1:27 houses in foreclosure in Stockton, CA
 

Source: Cbs 13 Sacramento

Aug 14, 2007 4:04 am US/Pacific

Stockton Worst In The Nation For Home Foreclosures
(CBS13) STOCKTON It's a top ranking out today that Stockton residents won't like.

Stockton and San Joaquin County are the worst in the nation for home foreclosures, with one in every 27 households going into foreclosure. That amounts to more than 8,000 foreclosure filings.

That's a 256% increase from last year.

Sacramento ranked fifth worst in the nation, according to the Realty Trac Report. One in 36 homes goes into foreclosure, amounting to more than 20,500 filings in Sacramento. That's a 241% increase from last year.

Read more: http://cbs13.com/local/local_story_226071019.html

YIKES !!! Scary stuff.

scary ....... :(

We were just talking about this today. There are over 9000 houses up for grabs due to foreclosure in Sacramento

well with the prices of the average home in those parts being higher than the national average I'm not surprised...I lived in SF for almost 9 years and I know plenty of people who bought houses that they could barely afford...

some good deals will be out there soon

thats fucking crazy.

true but people are gonna be wary of investing a lot into the housing market until they know if this is the end or just the beginning of the collapse.

stockton is gonna turn into the ghetto it was meant to be

I live in a small town just outside Sacramento and there are over 1000 houses for sale due to foreclosure.

Fucking crazy

damn thats crazy. California is up like 800% from the last 5 years average. this is the worst year on record I heard.

Personally, i believe its because people went option arm or interest only loans and once the principal kicks in after 3,5 or 7 years they cant afford the payments.

Almost all are buying with zero down.

This is probably just the tip of the economic iceberg showing in the distance.

It's an unknown entity, but estimates of around $300bn in loans could be at risk and likely there will be plug-pulling by the bankers/lenders to mortgage companies and more Chapter 11 filings.

Yesterday the Fed dumped another $3.5 bill into the banking system to keep some liquidity. So far they have dumped $71 billion since 9th-10th August - this is in the league of Fed support after 9/11.

All the other signs of economic problems already exist - eg tendency to use cards for basic needs like food, bill paying etc, and not for the traditional impulse buying - retailers are next on the hit list.

Overall - a very bleak economic outlook and most likely further reductions in dollar currency value which, in turn, is not helpful for costs of imports. It's a friggin economic horror story - but it started a long time ago :(

so would now be a good time to invest in stockton?

Nope... the market is still going down. Buy now and lose money :2 cents:

Next year is going to be great for those of us prepared to snap up deals.



Especially in places like NY and LA where property value isn't dipping as much as the rest of the country.

I kind of thought it already was one. I am guessing the bad parts of town outnumber the good parts.

I guess that explains why I did not have to prove any income when I volunteered 20%.

probably alot of homes along march lane...thats where my folks are from...

Considering you could buy a house with 0 down, no proof of income and no credit check... I'm not suprised

I just started doing that . . . for the frequent flyer points. I did not intent to effect the country's financial outlook.

people are struggling and no one in government seems to care - sad days ahead

If you have ever passed through Stockton, you might seriously wonder who would ever want to buy property there?

Stockton is a good place to be from - far from...

All kidding aside, the foreclosure crisis is one more example of putting greed before people.

ADG

'struggling', my ass. Californians have been so arrogant, they got what they deserved. It's time for them to wake up. Game is over.

American citizens have a NEGATIVE savings rate, the lowest since Depression.
http://www.newsmax.com/archives/arti...1/193305.shtml

I can't wait for the economy to collapse. You produce nothing, you got nothing. It was not earned through hard work, it was easy 'paper' money.

Now pay up bitches or give me your houses, my name is recession! :thumbsup

Hehe.. you got a sense of humor pr0 :winkwink:

Seriously... and only my :2 cents:, but suspect the damage will continue for a longish while yet before it hits bottom - could be five years, but only a guess.

The other major underlying economic problems are too big to ignore and they obviously will have a bearing on the ability of folks to buy homes etc. The core problems are a massive economic challenge and doubt there will be light at the end of the tunnel for around a decade - assuming action is taken to start resolving these now (else the whole situation gets even worse).

there is hope for me yet:1orglaugh

so could I get some sweet vacation property in cali soon?

at least we're safe from terrorists....

cheap I mean....where?

buy stockton, make movie, big boom, big profits, big bulldozer, big cleanup, big rebuild, big profits

True that what you say about the typical Americans savings, however do not even pretend to think California does not produce anything. Hell take our state out of the US and not only would it be a world powerhouse, the majority of the US would be our bitch along with many other countries that depend on our exports of food.

Does not help that most of the good paying jobs accross almost all industrial and technology segments were lost to over sea's labor...

My problem with Stockton is well it and most of the surrounding towns just straight up smell. Not to mention it is protected by dykes that are in serious need of repair and or replacement.

This is just a sign of things to come with those fucked we will lend anyone way to much mortgages.

same shit in sacto and elk grove

That's scarry... 1 in 27
Feel so bad for those folks...

I think the foreclosures are getting bad all across the USA though...

~Bell (Patricia)

my area is right behind stockton

The housing market is bullshit. I bought a house in Phoenix for $220. Two years later it was worth $500k. Bam, take the money and run.

How in the world can an average house double in value in two years? That's insane.

Now I'm sort of on the flip side. The house I own has gone down in value. That's fine; I work from home so it doesn't matter where I live. In about six months I'll be ready to buy another house for an investment.

:thumbsup :thumbsup

I am gonna buy a whole community in Vegas and call it "Jonnywood"

Then when we have conventions, everyone gets keys to their own house for the show. And a complimentary bottle of Crystal...


Whatcha think? LOL

Another great day on the economic front - the Feds dumped yet more dollars into the banking system to keep liquidity - this time $17 bilion. So far this week the total is around $89 billion.

Good or bad news - Countrywide found a loan offer of $11.5 billion and, apparently, taking the full offer up to be able to continue day to day operations. Death can be slow or instant...

Just don't borrow the money to buy it :winkwink:

never....cash deal only :thumbsup

i live an hr from stoctkon....it does suck

There were rally in mortage and banking stocks yesterday, I really dont get it, the worst times are in the front us, so I have some put options and these fucks go up, like everything was ok.
Going to buy put option on JPM:

"Back in 1998, at the time of the last debacle, JPMorgan Chase, the world's largest player in the derivatives market, had $3.80 in credit risk for each dollar of capital.
That was already over the top, in my view.
And now, the OCC reports that JPMorgan Chase has a whopping $7.99 in credit risk per dollar of capital, or more than double its 1998 risk level!
HSBC, which was barely a player in the derivatives market back in 1998, now has $5.65 in credit risk per dollar of capital!
Citibank: $2.03 per dollar of capital in 1998; $4.60 today.
Bank of America: 90 cents on the dollar in 1998; $2.88 today.
Wachovia: Just 18 cents on the dollar in 1998; $1.56 today.
This means that ?
Even though Wachovia has the least exposure to derivatives among the top five, it is still extremely vulnerable ? with more at stake than its entire capital.
America's largest bank ? Bank of America ? is also embroiled up to its eyeballs, risking over FOUR times its capital.
And the single largest player in the derivatives market - JPMorgan Chase - is taking the most risk of all: EIGHT times its entire capital, according to the OCC's data. "

It's hard to trust any verbal that comes out of Wall Street. They have been hyping even before last year when it was blatantly obvious there were many problems rising at different levels. These are the same people who hyped the housing market - but more from a predatory angle. Greedy bastards :)

Earlier on CNN there were a few "financial spokespeople" (including Trump) voicing their views - again, all hype and "stay calm" bullshit. The exception was Trump who considered there was a long way to go and plenty problems yet to happen - inclined to agree, despite his hair :)

Asia took a fair hit yesterday and the Japanese govt injected $10.7 billion into the markets - even the Ozzie central bank intervened for the first time in six years. The London market has just opened with a slight upwards trend, but hope the day in all markets is not the same or worse than yesterday.

I'm no economist, but smell we are seeing ripples of the bigger US debt picture showing - and not just from the housing market. The overall foreign debt problem is a horror story, unsustainable, and very little evidence of a means to slowly clear this.

The Russians are going to own Sacremento soon.

China may own it before the Russians, cash down - then sell it to the Russians when they get their act together :winkwink:

damn.. i need to work hard more..