Friday, April 11, 2008

So Cal foreclosures up 18% in March

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.

6 comments:

bigdog76 said...

sounds good for Fontana I will be buying there in 6-12 months

bigdog76 said...

I have a friend all he is doing full time is fixing up foreclosures and he gets paid by the banks. He comes across so much damage from the previous owners and stuff left behind he has garage sales. Tv's all kinds of goodies.

Big business

Rob Dawg said...

You mispelled Fontucky.

ButterMonkey said...

With numbers like those, you'd think banks would actually like to unload their homes. NOPE. I think I'm going to take a break from looking until Christmas. The stupidity in pricing has gone from making me laugh, to annoying the shit out of me.

Santa Ana River Rat said...

I have to agree with buttermonkey. people are still drinking stupidity kool-aid. went to a reo house that just came up for sale in S.Corona. It was pretty beatup with holes everywhere. (nice hammer marks) Asking price of cool half-a-mil. So it had nice rock pool and decent landscaping but worth nowhere near half-a-mil. as of last friday evening it had 13 offers at or above the asking price according to the realtard. WTF?!?!?!?!?

golfer_X said...

They are still drinking the kool-aid but it's got a lot more water in it these days. Yes, some houses are selling quick but those are the ones that are prices the lowest in the area. It's not a surprise. Anything up in Heritage hills, Sierra Del Oro or around there that hits the market with a price in low $100s s/f is selling quick if it's decent. I've seen quite a few hit the market with prices around $120 s/ft, they go pending in just a few days. But those houses were selling for over $200 s/f not very long ago. The thing is, there are still WAY more homes not selling than there are selling. Only the lowest priced homes are moving in any given area. That's great news. As long as the higher priced once continue to sit there prices will continue to move downward.