Default Research News Article

MT. PLEASANT, Pa., April 10 /PRNewswire/ -- The number of foreclosures in Los Angeles County increased by 63 percent in the first quarter of 2006 compared to 2005, according to Default Research , the rapidly growing real estate research company for foreclosure properties.

"With rising interest rates, the economy slowing down in that part of California, and a quarter of L.A. residents working at jobs that do not pay a living wage, the significant increase in foreclosures is a very alarming trend in the largest county in the nation," said Serdar Bankaci, president and chief executive officer of Default Research, Inc.

Bankaci also noted that single family homes and duplexes were hit the hardest, increasing 77 percent and 88 percent respectively, underscoring the tough battle that the average L.A. homeowner faces to retain their property.

"The rising foreclosures are due to the 'average Joe' buying a house he cannot afford because of inflated home prices. Then, with the rising interest rates, he cannot pay for the mortgage," said Bankaci. "Many of the homeowners used 'aggressive financing' to buy homes they could not afford."

With Default Research's timely leads, their customers are able to approach and assist homeowners in distress, often allowing them to stay in their homes and overcome foreclosure.

"Our leads erase that financial problem and help both parties realize financial success in the process," said Bankaci, whose company provides foreclosure data that arrive two to three weeks ahead of the competition.

Default Research is the national leader in real estate research. Their clients include real estate investors, mortgage brokers and bankruptcy attorneys.

Default Research is adding a "monster of the midway" county next month -- Cook County in Illinois. The expansion continues for the rapidly growing real estate research company Default Research which will begin offering leads for Cook County next month. With the addition of Cook County in Illinois, Default Research now covers eight of the ten largest counties in the nation.

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