Default Research News Article

MT. PLEASANT, Pa., June 8 /PRNewswire/ -- The number of foreclosures escalated throughout Southern California, with a rise of 29.09% since January 2006, according to Default Research, the rapidly growing real estate research company for foreclosure properties.

While Riverside had the highest increase of 56.45%, San Diego County had an increase of 49%, followed by Los Angeles up 16.2%.

"Just as we reported back in March, the real estate bubble continues to deflate in Southern California," said Serdar Bankaci, president and chief executive officer of Default Research, Inc. "This is not surprising at all because home prices are leveling off."

The houses that were most affected by the foreclosures were single family homes which made up 76% of the activity, 12% were condominiums, and 4% were duplexes and triplexes. According to Bankaci, Southern California was one of the "hottest" markets in the country, but these types of markets tend to fluctuate as they are also the most volatile.

"To add insult to injury, the job growth in May was the lowest it had been since October 2005," said Bankaci. "Combine that statistic with the rising interest rates, and you see that the average family suffered financially two times, putting a tremendous strain on families already stretched to the max."

He also pointed out that, since so many families are affected by these foreclosure rates, his clients not only realize a profit, but they are able to quickly help homeowners in distress.

"With our figures arriving two to three weeks ahead of the competition, and our market data also weeks ahead of our competitors, Default Research provides the vital information to position our clients to succeed in the largest markets in the U.S.," said Bankaci.

Default Research is launching an Internet database to help its clients work even faster and to search effortlessly through those requested pre- foreclosure leads based on their selected criteria. The new, easy-to-navigate Web database will be the ultimate tool for those interested in pre-foreclosure properties Investors can now rapidly capitalize with the freshest leads in the nation.

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