"Stockton is a city of 280,000 people in the Central Valley; 80 miles east of San Francisco and 80 miles north of San Jose. In many ways, this is ground zero for the current financial crisis and a microcosm of everything that went wrong.
A few years ago, it was one of the hottest real estate markets in the country; today it is the foreclosure capital of America.
Real estate agent Kevin Moran represents 102 properties and says all of them are in foreclosure.
Moran gave Kroft a tour of the wreckage in one subdivision called "Weston Ranch," with block after block of vacant and abandoned houses.
"If you see a 'for sale' sign in this neighborhood, that probably is a sign of distress, right?" Kroft asks"
To read the rest of the segment and/or to see the video....60 Minutes
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