Back in November, I was speculating that maybe Stockton, CA was starting to climb out of their foreclosure mess due to the increasing FHA originations. Let's take a look at what happened in the remainder of the year.
In November, I showed numbers through September where the monthly originations were continuing to rise each month. As you can see from the chart above, the numbers dipped in November following the elimination of Down Payment Assistance. However, the numbers rose again in December. So there continues to be positive signs of improvement. It will interesting to see what happens in the first quarter of 2009 for this distressed market.