The housing crisis in the Central Valley of California continues as Modesto foreclosure rates for the 1st half of 2012 is second highest in the U.S. (RealityTrac).
However, it was another Central Valley city that had the honor of having the highest foreclosure rates in America. That city is Stockton, which was also the biggest city in U.S. to file for bankruptcy protection. Stockton had 2.66% of its housing unit in foreclosure, while Modesto had 2.61%. Merced was listed fifth on the list with 2.15%.
The high numbers could be attributed to the sagging economy. Modesto, Stockton and Merced also have one of the highest unemployment rates in the U.S. which contributed to its rankings. Experts are predicting that the numbers should stay the same for the rest of the 2012 calendar year.