California, Florida See Decreases in Pre Foreclosures, While Arizona Sees Increase
Mt. Pleasant, PA (PRWEB) January 8, 2010
Default Research Inc. (http://www.defaultresearch.com), a premier provider of Notice of Default, Notice of Trustee Sale, and Lis Pendens, said that pre foreclosures remained relatively stable in their seven state coverage area from 2008 to 2009. Since 2004, Default Research has reported triple digit increases from year to year, but this year only Arizona saw an increase in pre foreclosures, while California, Arizona, Florida, and Michigan saw decreases. For more detailed regional area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
Arizona Still Increasing
Arizona pre foreclosures increased over 8% in 2009 with Maricopa County, the state's largest county, experiencing a unique Notice of Trustee filing increase of 15 percent. The hardest hit cities included Phoenix (24,364), Mesa (6,446) and Glendale (5,007).
"The fourth quarter saw home inventories begin to decrease and median home prices fell as well," said Serdar Bankaci, founder of Default Research. "Our accurate numbers show that residential foreclosure levels will remain constant, while commercial and non-residential properties will continue to increase."
California Down Over 16 Percent
California, the country's most populous state, saw Notice of Default and Notice of Trustee Sale recordings drop by an average of 16.8 percent in 2009, and Los Angeles County, the country's largest county, saw foreclosures decrease by 16.5 percent. The hardest hit cities with foreclosures in the state were Los Angeles (20,256), Sacramento (13,495) and San Diego (10,745).
Bankaci said, "California real estate indicators suggest 2010 to be similar to 2009 with foreclosures remaining around the same level. However, we do expect commercial foreclosures to increase while the residential market slowly improves."
South Florida Sees Double Digit Drop
2009 brought a 13 percent drop in the number of unique mortgage foreclosure related Lis Pendens in Florida. Miami-Dade County, the state's largest county, saw foreclosures drop by 22 percent. The hardest hit cities included Miami (25,351), Hialeah (4,170) and West Palm Beach (3,714).
"The median home prices continue to decline in Florida along with inventories, and with that steady decline we could be in for a recovery sometime in 2010," said Bankaci, "whose daily pre foreclosure lists, which also include commercial properties, are e-mailed directly to real estate professionals in the region.
Small Drop in Michigan
The number of Michigan Trustee Sale Notices increased just over 1 percent in 2009. However, it is important to note that Wayne County, the state's largest county, saw a double digit decrease of 11 percent. The hardest hit cities included Detroit (12,582), Warren (1,853) and Dearborn (1,790). With these improving numbers, the median home prices and inventories are still falling steadily.
"The Detroit Area was devastated by the foreclosure crisis and the downturn in the automotive industry as well. Therefore, the future of the Detroit housing market will depend largely on the economy and unemployment rates in 2010," said Bankaci.
Pre Foreclosure Data Collection Methodology
Default Research Inc's Metro Market Report™ is an accurate breakout of the number of unique pre foreclosure listings per county. Individual properties are counted only once during the prior twelve month period, thus making the statistics more precise as opposed to counting each property multiple times throughout the foreclosure process. The report contains aggregations of notice of default, lis pendens, and notice of trustee recordings. It should be noted that Default Research Inc. does not track REO properties and only focuses on pre foreclosure properties (those not yet sold at auction).
More about Default Research Inc
Since 2004, Default Research Inc has been providing the freshest and most accurate pre foreclosure listings and statistics data to real estate professionals and investors. Default Research Inc's proven foreclosure data collection and distribution methods result in pre foreclosure lists being available days or weeks ahead of the competition.
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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