Welcome to Stockton: foreclosure capital USA by Notme dfsfs

The city of Stockton, a town in central California, hold on title that it citizens wouldn't want it to have, the foreclosure capital of the nation, according to a study released by RealtyTrac, an online service that tracks foreclosure sales.Stockton has a population of nearly 300.000 people and it has one in 27 households foreclosing on a property and 8000 foreclosures until now."It's not the CEO of Intel who lives in Weston Ranch, but the guy who details his car," Geri Taylor, broker at Weston Ranch Realty for twelve years told AFP. "They just were not prepared for this."The spokesman for RealtyTrac says that foreclosures are common in areas where people wanted to take advantage of the hot real estate market but they couldn't afford it."They were on a very thin margin and anything affecting their monthly payment could push them into foreclosure very easily," he said.Gloria Johnson a broker from the Weston Ranch area modified her business practices to help homeowners to avoid foreclosure and wrecked credit."It is almost like begging, but I am doing everything I can to help these people maintain their dignity," she said.There are houses on the market from 2006 and still unsold and the average prices slipped with 10%. In Bay Area county in August a total of 7,299 new and resale houses and condos were sold, meaning 1.7 percent down from 7,423 in July and down 24.9 percent from 9,713 a year ago.

related story: http://news.yahoo.com/s/afp/20070913/ts_alt_afp/useconomyproperty;_ylt=Ak7nmBMW7SeXXMhuwv9u9v6s0NUE

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edited by Barbora Matulova