Foreclosure rates remain high

MILWAUKEE, WI, June 11, 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 added another 1,949 foreclosures to the tally in May, bringing year-to-date foreclosures up to 10,644 and over 38% higher than the first five months of 2007.   

“Wisconsin foreclosures have been building up to the current levels for the past three years,” said Robert Jansen, president of ForeclosuresWI.com.  Foreclosures have more than doubled from 2005 to 2008, with Southeastern Wisconsin experiencing a 115% YTD increase over the past three years. 


County  2005 May YTD foreclosures       2008 May YTD foreclosures      
Change 
% Change       
Dane    166     543     377     + 227% 
Kenosha 203     424     221     + 109% 
Milwaukee       995     2,709   1,714   + 172% 
Ozaukee 38      84      46      + 121% 
Racine  216     426     210      + 97% 
Sheboygan       84      166     82       + 98% 
Walworth        118     218     100      + 85% 
Washington      78      182     104     + 133% 
Waukesha        197     424     227     + 115% 
     SE WI Total        2,095   5,176   3,081   + 115% 
Source:  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 Robert Jansen, president of ForeclosuresWI.com. 

Dane County leads Southeastern Wisconsin in year-over-year percentage increase, up 68.6% from the first five months of 2007.

Leading the state in the number of 2008 filings, Milwaukee County foreclosures are over 40% higher compared to the first five months of 2007 (2,709 vs. 1,932).

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.  Furthermore, traditional causes of foreclosure, such as rising unemployment, are also feeding the fire.”

“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.” 

“While record foreclosure levels continue, these properties 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.