Default Research Reports Florida and California Have Widespread Decline in Foreclosures

After very dramatic foreclosure rate increases in the first two quarters of 2006, both Florida and California have seen surprising decreases in July, according to Default Research, the rapidly growing real estate research company for foreclosure properties.

“This relief in the foreclosure rates is comparable to going inside on a sweltering summer day only to know you have to go back outside five minutes later,” said Serdar Bankaci, president and chief executive officer of Default Research, Inc. “Simply put, this decline is temporary and the foreclosure rate will heat up later this quarter.”

In Florida, Lee County led the way with a drop of approximately 40 percent, and in California, the most significant drop in foreclosure was in San Bernardino County with a decline of 30 percent. While these numbers are encouraging, Bankaci identified several factors that could send the foreclosure rate up again.

“I hate to be the bearer of bad news, but rising mortgage rates, the escalating cost of living, and low appreciation rates are three solid reasons why the foreclosure rates should be expected to rise again,” said Bankaci. “Any one of these reasons will hurt the average middle-class homeowner and could force him into economic distress.”

Default Research’s leads can be the ticket to personal profit for investors looking to help people in economic distress. They will be the first to know about a property because they will receive foreclosure data two to three weeks ahead of the competition, giving them a critical advantage.

“Right now default properties are hard to find,” said Bankaci. “Investors with our leads, which are the freshest in the business, will be ready to help families in financial distress. Again, being the first to approach and to help homeowners out of financial trouble is just easier with Default Research leads.”