Stockton in Great Shape, Next Boom Right Around the Corner

From the Stockton Record:

Mortgage default notices are up across the country, and that's true here in San Joaquin County.

Real-estate brokers, financial experts and economists say the fallout has repercussions but won't rout the sales market or the economy.
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The market is showing signs of picking up, said David DiDio, mortgage broker and real-estate agent at Greene Dream Homes and Loans in Stockton. If buyers indeed are moving into the market, foreclosure homes could be bought up by fall.
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Gregory Paquin, president of the Gregory Group, a real-estate information and consulting service in Folsom, said he doesn't anticipate a housing-market bubble because regional employment numbers are strong enough.
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The overall impact on foreclosures won't slam the economy, which overall tends to continue to be employment-strong although growth is slowing. "This is the latest bout of housing hysteria for those desperate to have housing the center of an economic apocalypse," said Sean Snaith, director of University of Central Florida's Institute for Economic Competitiveness and consultant to UOP's Business Forecasting Center.

California's economy continues to fare well, though fast-rising prices indeed pushed many buyers in over their heads. Other areas of the country, such as parts of the economically troubled Midwest and South, will actually suffer deeper foreclosure pain because of employment woes.

Although late buyers could suffer, many buyers were able to build a lot of equity, that will prop up consumer spending and later buying in the housing market. The demographics trend in the Central Valley is bullish, and the economic growth outlook for the state is strong, Snaith said.

Take that you bubble-heads!