"Stockton median prices, says O'Toole, have dropped even further relative to income. 'At this point, I don't think you'll see more price declines in Stockton.'"
Hopefully Stockton doesn't have any of the next generation of home mortgages that are going to start blowing up over the next few years. According to this report, we're only half way through this housing mess.
Let me say again that we must be ruthless about keeping people in their homes. Why not a 1% per year cap on the increase on notes for primary homes? Why isn't this plan already in progress? Even though the financial professionals should have known better we bailed them out. Now, they continue to throw people out.
Unacceptable.
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