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 19,122 Wisconsin homes entered the
foreclosure process in the first eleven months of 2007, which on average
equates to 89 foreclosures filed every business day.
Wisconsin foreclosures climbed nearly 29% compared 2006, and filings for the
month of November 2007 were 31.4% higher than November 2006 (2,109 and
1,605, respectively).
Leading the state in the number of filings, Milwaukee County foreclosures
are over 50% higher compared to the first eleven months of 2006 (5,142 vs.
3,365, respectively).
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, 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 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 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 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.
For more information, visit www.ForeclosuresWI.com or contact Robert A.
Jansen at robert.jansen@foreclosureswi.com.
