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Real Estate Research Firms Find CA & AZ Defaults Are Soaring.
NEW YORK -- Default Research and Foreclosures.com, two real estate research firms that specialize in studying the rises and falls of foreclosures and defaults, have released reports that ultimately say the same thing: foreclosures and defaults are on the rise in California and Arizona.
According to Default Research, the number of foreclosures are continuing to soar throughout California, and in Arizona, Pima and Maricopa counties have seen an increase of 40% and 30%, respectively, since January.
"Investors looking to profit and help homeowners in financial distress can ride into California and parts of Arizona and capitalize on the spiking foreclosure market," said Serdar Bankaci, president and CEO of Default Research.
"Many people are focused on Southern California as the 'hot spot' of foreclosure activity due to the sheer numbers of foreclosures, but Northern California has seen increases, percentage-wise nearly as high as Southern California," he added. "In fact, there has been an average increase in foreclosure of 50% since the beginning of the year."
Similarly, Sacramento, Calif.-based real estate investment advisory firm Foreclosures.com reports that home prices in several major California markets had started to fall as a long-awaited price correction in overheated coastal markets began.
"We're not going to see a price crash like we did in the early '90s," said Foreclosures.com president Alexis McGee. "Back then, overbuilding by developers led to excess inventory and what we call competitive liquidation of unsold new homes. This time, the inventory just isn't there."
Default Research asserts that in Southern California, San Bernardino County has seen the highest increase (approximately 5%) while Los Angeles County has remained relatively stable since May. The high foreclosure rate in California is mainly due to adjustable-rate mortgages. That is, any rise in interest rates brings higher mortgage payments ranging from $200 to nearly $1,000 a month.
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