Stockton Foreclosures for Sale Soared as Economy Slumped

by cassy82 | December 11, 2009 at 05:14 am

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Stockton foreclosures for sale climbed up by 37 percent in November as the economic condition in the area continued to slump. Stockton was also among the most economically stressed cities based on an index compiled by Associated Press.

Stockton foreclosures for sale climbed back up in November as the economy slumped, based on data from Associated Press, the California Department of Employment Development and a California-based foreclosure tracking firm.

In November, the rate of foreclosures in Stockton soared by 37 percent from October to one foreclosure for every 85 residential units, putting Stockton second only to Merced in a ranking of the largest metropolitan areas in the country based on foreclosure rates.

Stockton was one of seven California metro areas in a listing of the top ten foreclosure-hit metro areas in November, with Merced on top of the list and Modesto in third place. The other metro areas were the areas covered by Riverside, Bakersfield, Vallejo-Fairfield and Sacramento.

By Cassiano Travareli