Default Research Inc News | Pre Foreclosure Listing Information

Default Research Inc - Complaints Hotline

2011-11-17T14:45:00.000-05:00

In a recent WSJ journal blog indicated that a new foreclosure hotline has opened for complaints. "The regulators and mortgage servicers have also launched a toll free number 1-888-952-9105 and a website."

More information can be found here: http://blogs.wsj.com/developments/2011/11/01/robo-signing-prompts-new-foreclosure-reviews/

South Florida Lis Penden Filings Show Market Still Conflicted

2011-10-26T15:09:00.002-04:00

Mount Pleasant, PA, October 26, 2011 --(PR.com)-- South Florida’s real estate market, decimated by the on-going real estate crisis, continues to show mixed results based on the latest pre foreclosure filing data compiled by Default Research, Inc. The numbers show that in the 3rd quarter of 2011, Broward County, FL saw Lis Pendens filings decline by a robust 24% compared to the second quarter of this year, while Miami-Dade and Palm Beach Counties saw modest increases in Lis Pendens filings, 9.79% and 10.82%, respectively.

“The numbers look really good in Broward County, compared to the numbers turned in by Miami-Dade and Palm Beach Counties. It’s important people not assume that these somewhat better numbers are indicative of a lasting trend in the South Florida real estate market,” Default Research, Inc. Vice President Burt Cooper, said. “Remember, the industry was embroiled in controversy last year when allegations of widespread mortgage documentation problems cast doubt on millions of residential mortgages.

“As lenders revamp their procedures, I expect to see sharp increases in the overall number of Lis penden filings. These streamlined procedures could lead to short-term increases in foreclosure filings. Only time will tell how well Florida’s court system will be able to absorb these increases, or if the average length of time it takes for the foreclosure process to play out is dramatically impacted.”

The three Broward County cities with the most Lis Pendens filings were Mirmar (102), Ft. Lauderdale (97) and Pembroke Pines (84); Miami-Dade County was led by Miami (797), followed by Hialeah (163) and Homestead (59); Palm Beach County was led by West Palm Beach (127), Boca Raton (75) and Boynton Beach (68).

Lis Pendens filings are used as early indicators of real estate market trouble because it is the first step in a lender reclaiming ownership of mortgaged properties when scheduled mortgage payments are not made.

Cooper noted that, although the South Florida residential real estate market has multiple hurdles to cross in its quest to spring back to life, there are multiple buying opportunities for investors armed with good data.

“There are lots of bargains to be had right now. Investors with ready access to investing capital can buy distressed real estate at bargain basement prices, make modest repairs, and then hold properties as income-producing assets,” Cooper said. “The key is to find the right properties at the right time. Keep in mind, the real profits come later, after the market comes back to life. Until then, investors can enjoy positive monthly cash flow, which means that the current market can be a win-win proposition.”

Requests for interviews or additional information are welcome. Default Research compiles pre foreclosure statistics in multiple states and counties. Additional information can be found at market.defaultresearch.com.

Default Research Reports Year-End Data: Phoenix Foreclosures Drop 6%; Investors Return to Market

2011-01-05T08:15:00.007-05:00

Phoenix, AZ, January 05, 2011 --(PR.com)-- Year-end foreclosure data for Maricopa County, AZ (Phoenix) show that Notices of Trustee Sales (NTS) in 2010 dropped by 4,106 to 57,776, down from 61,882 in 2009. At the same time, the value of properties dropped by 10%, signaling continued volatility in the Phoenix housing market.

Phoenix led the county with (20,528) NTS, followed by Mesa, 5,755; Glendale, 4,213; Scottsdale, 3,598; and Gilbert, 3,522. While 90% of NTS were single family homes, 5.0% were condominiums and 2% were commercial properties.

Arizona’s non-judicial foreclosure process requires Notices of Trustee Sales to be recorded a minimum of 90 days before auction, generally 90 days after the first late mortgage payment. Foreclosing lenders are also required to publish once-weekly notices in a newspaper in the same county as the property for four weeks. In addition, lenders must mail a notice to all parties affected by the foreclosure within 5 days of the recorded NTS.

Phoenix property values declined 10% in 2010, with the rate of decline increasing throughout 2010. Serdar Bankaci, Founder of Default Research, Inc., a pre-foreclosures tracking firm, said that, while property values are dropping, inventories have remained relatively stable, which he sees as a positive sign.

“It’s never a good sign when property values drop, but there is light at the end of the tunnel – and I don’t believe it’s the light of an oncoming train,” Bankaci said. “Foreclosed properties are beginning to sell, primarily because investors are returning to the market. I see this trend continuing – even accelerating – in 2011.”

Bankaci doesn’t expect 2011 to be a year of dramatic swings in the Phoenix real estate market. “Foreclosure rates should hold steady in 2011. I don’t see any big changes there. The same goes for home prices. I know other real estate experts are predicting larger negative swings in property values, but I don’t see it,” Bankaci said. “Unemployment in Maricopa County is 8.3% – a full percentage point lower than the national average of 9.3. Secondly, investors are beginning to flood back into the market. As they do, inventories will drop – and conventional buyers will be competing with investors for available properties, which will necessarily have a stabilizing effect on the market.”

Default Research is Reporting That LA County’s 42% Decrease in Notices of Default a Red Herring; Expert Sees Further Pain in LA Real Estate Market

2011-01-05T08:15:00.004-05:00

Los Angeles, CA, January 05, 2011 --(PR.com)-- Los Angeles County Notices of Default dropped by 34,862 in 2010, according to data released by Default Research, Inc., a leading pre-foreclosure tracking firm. 48,069 homeowners received notices that their mortgages were seriously delinquent in 2010, down from 82,931 in 2009.

Notices of Default, recorded approximately 90-180 days after a property owner defaults on a mortgage, is the first stage in the California non-judicial foreclosure process. Once this occurs, property owners have 90 days to cure the default or a Notice of Trustee Sale will be recorded in the county in which the property is located. As soon as 21 days later, the property can be sold to the highest bidder at a public auction.

Although Los Angeles County Notices of Default had a year-over-year decline of 42%, Default Research, Inc., Founder Serdar Bankaci sees trouble looming for the Los Angeles housing market. He believes there are three primary reasons for this: declining home prices, rising inventories, and high unemployment.

“While fewer Notices of Default is a good sign, you have to dig a little deeper to see a clearer picture of the LA housing market. Home prices are down 1.2%. Although it could be worse, this is bad news for a real estate market that has seen inventories increase by 7% this year,” Bankaci said.

Rising inventories confirm Bankaci’s worst fears that the LA housing market remains in dire straits. “Inventory is rising. That means properties are sitting on the market, unsold. Investors aren’t flocking to LA to invest – and high unemployment is otherwise constricting the market.”

Bankaci believes that LA County’s 12.5% unemployment rate, 127% of the national unemployment rate of 9.8%, indicates that potential buyers are priced out of the market by their lack of employment. “Let’s face it. If you’re unable to find a job, buying a house is the last thing on your to-do list. Until LA County sees some serious job creation, millions of potential buyers will be sitting on the sidelines, waiting for conditions to improve,” Bankaci said.

“Since this won’t happen overnight, LA County prices should remain flat – and possibly fall some more,” Bankaci said. “The good news is that the current foreclosure rate should remain fairly constant in 2011.”

The 5 California cities hardest hit by Notices of Default in 2010 are Los Angeles 9,010; Long Beach, 2,334; Palm Dale, 2,119; Lancaster, 2,077; and Whittier, 1,094.

Phoenix Notice of Trustee Sales Fall 13% in August; Evidence of Housing Market Improvement

2010-10-01T09:35:00.000-04:00

Mount Pleasant, Pennsylvania, September 16, 2010 – Maricopa County Notice of Trustee Sales filings fell 13% in August, adding fuel to the belief that the battered Phoenix-area housing market is showing signs of stabilization.

Serdar Bankaci, CEO of Default Research, Inc., said the current Maricopa Notice of Trustee Sales filing figures reflect a growing belief -- held by a broad spectrum of housing experts -- that home prices are no longer falling, and that legislative action and government intervention is having a positive impact.

“These numbers tell a compelling tale. They show that fewer people are in pre-foreclosure and that home prices have stopped their free-fall. It’s a major improvement over what we’ve seen over the last couple of years -- and gives us reason to hope that the worst is behind us.”

Government intervention to pump more than $300 million into the Arizona housing market for price stabilization efforts and new laws, such as a prohibition against some Homeowner Association practices of regulating the size and placement of “For Sale” signs, lead him to believe that these efforts are working.

“The Phoenix housing market has been chewed up and spit out by this crisis. It didn’t hit rock bottom overnight. Nobody can wave a magic wand or snap their fingers and wish this problem away,” Bankaci said.

“We’re taking steps in the right direction. The Maricopa County Notice of Trustee Sales filings proves it.”

There were 5,444 Notice of Trustee Sale filings in August, down 739 from July and 1,269 fewer than one year ago when 6,713 filings took place.

Los Angeles County Notices of Default Up 33%; Default Research Blames Unemployment, Economy

2010-09-20T15:23:00.000-04:00

Los Angeles County Notices of Default Up 33%; Default Research Blames Unemployment, Economy

Los Angeles, CA, September 16, 2010 -- Los Angeles County Notices of Default rose sharply in August to their highest level since September 2009. The numbers – a leading indicator of the health of the Los Angeles housing market – show that 5,323 homeowners were placed on notice by their lenders that their mortgage payments were late.

Notices of Default, issued when mortgage payments are at least 30 days late, is the first step taken by lenders to notify mortgagors that additional collection steps, including foreclosure filings, will be taken unless immediate steps are taken to bring a mortgage current.

Serdar Bankaci, CEO of Default Research, Inc., says the reason for the recent surge in pre-foreclosure filings is due to high Los Angeles County unemployment rates as well as weak economic data – both locally and statewide.

“The numbers don't lie. They very clearly demonstrate that any recovery in state and national economic performance isn't trickling down to workers – the very people responsible for making these mortgage payments,” said Bankaci. “Until unemployment is curbed and workers see a real, sustained recovery in employment and wages, I expect pre-foreclosure filings to continue rising.”

“Pre-foreclosure is a result of weak job and economic numbers. When borrowers lose their jobs, they heavily rely on unemployment – and jobless benefits aren't nearly enough to fill the financial void left by their lack of income.”

While notices of default in the Los Angeles region in August reached 5,323, it is still considerably less than the 7,980 notices of default issued in July, 2009 at the height of the housing crisis.

Requests for interviews or additional information are welcome.

Contact:

Josh Chernikoff
Default Research Inc
(888) 211-8396 ext. 705
emailaddress@defaultresearch.com
http://www.defaultresearch.com

Default Research Seen on Small Business Exchange

2010-04-29T15:03:00.000-04:00

Los Angeles Real Estate Market Showing Signs of Recovery

2010-04-21T07:56:00.000-04:00

Los Angeles Real Estate Market Showing Signs of Recovery

Releasing the Metro Market Report™ figures, Serdar Bankaci, founder of Default Research Inc, said that notices of default were the first stage in the foreclosure process and were a good forward indicator for the real estate and foreclosure markets.
Although foreclosure sales continue, the long term outlook is good. A drop of almost 22% is a positive indicator for the Los Angeles real estate market

Los Angeles, CA (PRWEB) April 21, 2010 -- Good news for the Los Angeles County property market is that the latest foreclosure data from Default Research Inc, a leading online provider of pre foreclosure listings and information, shows a decline in the number of notices of default for certain residential and commercial properties.

Releasing the Metro Market Report™ figures, Serdar Bankaci, founder of Default Research Inc (defaultresearch.com), said that notices of default were the first stage in the foreclosure process and were a good forward indicator for the real estate and foreclosure markets.

According to Bankaci, the number of notices of default decreased from 33,767 in Q4 of 2009 to 26,388 in Q1 of 2010.

“Although foreclosure sales continue, the long term outlook is good. A drop of almost 22% is a positive indicator for the Los Angeles real estate market,” he said.

Bolstering the figures, the report further indicates that the number of single family notices of default dropped by five percent to 16,549 in Q1 of 2010 and condominium foreclosures decreased almost 11% to 5,312. Commercial properties followed the trend and saw a dramatic decrease from 687 properties in Q4 of 2009 to 92 in Q1 of 2010 – a drop of more than 86%.

The top five cities in the region with the highest number of notices of default in Q1 of 2010 were Los Angeles (8,528), Palmdale (2,146), Long Beach (2,081), Lancaster (1,984) and Whittier (1,020).

One factor that may have had an effect on the reduction in defaults is the passing of Senate Bill 1137 in July 2008, which aimed toward addressing the adverse effects of the state’s high foreclosure rate. The bill effectively increased the time taken to foreclose from less than five months to approximately seven to eight months. This has given property owners more time to consolidate and seek counseling in order to avoid foreclosure in the current economic downturn.

Default Research Inc's Metro Market Report™ provides accurate information on the number of unique notice of default filingsper county. Individual properties are counted once only during the prior twelve month period, thus making the statistics more precise than counting each property every month.

More about Default Research Inc.
Since 2004, Default Research Inc has been providing the freshest and most accurate pre foreclosure listings and statistics to real estate professionals and investors. Default Research Inc's proven data collection and efficient distribution methods result in pre foreclosure lists being available two to three weeks ahead of competitors.

Default Research Inc currently abstracts and reports data in the five critical states highest in foreclosures: Arizona, California, Florida, Michigan, and Nevada. Default Research Inc reports pre foreclosure documents days after being recorded. More information about Default Research Inc can be found: defaultresearch.com.

The Art of Strategic Foreclosure

2010-02-25T13:54:00.000-05:00

The Art of Strategic Foreclosure

By Serdar Bankaci
When a property owner is living in a home where the value of the property drops and the debt owed is much greater than the assessment on the property, that property is said to have negative equity or, in colloquial terms, be upside down or under water.

One way out of this situation is for the owner to go into strategic default. Strategic default is the borrower actively choosing to stop making mortgage payments even though it is still affordable to him, and live in the house until the lender forecloses. The time frame for a foreclosure to be finalized varies, but the owner may have up to a year of living in the foreclosed property rent free, capable of eliminating other debt in the meantime.

Although this will negatively impact the borrower's credit, he will no longer take responsibility for payments on the property. Owners with a positive credit record must carefully decide whether strategic default is the right choice; such an action will dramatically bring down their credit score and effect future borrowing capabilities. They will find it difficult to obtain loans or they will be able to do so only by accepting very high interest rates. Any federal loan will be denied them for at least three to five years after the foreclosure as well.

It is a difficult decision to make, but an option one that has been increasingly employed since the burst of the housing bubble. As many people face a decrease in value by one quarter or one half the amount of their original purchase, making the mortgage payment on the higher value can be just as difficult a choice.

For more information on foreclosures please visit www.defaultresearch.com.

Default Research Inc seen on Wall Street Journal

2010-02-12T15:52:00.002-05:00

Foreclosure cases eased in 2009: report

The number of new foreclosure cases involving property in South Florida leveled off last year, according to a market report. Default Research, a data collection firm based near Pittsburgh, Penn., found that the initiation of foreclosure cases… (visit source article)

Default Research Inman News - Foreclosure cases eased in 2009

2010-02-08T18:02:00.003-05:00

Foreclosure cases eased in 2009

By MIKE SEEMUTH

The number of new foreclosure cases involving property in South Florida leveled off last year, according to a market report.

Default Research, a data collection firm based near Pittsburgh, Pa., found that the initiation of foreclosure cases in South Florida decreased last year after soaring for two years.

"What we deal with is the initial foreclosure proceedings, which is the lis pendens," or notices that litigation is pending, said Serdar Bankaci, CEO of Default Research. "We basically track properties that are initially being foreclosed upon." Read More

California Foreclosure Activity Slows Due To Modifications And Regulation

2010-01-14T18:06:00.000-05:00

Foreclosure cancellations actually eclipsed real estate owned sales in California for December, and lenders scaled back the depth of discount offers at auction. Loan modifications were the biggest factor, while mandatory one-year delays prior to foreclosure sale accounted for about a fifth of cancellations. With delinquencies still on the rise the real picture is grimmer than this latest good news would suggest. See the following article from HousingWire for more on this.

The amount of California foreclosure cancellations increased 26.5% in December to 13,243, primarily due to loan modifications. And for the first time this number overtook foreclosures reaching real-estate owned (REO) status, according to ForeclosureRadar, which tracks foreclosure activity in the state....

Echoing the report from Default Research, that said foreclosure filings fell across many counties in November, ForeclosureRadar reported a 32.5% drop in notices of default. But, delinquencies continue to plague the market. According to a report from another California real estate consulting firm, Foresight Analytics, delinquencies in Q309 grew 11% for first-lien residential mortgages.

See full article

Pre Foreclosures Stable In '09, According To Default Research Inc.

2010-01-08T18:00:00.001-05:00

California, Florida See Decreases in Pre Foreclosures, While Arizona Sees Increase

Mt. Pleasant, PA (PRWEB) January 8, 2010 -- Default Research Inc. (http://www.defaultresearch.com), a premier provider of Notice of Default, Notice of Trustee Sale, and Lis Pendens, said that pre foreclosures remained relatively stable in their seven state coverage area from 2008 to 2009. Since 2004, Default Research has reported triple digit increases from year to year, but this year only Arizona saw an increase in pre foreclosures, while California, Arizona, Florida, and Michigan saw decreases. For more detailed regional area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

Arizona Still Increasing

Arizona pre foreclosures (http://www.defaultresearch.com/state/azforeclosure) increased over 8% in 2009 with Maricopa County, the state's largest county, experiencing a unique Notice of Trustee filing increase of 15 percent. The hardest hit cities included Phoenix (24,364), Mesa (6,446) and Glendale (5,007).

"The fourth quarter saw home inventories begin to decrease and median home prices fell as well," said Serdar Bankaci, founder of Default Research. "Our accurate numbers show that residential foreclosure levels will remain constant, while commercial and non-residential properties will continue to increase."

California Down Over 16 Percent

California, the country's most populous state, saw Notice of Default (http://www.defaultresearch.com/glossary/noticeofdefault) and Notice of Trustee Sale recordings drop by an average of 16.8 percent in 2009, and Los Angeles County, the country's largest county, saw foreclosures decrease by 16.5 percent. The hardest hit cities with foreclosures in the state were Los Angeles (20,256), Sacramento (13,495) and San Diego (10,745).

Bankaci said, "California real estate indicators suggest 2010 to be similar to 2009 with foreclosures remaining around the same level. However, we do expect commercial foreclosures to increase while the residential market slowly improves."

South Florida Sees Double Digit Drop

2009 brought a 13 percent drop in the number of unique mortgage foreclosure related Lis Pendens (http://www.defaultresearch.com/glossary/lispendens) in Florida. Miami-Dade County, the state's largest county, saw foreclosures drop by 22 percent. The hardest hit cities included Miami (25,351), Hialeah (4,170) and West Palm Beach (3,714).

"The median home prices continue to decline in Florida along with inventories, and with that steady decline we could be in for a recovery sometime in 2010," said Bankaci, "whose daily pre foreclosure lists, which also include commercial properties, are e-mailed directly to real estate professionals in the region.

Small Drop in Michigan

The number of Michigan Trustee Sale Notices (http://www.defaultresearch.com/state/miforeclosure) increased just over 1 percent in 2009. However, it is important to note that Wayne County, the state's largest county, saw a double digit decrease of 11 percent. The hardest hit cities included Detroit (12,582), Warren (1,853) and Dearborn (1,790). With these improving numbers, the median home prices and inventories are still falling steadily.

"The Detroit Area was devastated by the foreclosure crisis and the downturn in the automotive industry as well. Therefore, the future of the Detroit housing market will depend largely on the economy and unemployment rates in 2010," said Bankaci.

Default Research Inc. Pre Foreclosure Report By Major Metros

2009-12-30T11:51:00.001-05:00

Default Research Inc, a premier provider of pre foreclosure listings and Notices of Default, is reporting that pre foreclosures in their major metro areas, Southern California, South Florida, Chicago, and Last Vegas, showed a mix of solid improvement and steady decline in November 2009.

Mt. Pleasant, PA (PRWEB) December 30, 2009 -- Default Research Inc. (http://www.defaultresearch.com), a premier provider of pre foreclosure listings and Notices of Default, is reporting that pre foreclosures in their major metro areas, Southern California, South Florida, Chicago, and Last Vegas, showed a mix of solid improvement and steady decline in November 2009. For more detailed regional area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

Better in the West

One of the hardest hit states in the country through the foreclosure crisis has been California. California Pre Foreclosures (http://www.defaultresearch.com/state/caforeclosure) have been consistently high in Los Angeles County, which has 3.08 percent of its households in foreclosure; Orange County has 3.42 percent of families in foreclosure, followed by San Diego at 4.26, San Bernardino with 7.31, and Riverside is still first with 9.27 percent of families in foreclosure. With Los Angeles Pre Foreclosure (http://www.defaultresearch.com/state/losangeles)statistics down, the outlook for the region is positive, as the area has seen foreclosure rates decline on average 25 percent from the November 2008 to November 2009. Still, the cities with the highest numbers of Notice of Default and Notice of Trustee Sales are Los Angeles (1120), San Diego (1067), Riverside (717), and Corona (505).

Foreclosures Cool in Florida

South Florida lis pendens (http://www.defaultresearch.com/glossary/lispendens) recordings continue to fall from November 2008. Broward, Miami-Dade and Palm Beach each had 1,588, 1,849, and 1398 lis pendens respectively. The five hardest hit cities in these regions included Miami (1048), Palm Beach (585), West Palm Beach (148), Fort Lauderdale (142), and Miramar (139).

Cook County No. 1 by a Ton

Chicago's Cook County, the nation's second largest county with a population exceeding 5,000,000 people, saw over 4,000 properties enter into foreclosure in November 2009. Default Research tracks Chicago Pre Foreclosure (http://www.defaultresearch.com/state/ilforeclosure) properties and in that area, the five hardest hit cities in Cook County were: Chicago (2152), Cicero (76), Berwyn (69), Des Plaines (68), and Calumet City (65).

Vegas a Good Bet for a Good Deal

Las Vegas Pre Foreclosures (http://www.defaultresearch.com/state/lasvegas), including Notice of Default and Notice of Trustee Sales, exceeded 5,000 in November 2009. Clark County, the state's largest county and home to Las Vegas, had approximately 10.29 percent of homes entering into foreclosure in the past 12 months. The five hardest hit cities in Clark County included Las Vegas (3371), Henderson (751), North Las Vegas (734), Spring Valley (184), and Enterprise (180).

Major Metro Areas See Foreclosures Down From Last Year

2009-10-08T11:49:00.001-04:00

Default Research Inc Reports Maricopa and Miami-Dade Counties Decrease by Nearly Eight Percent

Mt. Pleasant, PA (PRWEB) October 28, 2009 -- Default Research (http://www.defaultresearch.com), a premier provider of pre foreclosure listings, is reporting that pre foreclosure activity declined in the country's major metro areas from September 2008 to September 2009.

Maricopa County, Arizona's largest county and one of the hardest hit foreclosure counties in the United States saw Notice of Trustee Sale recordings decrease by more than seven percent from September 2008. In Miami-Dade, Florida's largest county, foreclosure law suit filings decreased by about eight percent from the same time period. Wayne County in Michigan, which encompasses Detroit, MI and is the largest county in the state, saw foreclosure drop by just over 10 percent. For more detailed regional area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

The exception to improving pre foreclosure statistics appears to be California. However, as Senate Bill 1137 took effect a year ago in September 2008, it effectively delayed the number of pre foreclosures at least 30 days. Because of this delay, nearly all of the Default Research California statics are up from September 2008, including the nation's largest, Los Angeles County. The number of Notice of Default and Notice of Trustee Sales increased from 5,528 in September of 2008 to 7,504 in September of 2009 in Los Angeles County.

Many regions are seeing home inventory rates drop to pre 2006 levels, and median home prices have begun to increase slightly," said Serdar Bankaci, founder of Default Research. "Our clients, who are very savvy investors and homebuyers alike, are beginning to take advantage of the low home prices. The economists also tend to agree real estate is currently undervalued, making this the perfect time to buy."

Counties***********Monthly Change*** Yearly Change***% of households
Los Angeles, CA**************3.30%**********35.75%*************3.16%
Cook, IL*******************14.76%**************NA************-2.15%
Maricopa AZ***************-17.59%***********-7.13%*************4.59%
Orange, CA******************0.74%***********20.21%************3.23%
San Diego, CA***************9.04%************20.47%************4.37%
Miami-Dade, FL*************64.09%************-8.17%************4.54%
Riverside, CA****************0.24%************14.48%************9.10%
San Bernardino, CA***********0.91%*************7.57%************7.67%

Pre Foreclosures Drop 15 Percent in Default Research Coverage Area

2009-08-25T11:38:00.002-04:00

Maricopa County (AZ) sees over 7,500 foreclosures in August of 2009

Mt. Pleasant, PA (PRWEB) September 25, 2009 -- Default Research (Default Research Inc (http://www.defaultresearch.com/l)), a premier provider of pre foreclosure listings, is reporting pre foreclosures on average decreased 15 percent from July 2009 to August 2009.

Cook County, Illinois, which encompasses the city of Chicago, saw foreclosure lawsuits drop by 30 percent, while Miami-Dade County, Florida, had less than a 1 percent decline in pre foreclosures (http://www.defaultresearch.com) over the past month. Los Angeles County, the nation's largest county, has seen pre foreclosure drop 17 percent from July 2009 and 37 percent from August 2008. Additionally, in California the number of Notice of Trustee Sales dropped while new Notices of Default makeup nearly 85 percent of Default Research's pre foreclosure listings for that state. For more detailed regional area pre foreclosure statistics listed by county, please visit foreclosure statistics (http://market.defaultresearch.com) .

Counties Monthly Change Yearly Change % of households

Los Angeles, CA -17.83% -37.05% -3.10%
Cook, IL -31.06% NA NA
Maricopa, AZ 2.44% -10.47% 4.62%
Orange, CA -16.00% -50.40% 3.19%
San Diego, CA -15.58% -56.52% 4.33%
Miami-Dade, FL -0.27% -23.46% 4.58%
Riverside, CA -40.99% -52.28% 9.02%
San Bernardino, CA -9.86% -50.55% 7.64%

"Confidence in the real estate markets is continuing to increase and inventories are continuing to decline in nearly all major metro regions" said Serdar Bankaci, founder of Default Research. "Although median prices have not begun their rise, our projections show they will begin to increase before the year is out."

Phoenix, Los Angeles and Miami-Dade Pre Foreclosures Spike in June 2009

2009-07-14T11:36:00.001-04:00

Los Angeles County (CA) has nearly 9,000 properties entering into foreclosure

Mt. Pleasant, PA (PRWEB) July 14, 2009 -- Default Research (www.defaultresearch.com), a trusted and premier provider of pre foreclosure listings, is reporting in their Metro Market Report™ that foreclosures on average increased 17 percent from May 2009 to June 2009.

Riverside County, California, which is part of the Default Research service area that covers seven of the top ten counties in the United States, had the highest percentage of households in foreclosure at 9.62 percent. For more detailed regional area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

"Despite the jump from May to June 2009, our statistics show that the total number of (www.defaultresearch.com) filings has begun to decrease on the annual level," said Serdar Bankaci, founder of Default Research. "Although we did see a jump from May, the real estate market is improving with median home prices increasing while inventories continue to decline. The success of the government's stimulus package and of various foreclosure laws enacted across the nation has been a major contributing factor to the decline of pre foreclosure inventories."

Counties    Monthly Change    Yearly Change    % of households
Los Angeles, CA    11.20%    11.20    -29.79%
Cook, IL    33.72%    NA    NA
Maricopa, AZ    33.08%    9.84%    4.45%
Orange, CA    -3.99%    -19.80%    3.37%
San Diego, CA    6.73%    -28.46%    4.76
Miami-Dade, FL    22.90%    -23.45%    4.8%
Riverside, CA    20.33%    -15.77%    9.62%
San Bernardino, CA    20.54%    -21.82%    8.39%

N. California Foreclosures Up Eight Percent In February 2009

2009-03-26T11:32:00.001-04:00

Area Begins to See an Increase in Non-Residential Foreclosures

Mt. Pleasant, PA (PRWEB) March 26, 2009 -- Default Research (http://www.defaultresearch.com), the premier provider of preforeclosure real estate data in Northern California, is reporting that Notice of Defaults and Notice of Trustee Sales in the Northern California region increased approximately eight percent from February 2008 to February 2009. The counties with the highest percentage of households in foreclosure during the past twelve month period were Solano reaching 8.47 percent, Contra Costa with 7.88, and Sacramento at 7.42. For more detailed Northern California area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

"With California's unemployment rate at 10.1 percent, well above the national average of 7.6 percent, we will continue to see foreclosure activity well into 2009," said Serdar Bankaci, founder of Default Research. "That staggering jobless rate is directly tied to the approximately 4.8 percent of households that entered into foreclosure within the last 12 months in the region."

Bankaci was encouraged, though, by the median home prices which seem to have leveled off in the past 60 days while inventories have been declining steadily since July of 2008. Additionally, the state is still waiting for the Mortgage Relief Plan and to see the trickle down effect of the stimulus bills.

"The stimulus money and a spike in consumer spending cannot come too soon for the business owners of Northern California," said Bankaci, whose daily pre foreclosure lists, which also include commercial properties, are e-mailed directly to real estate professionals in the region. "As the economy continues to slump in the area and consumers spend less, businesses are being forced to close. We have begun to see more non-residential foreclosures occurring, including commercial and retail buildings."

Bankaci explained that, when the commercial loans are due, property owners are unable to refinance, and that is contributing to the commercial foreclosure increase. In fact, the number of commercial foreclosures in the Default Research coverage areas increased approximately 35 percent from January 2009 to February 2009. However, the new commercial properties present a new avenue for the well-informed Default Research clients to explore.

"Although banks may not be lending money now, private equity may come into play when financing commercial projects," said Bankaci. "Many experts predict that, with the hefty economic stimulus plans going into effect, consumer confidence will begin to rise again in late 2009 and 2010. This in turn would result in more businesses opening and commercial properties increasing in value."

Below is a unique and accurate local look at how the Default Research foreclosure statistics (February 2009) affect your area:

Alameda Foreclosures - Hardest hit cities are Oakland (441), Hayward (285), San Leandro (124) Fremont (101) and Union City (76)

Contra Costa Foreclosures - Hardest hit cities are Antioch (267), Richmond (172), Concord (167), Brentwood (152) and Pittsburg (137)

Sacramento Foreclosures - Hardest hit cities are Sacramento (1443), Elk Grove (400), Citrus Heights (149), Rancho Cordova (82) and Folsom (70)

Santa Clara Foreclosures - Hardest hit cities are San Jose (906), Gilroy (80), Milpitas (50), Santa Clara (46) and Sunnyvale (38)

For more detailed Northern California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.

San Fransciso Cronical - Report says foreclosures, defaults up in 2008

2009-01-07T18:13:00.001-05:00

James Temple, Chronicle Staff Writer

Wednesday, January 7, 2009

The number of scheduled foreclosure sales and defaults in core areas of Northern and Southern California exceeded a half million during 2008, up 132 percent from the previous year, according to a report by Default Research Inc.

Default Research: Arizona foreclosures jump 158% for year, ease off in fourth quarter

2009-01-06T18:10:00.000-05:00

Phoenix Business Journal - by Adam Kress

Home foreclosures in the Phoenix and Tucson markets increased by 158 percent last year, but the trend began to ease off in the fourth quarter, according to Default Research.

The number of homes involved in foreclosure proceedings in Maricopa County jumped from 22,426 in 2007 to 60,860 in 2008. Pima County saw an increase from 3,117 to 5,095 last year.

Foreclosures up 150% in Hillsborough

2008-01-03T18:08:00.000-05:00

December wasn't a good month for people trying to hold on to their homes in Hillsborough County. Nearly 1,030 foreclosure actions were initiated, more than a third of the total number of foreclosures in all of 2006 in the region.

Year-over-year foreclosure activity is up more than 150 percent in 2007, according to Mount Pleasant, Pa.-based Default Research Inc. Of the nine counties Default Research tracks, only Lee County had a higher percentage of mortgage activity in Florida in 2007 compared to the year before.

"Pulse on America" to feature Default Research

2007-05-07T15:43:00.000-04:00

Default Research provides clients with the freshest pre-foreclosure leads in the nation.

PR Log (Press Release) – May 07, 2007 – Deerfield Beach, FL, May 7, 2007 – Platinum Productions TV is pleased to announce the selection of Default Research for its innovative, educational television series, Pulse on America. The company will be featured in a segment called “Insiders Guide to Real Estate Investment Properties” as part of the Eye on Real Estate Series. This segment will air nationally on the Travel Channel and regionally in conjunction with CNN Headline News.

Foreclosures have become the hottest segment of real estate sales these days, as millions of homeowners, suffering from high expenses and low salaries and a sudden rise in mortgage rates, are affected. They could lose their homes, or they could get bailed out. In any case, it pays to know how to handle foreclosures and how to profit from them.

Default Research was founded in January 2004 in the suburbs of Pittsburgh, PA, on the concept of providing clients with the most recent information in an easy to use, comprehensive format. They claim to have “the freshest pre-foreclosure leads in the nation,” and that means getting to the right properties first. With their help, you can be the first to approach and help a homeowner in distress before their property goes into foreclosure. Default Research offers clear and concise leads two to three weeks before competitors.

“It is because we provide quality resources to home buyers, real estate investors, agents, lenders and consumer credit counseling services alike that Default Research has become the national leader in real estate research. Our information will prove to be a smart and lucrative business investment,” says Serdar Bankaci, CEO. “We are the fastest growing and most unique real estate research company in the nation.”

However, the key to pre-foreclosure profits is encouraging motivated homeowners to contact you. A foreclosure list is only as good as the marketing used to target it. Default Research can develop a successful marketing campaign, with quality marketing material that stands out. Default Research also offers exceptional service to clients—they track market trends, offer educational conferences, design marketing plans and much more.

Default Research Inc seen in Entrepreneur Magazine

2007-04-01T15:55:00.000-04:00

Colorado always brings to mind mountains and skiing. Now, unfortunately, the state will also be known as the 2006 foreclosure leader in the United States. However, Default Research, the fastest growing real estate research company in the country, intends to change that starting next month. Read more

Bargains forecast

2006-04-23T15:48:00.000-04:00

After a dry spell, foreclosures are on the rise. But landing a deal requires know-how.
Gayle Pollard-Terry, Los Angeles Times Staff Writer

WHEN his landlord raised the rent one time too often, John Polite decided it was time to buy. But on a new minister's salary, he would need to find a bargain.

"That's the only way I was going to get into anything," he said.

So in 2002 he did what many wanna-be homeowners have pondered from time to time. He bought a property that was in foreclosure through a real estate agent.

Polite ended up with a bank-owned, 1,400-square-foot town house in Sylmar with three bedrooms, 2 1/2 bathrooms and a patio for barbecuing. The home "was a mess," he said, but it was structurally sound. He paid $137,200, while comparable houses were selling for $230,000. Today it is worth $400,000.

The foreclosure process -- initiated by a lender when a homeowner falls anywhere from 30 to 90 days behind on payments -- offers several stages at which buyers can make such a bargain purchase: directly from a homeowner whose loan is in default because of missed payments; at a public auction after an owner has defaulted; or through a real estate agent, for property that has reverted to the lender because no minimum bid was made at the auction.

Foreclosures have been at historically low levels during the last few years. Steep appreciation gave homeowners plenty of equity to tap if they got into financial trouble and buyer demand made it easy to sell homes quickly and at a profit.

Since the beginning of the year, however, foreclosed properties have started coming on the market in increasing numbers. Nationwide, they are up 63% since March 2005, according to RealtyTrac Inc., an Irvine-based company that monitors foreclosures. In Los Angeles County, first-quarter figures from Pittsburgh-based Default Research Inc. show a 63% increase in the number of foreclosures from the same period last year. And there are reasons to expect there will be more ahead.

"Over half the loans on the books today are less than 3 years old," said Douglas Duncan, chief economist of the Mortgage Bankers Assn. "Loans tend to peak in terms of going into delinquency in years three to five."

Adjustable-rate loans have become more popular in the last couple of years, he added. These loans tend to have a higher rate of delinquencies than fixed-rate mortgages. Plus, in the last five years more high-risk buyers have qualified for mortgages. "Borrowers who have not always paid car loans or credit card bills on time," Duncan said, "and are at greater risk of missing mortgage payments." Read more at LA Times