Foreclosure epic center starts on road to recovery helped by Real Estate Investors, first time homebuyers
Real Estate Investment Property - Foreclosureville Stockton
Stockton, California was the epic center of the real estate crisis with one of the worst foreclosure rates in the country. At its peak, 1 out of every 10 houses was in foreclosure. Houses that had sold for $500,000 are now selling for $200,000. Some houses requiring major fix ups had a price tag of $20,000 similar to prices in some neighborhoods in Detroit.
This once booming city fell off the economic cliff. Many neighborhoods with large number of properties in foreclosure looked desolated with lawns over run with weeds. The tax revenue for the city has dropped leading to cuts in city services and jobs. Unemployment is at about 16%. Many economists believe that it will take years for the city to recover from the real estate crisis.
However, in 2010 the city has become very attractive to real estate investors who are buying these properties to resell. Some bargain hunting real estate investors are picking up properties to add to their landlording portfolio and renting them out to tenants. The other groups of buyers are first time homebuyers and they are living their dream homeownership as properties have become affordable.
Read how bargains are being picked by CLICKING HERE
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