by autonomous » Thu 02 Aug 2012, 17:12:36
Stockton CA is ranked as the most miserable city in the US in a survey by Forbes:
$this->bbcode_second_pass_quote('', 'L')ocated in the state's Central Valley, Stockton has been ravaged by the housing bust. Median home prices in the city tripled between 1998 and 2005, when they peaked at $431,000. Now they are back to where they started, as the median price is forecast to be $142,000 this year, according to research firm Economy.com, a decline of 67% from 2005. Foreclosure filings affected 6.9% of homes last year in the Stockton area, the seventh-highest rate in the nation, according to online foreclosure marketplace RealtyTrac.
Stockton's violent crime and unemployment rates also rank among the 10 worst in the country.
http://www.forbes.com/2011/02/02/stockton-miami-cleveland-business-washington-miserable-cities.htmlThe housing crash continues unabated in Stockton:
$this->bbcode_second_pass_quote('', 'I')n the first half of this year, the city had the highest foreclosure rate of any in the country, according to RealtyTrac, a company that collects foreclosure data. While it has come down a few points in recent months, for the last few years the unemployment rate hovered around 17 percent, nearly double the national average.
The hardships here are hardly limited to those already at the margins of poverty. The women’s shelter has seen more middle- and upper-middle-class battered women. “These days almost every person I see has been through foreclosure or their mortgages are seriously underwater,” said Timothy Miller, a psychologist who has served wealthier Stocktonians for 30 years. “People feel absolutely crushed by that pressure.”