MILWAUKEE, WI, October 12, 2007 (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.
After rising 34% in 2006, another 14,733 Wisconsin homes entered the
foreclosure process in the first nine months of 2007, which on average
equates to 88 foreclosures filed every business day.
Wisconsin foreclosures climbed nearly 27% compared 2006, and filings for the
month of September 2007 were 30% higher than September 2006 (1,778 and
1,370, respectively). However, the month of September was nearly 14% lower
than August’s record high filings.
Nearly double the statewide average increase, Milwaukee County foreclosure
filings are 50% higher compared to 2006.
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 rising interest rates and a softening housing
market, along with the collapse of the subprime mortgage market, have forced
many more homeowners into foreclosure.
Increased interest rates, compounded by adjustable-rate and exotic/subprime
mortgages, have resulted 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. In addition, lenders have tightened lending standards in
the wake of the 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.
About ForeclosuresWI.com
ForeclosuresWI.com is a leading provider of foreclosure resources and
statistics. The Company collects and analyses foreclosure data for 71
Wisconsin counties and offers full property listings for Southeastern
Wisconsin.
Through its local research team, proprietary data collection methods, and
custom-designed online tools, the Company offers its members the most
current and detailed foreclosure information available in the marketplace.
ForeclosuresWI.com’s premium subscription service is utilized by real estate
investors, professionals and homebuyers to identify and evaluate foreclosed
properties.
In addition, ForeclosuresWI.com has developed a free online learning center,
designed with its diverse users in mind. Resources include a full real
estate glossary, foreclosure process diagrams, Wisconsin foreclosure law
references, sample legal documents, recommended reading, and industry
website links.
