Stockton Foreclosures Have Become Fields of Opportunity
Stockton foreclosures have become opportunities for investors and for families who previously could not afford homes. Currently, there are about 3,000 affordable foreclosed homes available for sale across the city.
Stockton foreclosures became a symbol of what went wrong with the U.S. housing sector particularly for the first months of the housing meltdown, but over the past several months, foreclosed homes in the area have become opportunities for investors and for Bay Area workers looking for homes they can afford.
During the housing boom, many houses in Stockton, which is an 80-mile drive from San Francisco, were sold for over $500,000. After the meltdown, these houses were being sold for $200,000. In several communities, fixer upper homes were being given away at less than $20,000.
During the peak of the foreclosure crisis in Stockton, one in ten homes in the city was being foreclosed. It was the most wretched city during that time, according to Forbes.
By Cassiano Travareli