Stockton, Calif., has one of the biggest foreclosure rates in the country, according to RealtyTrac. Art Godi, a longtime Realtor there and former president of the National Association of Realtors, talks with Michele Norris.
MICHELE NORRIS, host:
The mortgage meltdown has hit the Golden State with a wallop. California has one of the highest foreclosure rates in the country. Of the top 10 list of cities with the largest number of foreclosures, six are in California.
One of those towns is Stockton, about an hour and a half east of San Francisco. Just two years ago, the housing market was hot, fueled by homebuyers looking for affordable housing beyond the pricy San Francisco Bay market.
According to the housing data firm, RealtyTrac, Stockton now has the highest foreclosure rate in the country.
Art Godi is a longtime realtor in Stockton and a former president of the National Association of Realtors.