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 Foreclosure Rates Skyrocket by Default Research
Posted by on Tuesday, January 9, 2007 at 1:45 PM (PST)
Mt. Pleasant, PA,– The number of housing foreclosures rose sharply across the country in 2006, reported Default Research, the rapidly growing real estate research company for foreclosure properties. The largest increase in foreclosure activity was in Nevada (up 166 percent); while the smallest increase was in Washington State (up only18 percent). “Default Research processed over 250,000 pre-foreclosures in 2006,” said Serdar Bankaci, president and chief executive officer of Default Research, Inc. “You can expect to see the foreclosure rate to continue to increase in 2007 – not as much as 2006 – but there will be excellent opportunities to help homeowners in distress and turn a profit too. This is the definition of a buyers market!” According to Bankaci, there were several very important factors that contributed to the high foreclosure activity in 2006. One was the amount of sub-prime mortgages that were granted in the past few years; second was the dramatic increase in energy costs; followed by slowing home sales and rate adjustments. Bankaci, whose company is featured on CNN and Headline News, was not alone in his thinking. Susan Hillman, a San Diego County lender, saw a 128 percent rise in foreclosures in her home state of California. “Most people obtained loans on stated income and negative amortization and now have no clue what to do since their payments are escalating, and they are not making any more money,” said Hillman, who works in San Diego County. Since Default Research leads arrive two to three weeks ahead of the competition and will soon include market value and equity search capabilities, Bankaci is confident that investors can use Default Research’s premier pre-foreclosure listings to be the first to contact homeowners in distress and to help them resolve their financial problems. “The up-to-the-minute Default Research leads allow our clients to be in the position to offer immediate help to struggling families,” said Bankaci. “The homeowner is able to sell quickly to avoid foreclosure and to maintain credit. This is a rare, and an excellent, opportunity for both parties to benefit.” The following table gives foreclosure rates by state:
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Woodland Hills, California. Los Angeles, California. Beverly Hills, California. San Diego, California.
Miami, Florida. Phoenix, Arizona. Las Vegas, Nevada.
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