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Stockton Leads Nation In Foreclosures

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Derek Shore Derek Shore
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STOCKTON (CBS13) – As if things couldn’t get worse for Stockton, the city now is the top in the nation for foreclosures so far this year.

Stockton realtor Susie Katz shows just one of the many foreclosed homes she’s trying to sell right now.

“This one is missing a stove,” said Katz.

According to new numbers, homes like these continue to plague a city already in financial trouble.

In fact, Thursday, Stockton was named the highest foreclosure city in the entire country at 2.7 percent. That’s more than triple the national average.

That means one in 38 homes currently have at least a foreclosure notice filed.

“It’s sad to hear because so many people are hurting. I mean, everybody knows somebody who has lost a home,” said Katz.

But, Katz stresses the numbers have actually slowed.

“Yes we do have a lot of foreclosures, but we’re having less and less foreclosures and more short sales,” said Katz.

In fact, foreclosures have dropped 13 percent compared to six months before, meaning things are getting better in Stockton.

Dr. Sanjay Varshney, an economist with Sacramento State, says the problem centers on jobs with Stockton’s unemployment at 15 percent.

“Jobs are not coming back and even the ones that were fairly comfortable, in terms of their jobs or their financial position, may suddenly find them selves in a weak spot,” said Varshney.

Katz says all that can be done is to keep working and keep trying to get people back on their feet.

“It is what it is right, now. And, we’re just trying to help everybody get through it,” said Katz.

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