2. No one will be allowed to sell their houses at this time
3.Then when the city pays their debtors off, everybody gets to move back into their house 4.Community service must begin the second week of moving back in
5.Once the streets and public buildings are clean and clear of debris from non-maintenance, then everybody must work for the city 1 year for with no compensation.
6.After all mandatory jobs are completed then the whole city has a barbecue on money borrowed from the Fed.
I Love this Town
Have Nice Weekend Everybody
If the city went through a Chapter 7 BK then, like any other Chapter 7, they'd have a clean slate and be able to start fresh. But this is in a perfect world. So many cities across the USA today that are facing BK are only willing to consider a Chapter 11 or 13 and not a 7. A 7 is a clean sweep. All your debt is forgiven except for some taxes which will always have to be paid no matter what, and then you start over with a relatively clean slate.
However, in an 11 or 13 for all intent and purpose it's just a re-organization attempt. Or at best just a way to keep the wolves temporarily away from the door. The real issues to be negotiated into 11's and 13's for the most part are the rediculous entitlement programs that they can't and will never be able to live up to because there's more money that needs to be paid out than is coming in and that's just to pay for entitlements and not on running the city's day to day biz. (Let's use Cypress as an extreme example).
There's an ole age adage in the basic law of economics. "When the OUTFLOW exceeds the INFLOW. The UPKEEP becomes the DOWNFALL. In otherwords it's like a giant multi-level marketing scam. The basic rules are based on geometrical or exponential progression.
Once you've saturated a given market in any business (city budget in this case) then you're dealing with the law of diminishing returns whence you have far less revenue sources able to keep feeding the kitty and voila............the bubble bursts.
Unless Stockton comes to terms with this reality then, like so many other Cities, States and Nations Worldwide they'll just be kicking the can down the road. Now all that stated if there are other factors driving the engine in Stocton i.e ag, energy, technology, etc. you may not necessarily need to rely totally on the city's ability to perform.
But real estate overall is good in most areas and now is the time to buy. With prices still relatively below market values and interest rates at an all time low it's certainly no time to be sitting on the fence.
Even when prices are heading downward, it's still a decent time to buy, but ONLY if it's a smart buy and depends on why you're buying it. Is it going to be your home for 15-30 yrs? Is it going to be a rental property? It depends on why you're buying as to whether or not you should buy at any given time.
Mr. Tseng is in New Jersey (supposedly) and is on Trulia Q&A a LOT! I believe he has NO clue as to what our local real estate market is like here.
Prices are very low, but are currently on the rise. Interest rates are at their lowest, and are more likely going up in the future than down. Why wouldn't it be a good time to buy???
If you're looking to buy a home right now to live in with your family for 8-10 yrs, or longer, then it's a GREAT time to buy right now, no matter what anybody in NJ says.
Houses in stockton are appreciating. Weston Ranch (and rest of 95206) appreciated 23.4% in last 12 months. Current cheapest house in W.R. is $133K.
So the decision to buy in WR is really dependent upon price and age of house you want. Most houses are less than 15 years of age. W.R. children are in Manteca school district, not Stockton, so schools are better generally.
YES, it's a GREAT time to buy in Stockton right now. As Ector stated, your dollars will definitely go a long way in Weston Ranch.
There are two MAJOR commercial projects planned for the Central Valley that will bring hundreds of jobs to the area. This also means it will bring hundreds of potential home buyers and renters to the area as well.
What does that mean? It means increased home prices & rents. So should you buy NOW or wait for home prices and interest rates to increase?
I think you know the answer to that. ;-)
Yes, it's a good time to buy a property in Stockton regardless of the fact that the City of Stockton
has filed bankruptcy and as of this time has been approved by the courts to move forward and
either restructure or settle with it's credtors. Don't get caught up on just the bankruptcy pay attention
to other important factors such as the emloyment forecasts for Stockton and San Joaquin County.
Particularly all the new state jobs and new industries that will be moving into the Stockton area
and of course the demand for affordable housing as you know with the price and cost of housing
rising in the Bay Area it will be only a matter of time when once again some families pursuing the
American dream of homeownership will look to Stockton and the Central Valley once more for
affordable housing especially if rents continue to go up in the Bay Area.
At this time homes in Stockton are affordable and interest rates are low however current
inventory is short and demand is high.
If you have any questions or would like to get more infromation feel free to contact me
Al Espinor Jr. (209) 351-3180 or firstname.lastname@example.org.
Thank You and Good Luck!
If you have any questions or concerns, feel free to give me a call.