US housing recovery still uneven
Stockton, Calif. led the nation with the highest foreclosure rate. One out of every 30 homes in Stockton is in foreclosure, close to seven times the national average for a metro area in the U.S.
Anjli Raval is a London-based correspondent for the Financial Times, but she recently took a trip through the U.S. to analyze home prices.
Her first stop was South Sacramento in Northern California, where she noticed home prices still stagnated:
These areas of California’s capital had some of the highest foreclosure rates in the US after the housing bust that wiped out $7tn of homeowner equity in the wake of the financial crisis. Since then, Sacramento has seen a rebound, at least on paper. But there are clear signs that it – and many other cities – are stuck in a multiyear housing hangover that has serious implications for economic recovery.
The standard playbook for an economic recovery often relies on a housing market rebound. But in the U.S., that rebound continues to stop and start depending on where you live.
Click play above to listen to Anjli Raval's interview, or read her story at FT