Southern California's notices of mortgage defaults and trustee sales spiked 10.39% in October compared to the same month last year, according to Default Research, the Mt. Pleasant, Pa.-company.
From September 2008 to October 2008, the filings rose 24.04%.
"Senate Bill 1137 did ease the foreclosure problem in the Southern California region," Serdar Bankaci, founder of Default Research, said in a statement. "The bill, which went into effect in September, requires lenders to contact residents at least 30 days before filing a Notice of Default. By delaying the foreclosure process for families in the region, there was a relative decline in the number of Notices of Defaults and Notice of Trustee sales recorded last month."
The hardest hit cities in Los Angeles County for foreclosures were Los Angeles (1,657), Palmdale (651), Lancaster (637), Long Beach (384), Pomona (252), Santa Clarita (189) and Compton (181).
"A home that was worth $500,000 two years ago may now be worth only 375,000. The good news is that the bottom is near and there are great opportunities to make money in these markets," Bankaci said.
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