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Stockton California

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Ramon A. Olivarez

Thread Starter
Junior Member
Joined
Jan 24, 2003
Professional Status
Certified General Appraiser
State
Texas
Well, here I am in Stockton. Been in California since last Wed. Bro in Law says the real estate economy is bad here. What can you California appraisers tell me about the state's economy? :) Just looking for some news.

Thanks!
 

icisic7

Senior Member
Joined
Jul 10, 2005
Professional Status
Licensed Appraiser
State
California
In a word - tanking. BTW, I believe Stockton has one of the highest (if not the highest) foreclosure rates in the state.

Edited to add: The governator has cut education funding by 10%, so schools across the state are having to lay off teachers (my daughter being one). Never mind the fact that there are mandates in place for maximum class size.
 

AL LLANOS

Junior Member
Joined
Apr 28, 2006
Professional Status
Licensed Appraiser
State
California
Cindy pretty much summed it up. I don't know the Stockton market, but the news has reported dismal conditions.
 

Sid Pachter

Sophomore Member
Joined
Feb 26, 2008
Professional Status
Banking/Mortgage Industry
State
Florida
Stockton ranks third in the US for foreclosure activity, measuring all of 2007 comapred to 2006. The increae in foreclosures was 271%, 22,184 filings compared to 10,608 in 2006.

For Nov. 2007 there were 215 residential sales transactions, the median sales price was $277,000 compared to $355,000 in Nov. 2006, a 21.97% decline.

For Dec. 2007 there were 235 residential sales transactions, the median sales price was $260,000 compared to $376,300 in Dec. 2006, a 30.9% decline.

For Jan. 2008 there were 187 residential sales transactions, the median sales price was $225,000, compared to $340,000 in Jan. 2007, a 33.8% decline. Notice the the declines in median values comparing Nov. 2007-Jan. 2008. REO sales will be driving proeprty values in the foreseeable future.
 

Ramon A. Olivarez

Thread Starter
Junior Member
Joined
Jan 24, 2003
Professional Status
Certified General Appraiser
State
Texas
Thanks for your info guys! Shared it with my bro in law...man..what a market to appraise in.
 

Jim Mallon

Member
Joined
Dec 9, 2004
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
California
Stockton was the scene of that 60 Minutes report a few weeks back. I believe it was called "Mortgage Meltdown." Some pretty sobering stuff. You can go online to watch it.
 

MARK JOLLIFF

Member
Joined
Oct 23, 2003
Professional Status
Licensed Appraiser
State
California
In a word - tanking. BTW, I believe Stockton has one of the highest (if not the highest) foreclosure rates in the state.

Edited to add: The governator has cut education funding by 10%, so schools across the state are having to lay off teachers (my daughter being one). Never mind the fact that there are mandates in place for maximum class size.
East County? Contra Costa?
 
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