special promotional section
ON THE
REBOUND
The new housing market in the Stockton
region is robust again
by Bill Sessa
N
o state fell as far during the 2008 housing crisis as California,
with six of the 10 hardest hit metro areas in the country, ac-
cording to RealtyTrac, a brokerage company that specializes
in foreclosures and bank-owned properties. And no part of Califor-
nia was hit harder than Stockton, which earned the dubious status
as having the most in the nation, with an estimated one of every 25
homes in default.
A dozen years later, sawdust is flying as Stockton is transform-
ing itself from the poster child of the Great Recession to one of the
country’s hottest housing markets. Zillow, a nationwide real estate
marketing firm, expects Stockton’s housing prices to increase by
almost 5 percent next year while new construction adds housing in
both infill and master-planned communities.
An estimated 32 homebuilders also are adding thousands of
new residences that are transforming neighboring cities, especially
as growth from the East Bay creeps over the Altamont Pass like a
stealthy fog. Builders are carving new master-planned communities
along the San Joaquin River that bring the casual atmosphere of the
Delta within commute distance of the Bay Area. “The Bay Area is
the job engine for the entire economy, and these cities are an under-
served market,” says Barry Grant, Northern California president of
Meritage Homes, which is building in Tracy, Lathrop and Manteca.
May 2020 | comstocksmag.com
91