Thursday, 15 November 2007 22:30

Stockton Tops Nations Foreclosures

Stockton, Calif. topped the nation in mortgage foreclosures for the third quarter of this year. Stockton recorded one foreclosure filing for every 31 households during the quarter, the highest foreclosure rate among the nation’s 100 largest metro areas. According to a study compiled by RealtyTrac, a total of 7,116 foreclosure filings on 4,409 properties were reported in the Stockton metro area during the quarter, up more than 30 percent from the previous quarter. Sacramento and Oakland also showed up in the nation’s top 10 metro foreclosure rates. California cities accounted for seven of the top 25 metro foreclosure rates, while Florida and Ohio each accounted for five of the top 25 spots. "Increasing foreclosure activity was not limited to just a few hot spots," said James Saccacio, chief executive officer of RealtyTrac. "In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter."