California has 6 of 10 Cities that cannot recover

Russ Steele

Wall Street 24/7 has listed Ten Towns that cannot turn around and 6 of the 10 are in California. Only Las Vegas- Paradise Nevada interrupts the California top five clean sweep.  The full list can be found HERE.

1. Merced, Calif.

  • > Decline in home prices (peak to Q1, 2012): -69.7%
  • > Unemployment rate: 17.8% (4th highest)
  • > Median home price: $110,000 (32nd lowest)
  • > Foreclosure rate: 1 in 90.3 housing units (8th highest)

2. Modesto, Calif.

  • > Decline in home prices (peak to Q1, 2012): -64%
  • > Unemployment rate: 15.7% (9th highest)
  • > Median home price: $139,000 (83rd lowest)
  • > Foreclosure rate: 1 in 68.7 housing units (3rd highest)

3. Stockton, Calif.

  • > Decline in home prices (peak to Q1, 2012): -62.8%
  • > Unemployment rate: 15.0% (12th highest)
  • > Median home price: $170,000 (76th highest)
  • > Foreclosure rate: 1 in 66.2 housing units (the highest)

4. Las Vegas-Paradise, Nev.

  • > Decline in home prices (peak to Q1, 2012): -61.6%
  • > Unemployment rate: 11.7% (32nd highest)
  • > Median home price: $137,000 (79th lowest)
  • > Foreclosure rate: 1 in 95.9 housing units (11th highest)

5. Vallejo-Fairfield, Calif.

  • > Decline in home prices (peak to Q1, 2012): -60.1%
  • > Unemployment rate: 10.2% (56th highest)
  • > Median home price: $200,000 (47th highest)
  • > Foreclosure rate: 1 in 71.4 housing units (4th highest)

6. Bakersfield-Delano, Calif.

  • > Decline in home prices (peak to Q1, 2012): -58.3%
  • > Unemployment rate: 13.9% (18th highest)
  • > Median home price: $121,000 (46th lowest)
  • > Foreclosure rate: 1 in 79.5 housing units (6th highest)

7. Riverside-San Bernardino-Ontario, Calif.

  • > Decline in home prices (peak to Q1, 2012): -56.3%
  • > Unemployment rate: 12.2% (27th highest)
  • > Median home price: $180,000 (65th highest)
  • > Foreclosure rate: 1 in 68.3 housing units (2nd highest)

California has led the nation out of past recessions. It does not appear the State’s economy  will be up to the task this time. The real question is what will happen to California, if the state is no longer a economic leader, what will  be California’s role in the future?   California’s economic world standing has dropped to 8th place, now behind Brazil,  and will most like continue to decline as self imposed tax polices and environmental regulator squeeze business and stifle innovation. We are on a downward spiral with no exit.

Advertisements

About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

One Response to California has 6 of 10 Cities that cannot recover

  1. Arthur M. Day. says:

    Sir: The state is in a death spiral, you are not. Time to join the sane drain?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: