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Stockton Foreclosed Homes for Sale Affecting Business



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By : John Cutts    99 or more times read
Stockton foreclosed homes for sale are still affecting business environment in the area despite the declining pace of foreclosures.

According to a survey conducted by the Dow Jones web site Marketwatch, the Stockton metro area is in the bottom of a list of 101 U.S. cities with the best business climate and highest level of economic strength.

Stockton ranked 98th in a survey of metro areas with over 500,000 residents. It however ranked high in gross domestic product and population growth. Two other cities in San Joaquin ranked low in the survey: Bakersfield, which ranked 93rd, and Fresno, which ranked 100th.

Stockton also ranked low based on job creation. The jobless rate in San Joaquin hit 16.9 percent in November, the highest level it reached since 1990 when the California Department of Employment Development began monitoring and recording county jobless rates.

According to MarketWatch analysts, the three San Joaquin cities ranked low in the survey because of housing market problems and property flipping activities in the cities.

Analysts added that Stockton has been struggling for the past few years because of the housing downturn. It built a lot of housing for people moving from costlier cities like San Francisco, so it suffered a lot when the housing sector collapsed.

With record numbers of Stockton foreclosed homes for sale, the metro area became the center of attention during the first wave of foreclosures. In November, despite a slowing foreclosure pace, Stockton was still second in a ranking of metro area foreclosure activity, behind Merced, which is another struggling metro area in California.

Earlier this year, Stockton was identified by Forbes.com as the most miserable city in the U.S. among cities with 378,000 residents or more. In Forbes.com’s study, Stockton was among the seven lowest-raking cities in terms of commute times, unemployment, income tax rates and violent crime – four of the nine factors used by Forbes to measure economic misery.

According to Forbes.com, only residents of New York City pay higher income tax rates than residents of Stockton and other cities of California.

The best cities for business in the MarketWatch survey were Des Moines in Iowa, Washington, D.C., the Twin Cities and Omaha in Nebraska. Des Moines was cited for its very low jobless rate and the strong performance of its financial sector.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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