The number of foreclosures escalated throughout Southern California, with a rise of 29.09 percent since January 2006, says Default Research, the real estate research company for foreclosure properties. While Riverside had the highest increase of 56.45 percent, San Diego County had an increase of 49 percent, followed by Los Angeles up 16.2 percent. “Just as we reported back in March, the real estate bubble continues to deflate in Southern California,” says Serdar Bankaci, president and CEO of Default Research. “This is not surprising at all because home prices are leveling off.”
The houses that were most affected by the foreclosures were single-family homes which made up 76 percent of the activity. Twelve percent were condominiums and 4 percent were duplexes and triplexes.
–Source: Foreclosure tracking service, Default Research