Thursday, September 13, 2007

Want to buy a cheap house in Stockton?

Excerpt of a story from Yahoo! News:

"STOCKTON, United States (AFP) - A town in central California has become ground zero in the wave of foreclosures plaguing the US housing market in the wake of the sub-prime lending crisis.

With a population of nearly 300,000, Stockton has acquired the unfortunate distinction of having the highest foreclosure rate of any US city, with one in 27 households left counting the cost of the credit crunch, according to Realtytrac, an online marketplace for foreclosure sales."

From the same article:
"We've got 350 homes for sale in this neighborhood right now and at this rate, that is five years of inventory," said Taylor.

Read the whole story here.

1 comment:

Darin said...

Yup, it was just a couple of years ago that everyone in the Bay Area wanted to buy a house there since it was a lot cheaper there. Looks like it got a bit more cheaper. :)