Stockton, Sacramento Top List Of Foreclosure Rates

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(Sacramento, CA)
Wednesday, February 13, 2008

A new survey out Wednesday of the 100 largest metro areas by RealtyTrac shows Stockton at number two. Rick Sharga is with RealtyTrac.   

"Stockton is pretty much the poster child for the excessive run up of home prices and the overbuilding of new construction that occurred during the real estate boom and as the market weakened and property values started to slide a little bit people found themselves unable to make their payments." 

RealtyTrac’s figures show that nearly 5% of Stockton’s households were in some stage of foreclosure, including notices of default and bank repos. Sacramento was not far behind. It’s number five on the top 100 with just over 3% of homes in foreclosure. Detroit leads the nation.