Los Angeles-Long Beach, CA (1888PressRelease) November 17, 2007 - Default Research, the fastest growing foreclosure research company in the nation, is reporting that California foreclosure filings are up a dramatic 221 percent in October 2007 compared to the same time last year.
According to Default Research (www.defaultresearch.com), San Diego County led the state with 3,427 foreclosure filings up 400 percent in October. Riverside and Los Angeles Counties followed San Diego with foreclosure increases of 290 percent and 160 percent respectively.
“Right now, Southern California is the epicenter of the foreclosure crisis,” said Serdar Bankaci, President/CEO of Default Research Inc. “Out of the five largest counties in the state, San Diego is hardest hit followed by Riverside and Los Angeles. Last month was bad for the Golden State and the coming months could be even worse.”
According to Bankaci, California could see an even bigger spike in foreclosures in the coming two quarters as a large number of three year adjustable rate mortgages are due to reset. Many of those deals were made in late 2004 and 2005 when the market was booming.
“California had some of the most expensive real estate in the country and many people bought homes they couldn’t afford with teaser loans,” said Bankaci, whose company provides the freshest foreclosure leads and most accurate foreclosure statistics in the country. “Those families who lived beyond their means are going to go from boom to bust and unfortunately join a growing number of Americans in foreclosure.”
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.
Foreclosures Increase More By 18,975 in One Year 
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