Foreclosures Skyrocket in 2006 According To Default Research

    MT. PLEASANT, Pa., Jan. 3 /PRNewswire/ -- The number of housing
 foreclosures rose sharply across the country in 2006, reported Default
 Research (www.defaultresearch.com), the rapidly growing real estate
 research company for foreclosure properties. The largest increase in
 foreclosure activity was in Nevada (up 166 percent); while the smallest
 increase was in Washington State (up only 18 percent).
     (Logo: http://www.newscom.com/cgi-bin/prnh/20060309/CLTH029LOGO )
     "Default Research processed over 250,000 pre-foreclosures in 2006,"
 said Serdar Bankaci, president and chief executive officer of Default
 Research, Inc. "You can expect to see the foreclosure rate to continue to
 increase in 2007 - not as much as 2006 - but there will be excellent
 opportunities to help homeowners in distress and turn a profit too. This is
 the definition of a buyers market!"
     According to Bankaci, there were several very important factors that
 contributed to the high foreclosure activity in 2006. One was the amount of
 sub-prime mortgages that were granted in the past few years; second was the
 dramatic increase in energy costs; followed by slowing home sales and rate
 adjustments.
     Bankaci, whose company is featured on CNN and Headline News, was not
 alone in his thinking. Susan Hillman, a San Diego County hard money lender,
 saw a 128 percent rise in foreclosures in her home state of California.
     "Most people obtained loans on stated income and negative amortization
 and now have no clue what to do since their payments are escalating, and
 they are not making any more money," said Hillman, who works in San Diego
 County.
     Since Default Research leads arrive two to three weeks ahead of the
 competition and will soon include market value and equity search
 capabilities, Bankaci is confident that investors can use Default
 Research's premier pre-foreclosure listings to be the first to contact
 homeowners in distress and to help them resolve their financial problems.
     "The up-to-the-minute Default Research leads allow our clients to be in
 the position to offer immediate help to struggling families," said Bankaci.
 "The homeowner is able to sell quickly to avoid foreclosure and to maintain
 credit. This is a rare, and an excellent opportunity for both parties to
 benefit."
     Default Research is the national leader in real estate research. More
 information about Default Research can be found at their Web site:
 www.defaultresearch.com.
     The following table gives foreclosure rates by state:
 
 
                       2006
     State            change
     Arizona          82.23 %
     California      128.20 %
     Florida         143.52 %
     Michigan         83.14 %
     Nevada          166.19 %
     New Mexico       39.03 %
     Washington       18.89 %
 
 

SOURCE Default Research