Stockton ranks first in national foreclosure list

As Bay Area home sales stall, a new study says Stockton and Contra Costa County are leading the nation in foreclosures.

With one in 27 households foreclosing on a property, Stockton holds the regrettable title of foreclosure capital of the nation, according to a study released by RealtyTrac, an online service that tracks foreclosure sales.

The Bay Area isn’t far behind. In July, Contra Costa County ranked fifth in the U.S., with one in 166 households forced to foreclose. Alameda County ranked 14th and Sonoma County came in 21st. Napa County ranked 25th and Santa Clara ranked 27th.

San Francisco, San Mateo and Marin counties fared best in the Bay Area, coming in 51st, 41st, and 47th, respectively.

RealtyTrac spokesman Daren Blomquist said foreclosures are common in areas where people may have stretched themselves financially to take advantage of the hot real estate market of the last five years.

“They were on a very thin margin and anything affecting their monthly payment could push them into foreclosure very easily,” he said.

In August, local homes sold at the slowest pace in 15 years, according to a real estate information service.

A total of 7,299 new and resale houses and condos were sold in the nine-county Bay Area in August, analysts at DataQuick Information Services said Wednesday. That’s down 1.7 percent from 7,423 in July and down 24.9 percent from 9,713 a year ago.

Home sales have steadily decreased during the last 31 months, according to DataQuick. Sales last month were the lowest for the month of August since 1992.

DataQuick President Marshall Prentice said expensive Bay Area homes are often financed with jumbo mortgages.

Recent turbulence in the mortgage market has made securing that type of financing more difficult, which may account for sluggish sales.

The median price paid for a Bay Area home in August was $655,000 — down 1.5 percent from the June and July high of $665,000, but up 4 percent from a year ago. Prices were down in Solano, Sonoma and Napa counties and flat or up in other counties, according to DataQuick.

tbarak@examiner.com

Bay Area NewsLocal

Just Posted

Pharmacist Hank Chen is known for providing personalized service at Charlie’s Pharmacy in the Fillmore.<ins> (Kevin N. Hume/The Examiner)</ins>
Left: A Walgreens at 300 Gough St. is among San Francisco stores closing.
Walgreens closures open the door for San Francisco’s neighborhood pharmacies

‘I think you’ll see more independents start to pop up’

San Franciscans are likely to have the opportunity to vote in four different elections in 2022. (Kevin N. Hume/S.F. Examiner)
Electionpalooza: SF school board recall will kick off a flurry of local races

‘It’s going to be a lot of elections and a lot of decisions for voters to make’

Four young politicos were elected to city government on the Peninsula in 2020. From left: Redwood City Councilmember Michael Smith; South San Francisco Councilmember James Coleman; Redwood City Councilmember Lissette Espinoza-Garnica; and East Palo Alto Councilmember Antonio Lopez.<ins> (Examiner illustration/Courtesy photos)</ins>
Progressive politicians rise to power on the Peninsula. Will redistricting reverse the trend?

‘There’s this wave of young people really trying to shake things up’

The fate of San Francisco nicotine giant Juul remains to be seen, as the U.S. Food and Drug Administration is reviewing whether to allow certain flavored vape products on the market. <ins>(Jeenah Moon/New York Times)</ins>
How the vape king of teen nicotine addiction rose and fell in San Francisco

‘Hey, Juul, don’t let the door hit you on the way out’

Most Read