MILWAUKEE, WI, August 14, 2007 (foreclosureswi.com) — Newly released data compiled by ForeclosuresWI.com, a leading provider of Wisconsin foreclosure resources and statistics, suggests that Wisconsin foreclosures remain at escalated levels.
After rising 34% in 2006, Wisconsin as a whole had 10,891 foreclosure filings in the first seven months of 2007, which on average, equates to nearly 74 foreclosures filed every business day.
Wisconsin foreclosure filings in the first seven months of 2007 were up nearly 25% compared to the first half of 2006, and filings for the month of July 2007 filings were up over 8% from June.
More than double the statewide average increase, Milwaukee County foreclosure filings are nearly 50% higher compared to the first seven months of 2006.
While 85% of Wisconsin counties had more foreclosure filings in the first seven months of 2007 than 2006, 1% had the same amount of filings, and 14% had fewer filings.
Robert Jansen, President of ForeclosuresWI.com, continues to see several contributing factors driving the increased foreclosure filings. Consistent with the growing 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 are now tightening their lending standards in the wake of the skyrocketing mortgage defaults nationwide. This eliminates many refinancing options for those in trouble.
Jansen, whose company also provides foreclosure listings to homebuyers, investors, and real estate professionals, says “The foreclosure business is booming!” “We’ve seen our subscriber base more than double over the first half of the year, as many more people recognize the win/win opportunity foreclosures offer.” Homebuyers and investors are able to purchase a foreclosed property below market value, while also helping the homeowner save equity and avoid further damage to their credit by selling their property before it goes to auction. Realtors are able to identify and contact homeowners in danger of foreclosure to help them sell their home quickly.
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.
