Economy
A Bankrupt City, By The Numbers
Some of the factors that made Stockton the largest bankrupt city in American history.
Today, Stockton, California, announced that it will file for Chapter 9 bankruptcy protection. It's the largest city to go bankrupt in U.S. history. Many factors played into the economic downfall of this city of 292,000, including the boom and bust of the housing market, bad bets on bond sales, ballooning pensions and expensive downtown revitalization projects. These are the numbers that tell the story of Stockton's bankruptcy:
$119,500 – median home value in 2000
$431,000 – median home value in 2005
$117,000 – median home value in 2012