Stockton California ( San Joaquin County Seat), an inland port city 80 miles east of San Francisco, has had one of the worst foreclosure rates in the nation – for most of the time, the worst.
At the height of the bust, about one in 10 houses fell to foreclosure. Houses that sold for more than $500,000 before the crash now go for $200,000.
Stockton with a population of 290,000, has an unemployment rate of about 16%. Plus, about two-thirds of homeowners owe more on their properties than the houses are now worth. Housing values have dropped more than 60 percent since the height of the boom four years ago, more than any other city. Looking at Stockton makes your San Diego equity loss look look mild by comparison.
Actually, I’m glad I don’t own anything in California at all! Your governor is doing some crazy things to its citizens!
New Jersey auto accident lawyer
Everyone likes to talk about the foreclosures as if it’s a bad thing when the reality is that it’s an incredibly good thing. All the bad loans inflated the market well beyond what it should have been. As these people default on their bad loans the price of housing corrects, as it should, and maybe the rest of us get to buy. This story is good news and it should be reported as such. Or, would we all be better off if the government steps in and inflates pricing again.
San Diego Real Estate Agent