(PRLEAP.COM) January 11, 2008 – Default Research, the premier provider of
foreclosure real estate data in Southern California, is reporting that Notice of
Defaults in Los Angeles and San Diego Counties are up a dramatic 148 percent and
216 percent respectively in 2007.
According to Default Research (www.defaultresearch.com), 5.18 percent
and 4.01 percent of the households in Riverside and San Bernardino respectively
had entered some phase of the foreclosure process in the last 12 months. Even
though it was a devastating year for Southern California foreclosures, there is
an end in sight.
“Throughout 2007, Southern California has been a hot bed
of foreclosed homes,” said Serdar Bankaci, President/CEO of Default Research. “I
think we will continue to see some increases, but the foreclosure crisis could
be winding down. The market is even showing positive signs, such as a decrease
in housing inventories.”
A possible improving economy is welcome news from
Default Research, the provider of the most current and accurate database of
foreclosed properties in Southern California. Still, median home sales in
Riverside and San Bernardino are $377,000 which is well below the average of
$467,000in the state of California.
“While conditions are improving in
Southern California, there are still a substantial number of three-year
Adjustable Rate Mortgages (ARMs) that will adjust in 2008,” said Bankaci, who
lists foreclosure sales two to three weeks ahead of the competition. “Southern
California foreclosures will continue to rise as more ARMs reset and people are
unable to make their payments. Our statistics show that the foreclosure activity
should max out by the third or fourth quarter of 2008.”
Bankaci, foreclosure real estate is an excellent investment vehicle for those
who want to profit and, at the same time, help families in financial trouble. He
stressed that with less properties on the market, being the first to approach a
homeowner in distress will become even more important in 2008. Therefore,
Southern California investors will need the freshest and most accurate
foreclosure data, which is offered by Default Research.
is California’s leader in foreclosure research, reporting Notices of Default and
Trustee Sales Notices days after being recorded. More information about Default
Research can be found at its Web site: www.defaultresearch.com.