MILWAUKEE, WI, November 6, 2007 (foreclosureswi.com) – Wisconsin foreclosure
filings reached record highs in October according to newly released data
compiled by ForeclosuresWI.com, a leading provider of Wisconsin foreclosure
resources and statistics.
After rising 34% in 2006, another 17,013 Wisconsin homes entered the
foreclosure process in the first ten months of 2007, which on average
equates to 88 foreclosures filed every business day.
Wisconsin foreclosures climbed over 28% compared 2006, and filings for the
month of October 2007 were 38% higher than October 2006 (2,280 and 1,657,
respectively).
Leading the state in the number of filings, Milwaukee County foreclosures
are over 50% higher compared to the first ten months of 2006 (4,508 vs.
2,952).
Robert Jansen, president of ForeclosuresWI.com, sees several contributing
factors driving these trends. Consistent with the record number of mortgage
defaults nationwide, a mix of adjustable rate mortgage resets, and a
softening housing market, and the collapse of the subprime mortgage market,
have forced many more homeowners into foreclosure.
Adjustable-rate and exotic/subprime mortgage rate resets continue to result
in staggering increases to many homeowners’ monthly mortgage payments.
Furthermore, the cooling of the housing market and overall increase in the
number of homes on the market has made it more difficult for those facing
financial trouble to quickly sell their home to avoid foreclosure.
Compounding the issue, many lenders have tightened lending standards in the
wake of subprime mortgage crisis and skyrocketing mortgage defaults, which
eliminates many refinancing options for those in trouble.
“While foreclosures continue to spike in the midst of a cool housing market,
foreclosures mean opportunity for many.” says Jansen, whose company also
provides foreclosure listings to homebuyers, investors, and real estate
professionals. Our subscriber base is also growing to new highs each month,
and is comprised of a diverse group of people aggressively working to
capitalize on win/win opportunities in this unique market. Our subscribers,
Jansen continued, often work directly with foreclosure victims, helping them
save equity and avoid further damage to their credit by selling their
property before it goes to auction.”
For more information and foreclosure resources, visit the ForeclosureWI.com
learning center at www.foreclosureswi.com.
