The question that comes to mind is - Does bankruptcy to the city usually follow suit to the something as serious as what the city homeowners have experienced?  Stockton as most of you know, held the title of "ground zero" for the longest period of time due to the foreclosure crisis.  Som many homeowners lost their homes due to various hardships, thus making Stockton one of the hardest hit cities in the nation.  At one point, it was the hardest hit in many ways.

Rosemary Brooks

Via Tom Arstingstall - Dry Rot, Water Damage General Contractor in Sacramento (Dry Rot and Water Damage www.tromlerconstruction.com ):

 

City of Stockton, CA on the Brink of Bankruptcy

 

While other cities have gone into bankruptcy, Stockton may be the largest to date. It has been a something that has been a growing concern; the city budget is far from being balanced. Many factors have pushed the city into this situation: drop in home values, unemployment, and a multi-year labor contract have all played a part in the city’s troubles.

The drop in home values decreased taxes and fees to the city. Stockton’s unemployment rate is the second worst in the nation and is struggling to make improvements. The labor contract that was recently negotiated is putting a burden in the current economy; there just aren’t funds for the labor agreement.

A few years ago, Vallejo filed for bankruptcy. Vallejo has since made many positive changes and is looking to get out of the bankruptcy courts. So maybe there is hope for Stockton. Sure things will be bad for a while; bonds will be expensive, major cuts will be made, and creditors will take a big hit. City Council will be making some important choices in the next few days, they will be well informed and make the best options for the city of Stockton.

 


 


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916-765-5366
 Water Damage Repair in Sacramento Dry Rot Repair Contractor in Sacramento

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Rosemary Brooks-The Mother & Daughter Realty Team

Rosemary Brooks

Stockton, CA

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BMC Real Estate - the Mother and Daughter Realty Team. A Realtist, CDPE, FAS. We take the extra steps to ensure our clients receive the utmost care! Call 209-910-3706 We represent home buyers and sellers as their exclusive agents in the Central Valley, Bay Area and nearby counties. Your Real Estate Professionals. ~~~~~~~~~~~~~~~~~
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