Stockton, CA. Population: 280,000, foreclosures: 22,000

[El Pinko]

http://abclocal.go.com/kgo/story?section=news/local&id=5956180

NorCal towns dominate foreclosure bust
By Laura Anthony

STOCKTON, CA (KGO) -- The newest report on home foreclosures brings some shockingly bad news for California. It includes a Northern California town that's ranked second worst in the country for foreclosures.

The mortgage research firm, RealtyTrac, found that Detroit had the highest foreclosure rate last year. But after that, California cities dominate.

Stockton ranked second, Riverside ranked fourth, Sacramento was fifth, Bakersfield seventh, Fresno 14th, and Oakland ranked 16th.

With the holidays over, there's little to celebrate in Stockton's Westin Ranch neighborhood. On every street it seems like there's a few empty houses with nobody home.

In fact, according to RealtyTrac, Stockton had 22,000 foreclosure filings in 2007, in a city of just over 280,000 people. That's up 271 percent compared with 2006.

[AlCzervik]

1. Stockton, Lodi and my city of Elk Grove are hurting in a big way right now.

5 forclosures on my street in the past year after 7 years of none and this is not a charmless subby with expensive homes, it's a charmless subby with medium priced homes.

[avenger64]

2. It's called overpriced homes ...

... the market is adjusting. These people are probably right to get out of these mortgages. Home prices are going to drop over the (not-so) long term. More working people will be able to afford them, and the rich bankers will get screwed. F***-em.

[lurky]

3. Stockton has 82,000 "housing units"

according to Wikipedia. That means over 1 in 4 units is in foreclosure. :wow:

[ConcernedCanuk]

4. This is just the beginning - sell whatever you can, cash out . .

.
.
.

Stock up on non-perishable foods

This is NOT a drill

USAmericans are in trouble

Take care of yourselves - move in with families, friends - economize however you can.

I'm gonna hate being right,

but I think the USA is in for a much bigger crash than '29.

Back then, the USA had the sympathy and support of the World.

I think that there are many in the World that would like to see the USA suffer as a result of their government's aggressive policy against the rest of the World.

I am not one of them

but ya gotta do something about your governing system down there,

QUICK!

[Greyhound]

7. You are right and I hope you are preparing as well.

When/if this economy collapses it could well take down the whole thing. That's the only reason for the 'if'.

[Jack Rabbit]

5. My home town

I'll be going to a poetry reading there next week. It's not unusual that I should want to see the Old Sod.

When I moved away from Stockton at the age of 15 (1967), there were about 100,000 residents.

Stockton has always been an economically depressed place. Some of my earliest childhood memories were of the winos sleeping in the front yard of the old county courthouse. I took my kids to see the town when they were small. I was shocked to see Harding Way boarded up. All those old little cafes and pizza parlors were we used to go as a family were gone.

I know a sixtyish couple who live there. We, who are their friends, are praying that they not lose their home.

[TahitiNut]

6. 72,616 in Detroit/Dearborn/Livonia and 30,378 in Warren/Farmington/Troy

That's nearly 103,000 in this area of southeastern Michigan, matching the 102,506 in Riverside/San Bernardino ... but the unemployment rate here is the highest in the nation.

The three areas account for about 8% of all the foreclosures nationwide.

http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=4119&accnt=64847