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Stockton, California led the U.S. in foreclosures in the third quarter among the top 100 metropolitan areas with an astounding one filing for every 31 households, The Associated Press reported, citing data from RealtyTrac.

The real estate market in California's Central Valley is especially bad because there was a ton of new construction and speculative buying during the boom, according to the Stockton Record. Indeed, the City of Stockton said on its website that people bought homes "without sufficient consideration or understanding of their loan agreements and mortgage responsibilities."

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What Stockton, Calif. says about the troubled real estate market originally appeared on BloggingStocks on Wed, 14 Nov 2007 14:20:00 EST. Please see our terms for use of feeds.

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