San Francisco Foreclosure Rates Drop
According to the WSJ, California's inland areas and the wealthier Bay Area, San Francisco and San Jose areas were 70th and 71st, respectively, in a ranking of the highest foreclosure rates among the 100 biggest metropolitan areas in the nation, according to the Urban Institute, a nonprofit research group. In both San Francisco and San Jose, the foreclosure rate was 3.5% in March. By comparison, cities such as Stockton and Bakersfield had some of the highest foreclosure levels, with rates of above 6%, following the collapse of the inland construction boom and the high unemployment that followed there. "The Central Valley and the coastal areas are very different creatures," says Tom Kingsley, the study's principal author.
read the short article here