S. California Foreclosures Increase 18 Percent in March 2008
Default Research, the premier provider of foreclosure real estate data in Southern California, is reporting that Notice ofDefaults and Notices of Trustee Sales were up approximately 32,800 last month.
According to Default Research (www.defaultresearch.com), the Inland Empire was the hardest hit region in SouthernCalifornia in March 2008. In Riverside County, 7.9 percent of homes faced foreclosure and in San Bernardino 6 percent of homes entered the foreclosure process.
Housing inventories continue to increase while median home prices are still declining, said Serdar Bankaci, founder of Default Research. However, for the savvy investor armed with the Default Research foreclosure lists, there are deals to be made. Those with the cash or credit can snatch up a nice portfolio of homes and turn them into rental properties. Residential vacancy rates are low and rents appear to be going up.
Below is a unique and accurate local look at how the Default Research foreclosure statistics affect your area:
Los Angeles Foreclosures – Hardest hit cities Los Angeles (2060), Lancaster (869), Palmdale (852), Long Beach (499) and Santa Clarita (264)
**Note: Although Los Angeles County did not have the highest percentage of households in foreclosure, the number of
Notice of Defaults and Notice of Trustees Sales in Los Angeles Counties increased to more than 10,000 for the first time according to Default Research.**
Orange County Foreclosures -
Hardest hit cities Santa Ana (629), Anaheim (413), Garden Grove (211), Orange (150), Fullerton (136)
Riverside Foreclosures -
Hardest hit cities Riverside (1028), Moreno Valley (945), Corona (742), Murrieta (494), and Perris (478)
San Diego Foreclosures -
Hardest hit cities San Diego (1620), Chula Vista (582), Escondido (373), Oceanside (370) and El Cajon (260)
San Bernardino Foreclosures –
Hardest hit cities Fontana (770), San Bernardino (668), Victorville (609), Hesperia (384), and Rialto (341)
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: http://www.defaultresearch.com. For more detailed California foreclosure statistics listed by county, please visit http://www.market.defaultresearch.com.