With each day it seems there's another story detailing the impact of a housing market run amok. Today's focuses on Stockton, the county seat.
Evidently, the city's debt rating has been lowered, which means
Moodys, the financial house known for its professional ratings and money management, said “The downgrades reflect the city’s deteriorated financial position, which is not expected to improve in the near term."
Just another example of how relying on boom-and-bust businesses, like Stockton did with the housing market, is a sure bet for trouble.