of Trustee Sale recordings decrease by more than seven percent from September 2008. In Miami-Dade, Florida's largest county, foreclosure law suit filings decreased by about eight percent from the same time period. Wayne County in Michigan, which encompasses Detroit, MI and is the largest county in the state, saw foreclosure drop by just over 10 percent. For more detailed regional area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

The exception to improving pre foreclosure statistics appears to be California. However, as Senate Bill 1137 took effect a year ago in September 2008, it effectively delayed the number of pre foreclosures at least 30 days. Because of this delay, nearly all of the Default Research California statics are up from September 2008, including the nation's largest, Los Angeles County. The number of Notice of Default and Notice of Trustee Sales increased from 5,528 in September of 2008 to 7,504 in September of 2009 in Los Angeles County.

"Many regions are seeing home inventory rates drop to pre 2006 levels, and median home prices have begun to increase slightly," said Serdar Bankaci, founder of Default Research. "Our clients, who are very savvy investors and homebuyers alike, are beginning to take advantage of the low home prices. The economists also tend to agree real estate is currently undervalued, making this the perfect time to buy."

Counties***********Monthly Change*** Yearly Change***% of households
Los Angeles, CA**************3.30%**********35.75%*************3.16%
Cook, IL*******************14.76%**************NA************-2.15%
Maricopa AZ***************-17.59%***********-7.13%*************4.59%
Orange, CA******************0.74%***********20.21%************3.23%
San Diego, CA***************9.04%************20.47%************4.37%
Miami-Dade, FL*************64.09%************-8.17%************4.54%
Riverside, CA****************0.24%************14.48%************9.10%
San Bernardino, CA***********0.91%*************7.57%************7.67%

Data collection methodology
Default Research Inc's Metro Market Reportâ„¢ is an accurate breakout of the number of unique pre foreclosure filings per county. Individual properties are only counted once during the prior twelve month period, thus making the statistics more precise as opposed to counting each property every month. The report contains aggregations of notice of default, lis pendens, and notice of trustee recordings from seven of the ten largest counties in the nation.

More about Default Research
Since 2004, Default Research Inc has been providing the freshest and most accurate http://www.defaultresearch.com and statistics to real estate professionals and investors. Default Research Inc's proven data collection and most efficient distribution methods result in pre foreclosure lists being available two to three weeks ahead of the competition. Based on extensive research about the continuing foreclosure crisis and the most effected regions, Default Research Inc currently abstracts and reports data in these six critical states highest in foreclosures: Arizona, California, Florida, Illinois, Michigan, and Nevada. Default Research Inc reports pre foreclosure documents days after being recorded. More information about Default Research Inc can be found at its Web site: http://www.defaultresearch.com.

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