Central California’s Unprecedented Foreclosure Turmoil

We might think we have it bad here in the Sacramento area, but we have neighbors to the south who are facing far worse numbers than we are in terms of foreclosures.  Latest reports by DataQuick say there were 35,252 homes and condos between Stockton and Bakersfield  that received mortgage default notices between January and June of this year.

And according to RealtyTrac, Stockton had the highest foreclosure rate of any major metropolitan area in the nation between April 1 and June 30, with Fresno, Merced and Modesto all in the top rankings nationwide.

The big question of late is weather or not any of the $700 billion dollar rescue plan will ever make it to main street to help families or if it will go to ease capital crunch for major banks and/or the auto makers…  and if it does finally tickle down to homeowners, if it will get here on time to help. 

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