N. California Foreclosures Increase 4.6 Percent in March 2008

Sacramento, CA, April 09, 2008 --(PR.com)-- Default Research, the premier provider of foreclosure real estate data in Northern California, is reporting that Notice of Defaults and Notices of Trustee Sales were up 4.6 percent in March 2008, which followed a month when foreclosures were down 9 percent.

According to Default Research (www.defaultresearch.com), the hardest hit areas currently are San Joaquin and Sacramento with over 5.5 percent of homes entering foreclosure. Market indicators in these regions show declining home inventories in the past six months and median home sales prices continue to slip. But, the area may be nearing the end of the foreclosure crunch.

“You really couldn’t ask for a better opportunity or better place like Northern California to be a real estate investor,” said Serdar Bankaci, founder of Default Research. “If you have the cash or credit, this is the time to buy. For all practical reasons, the foreclosures in Northern California have bottomed out and will begin to recover throughout this year. Also, Northern California has seen a drop in unemployment in February, and a higher rate of employment means fewer mortgage defaults.”

Bankaci continued, “The savvy investor would buy now and rent for a year or two, and then unload the property for a profit. It seems like the biggest problem now is obtaining the credit to purchase the homes.”

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

Santa Clara Foreclosures – Hardest hit cities San Jose (1062), Gilroy (87), Santa Clara (49), Milpitas (46), and Sunnyvale (45)

Alameda Foreclosures - Hardest hit cities Oakland (535), Hayward (333), Fremont (150), San Leandro (130) and Livermore (103)

Sacramento Foreclosures – Hardest hit cities Sacramento (1987), Elk Grove (514), Citrus Heights (200), Rancho Cordova (129) and Antelope (118)

Default Research is California’s leader in foreclosure research, reporting Notices of Default and Trustee Sales Notices days after being recorded. More information about Default Research can be found at its Web site: www.defaultresearch.com. For more detailed California foreclosure statistics listed by county, please visit http://www.market.defaultresearch.com.

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If you would like to learn more about this topic, or schedule an interview with Serdar Bankaci, please contact Josh Chernikoff at joshc@defaultresearch.com