Stockton: A Real Estate Bubble Explosion

The real estate market has flattened out in nearly all parts of the country. The old real estate bubble spang a big leak and has been letting air out ever since. In some parts of the country, however, the leak was the equivalent of an atomic bomb going off. No area is worse off than Stockton, California. Stockton has just less than 300,000 residents. With over building, subprime loans and so on, it is the foreclosure capital of the country as seen on 60 Minutes. Two out of every three home sales are foreclosures or short sales. This, of course, has gutted the real estate market and prices are done as much as 60 percent in some areas. If you are unhappy with your local market, just be thankful you are not a homeowner in Stockton. In short, it could be worse.