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Stockton California "Foreclosure Capital of the World" MSNBC report

Last Modified: 04/13/16
First Published: 09/25/07
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Comments: 0 Views: 1526

Jane Wells, reporter for MSNBC, just concluded a piece on the number of foreclosures in Stockton, California. One of every 38 homes in Stockton California is in foreclosure.

Some of the Banks holding the mortgages are actually paying up to $3000 to have the families leave of their own accord. It is quite simply easier  and cheaper for the Banks to pay the families rather than have those families go through the eviction process.  

What is not taken into account is the impact all of these actions have on the remaining home owners. Values of other homes in the Stockton, California are falling, creating negative value for those families still paying mortgages. The point here is families paying mortgages will not be able to realize a fair price if they were required to move (sell).

Moreover, the assessments on probably every home in Stockon, California should be less than the current number.  This will have a ripple affect on tax revenue in the years to come. Tax grievances ought to be a common practice if other home owners are saavy.

Lower Assessments mean lower tax revenues means fewer services provided by local Governments. Schools will be impacted if they have not already felt the pinch. Fewer students means fewer teachers and so on and so on. 

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