California Foreclosures Increase by 17,631 in September 2007

Los Angeles, CA, October 23, 2007 --(PR.com)-- Default Research, the fastest growing foreclosure research company in the nation, is reporting that California foreclosure filings are up a dramatic 422 percent in September 2007, compared to the same time last year.

According to Default Research (www.defaultresearch.com), Los Angeles County led the state with 5,940 foreclosure filings in September. Riverside and San Bernardino followed L.A with 4,605 and 3,184 foreclosures respectively.

“Foreclosures have had a negative rippling effect on the California economy,” said Serdar Bankaci, President/CEO of Default Research Inc. “With housing inventories high and foreclosures still on the rise in California, home prices are declining in a place where the cost of a home was once an average of $593,000.”

The homes in foreclosure not only hurt the families in distress, but also the surrounding neighborhood. “I have heard several cases from my clients where the home in foreclosure they are working with is falling apart on the outside, the grass is overgrown and it is an eyesore in a relatively nice neighborhood. These abandoned homes in foreclosure cause the value of every home in the neighborhood to decline and can be devastating for potential sellers,” said Bankaci.

For a full listing of the foreclosure statistics in the counties covered by Default Research in California, please click on, www.newsletter.defaultresearch.com. With an emphasis on educating people about the foreclosure crisis, the Default Research site also offers extensive foreclosure resources, links to free informational teleseminars and a link to their growing national monthly foreclosure education newsletter, The Homestand.

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

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