Stockton at the center of housing crash

City of debt shows US housing woe

The city of Stockton in California is at the centre of the mortgage crisis now sweeping America.

Because, with house prices tumbling, more people in Stockton face the repossession of their homes than anywhere else in the US.

But Stockton is also a place where you can really get a feel for the staggering amounts of money banks loaned during the boom - with few or no questions asked.

The most illuminating article I've read about this crisis has been written by the BBC (that's why center is spelled centre).