MILWAUKEE, WI, April 16, 2008 (foreclosureswi.com) – Wisconsin foreclosure filings continue at escalated levels, according to newly released data compiled by ForeclosuresWI.com, a leading provider of Wisconsin foreclosure resources and statistics.
Wisconsin foreclosures spiked 70% over the last three years (from 12,311 in 2005 to 20,995 in 2007), with the first three months of 2008 showing no sign of improvement. In fact, 2,069 homes entered foreclosure in March 2008, nearly 30% more than March 2007.
“These numbers are staggering,” said Robert Jansen, president of ForeclosuresWI.com. “We expect foreclosures to remain at escalated levels through 2008, with some experts not predicting a housing market recovery until at least 2010,” said Jansen.
Dane County leads Southeastern Wisconsin in year-over-year percentage increase, up 57.8% from the first three months of 2007. “In response to an overwhelming demand in Dane County, ForeclosuresWI.com recently expanded its full service to include Dane,” said Jansen. “As of April 1, we now offer detailed foreclosure listings for the entire County.”
Leading the state in the number of 2008 filings, Milwaukee County foreclosures are over 37% higher compared to the first three months of 2007 (1,644 vs.1,196).
Jansen sees several contributing factors driving these trends. “Consistent with the record number of mortgage defaults nationwide, a mix of adjustable rate mortgage resets, a soft 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 significant increases to many homeowners’ monthly mortgage payments. Furthermore, the deteriorating housing market and flood of foreclosures 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.”
“Amidst this situation, the U.S. government continues to struggle to agree on the proper course of action, although the legislative wheels are in motion. Proposed solutions include tax credits for people who purchase foreclosed properties and large tax breaks for homebuilders.”
“While foreclosures continue to spike in the midst of a soft 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 find 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 ForeclosuresWI.com learning center at www.foreclosureswi.com.
Best Regards,
Robert A. Jansen | President | robert.jansen@foreclosureswi.com |
ForeclosuresWI.com | Milwaukee, Wisconsin |
Wisconsin’s Source for Foreclosures
