Wednesday, May 13, 2009

We are #8!

I'll follow my own advice for Valley congressional reps., and redirect my attention from water to housing. The latest ranking of foreclosure rates, shows Stockton has slid from #1 to #8. That helps with image a little bit, but doesn't mean the problem has gone away.

The 5 Valley Congressman between Stockton and Bakersfield may find a little more help from their colleagues in Washington on housing than water. They could band with a larger group from places like Riverside and Vegas, and try to steer the foreclosure relief towards something that will work better in places that have seen the biggest real estate price declines. That means principal reduction (see previous posts on housing for more).

Among large cities, Las Vegas led the way with one in every 56 households receiving a filing. That was a slightly higher rate than the southwest Florida metro area of Cape Coral-Fort Myers, which saw one in 57 housing units receive a filing.
Cities in California took the next six spots: Merced, Modesto, Riverside-San Bernardino, Bakersfield, Vallejo-Fairfield and Stockton. The Florida cities of Miami and Orlando were ninth and 10th, respectively.

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