California Foreclosures Increase 20 Percent in Second Quarter of 2007

California Foreclosures Increase 20 Percent in Second Quarter of 2007

Mt. Pleasant, PA - The news is mixed for foreclosures in the state of California in the second quarter of 2007, according to Default Research Inc. (www.defaultresearch.com). While Riverside County saw the largest increases in foreclosures at forty-seven percent, Ventura Country saw a decrease in foreclosures of approximately seven percent.

"We expected to see foreclosures rise slowly throughout 2007, so this is a good sign in California," said Serdar Bankaci, President/CEO of Default Research. "It is also reassuring that the foreclosure rate in Los Angeles County, one of the largest in the country, only increased by eleven percent.

The second quarter foreclosure statistics from Default Research, which are some of the most accurate in the business, seem to signal a change from the first quarter of last year when, according to the Mortgage Bankers Association, the number of foreclosures was the highest it had been in more than half a century. The Mortgage Bankers of Association numbers are high, but certainly paint an accurate portrait of the severity of the foreclosure problem in the first quarter of 2007," said Bankaci, whose companies provides foreclosure leads two to three weeks ahead of the competition. "While our numbers seem lower, I know they are accurate because each foreclosure property is counted only once."

Default Research is the national leader in real estate research. More information about Default Research can be found at its Web site: www.defaultresearch.com

Artical By Default Research, posted by QHF