MILWAUKEE, WI, March 5, 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 two months of 2008 showing no sign of improvement. In fact, 2,080 homes entered foreclosure in February 2008, over 34% more than February 2007.
“These numbers are staggering,” said Robert Jansen, president of ForeclosuresWI.com. “We expect foreclosures to remain at escalated levels well into 2008, with some experts not predicting a housing market recovery until 2010.” said Jansen.
Leading the state in the number of February filings, Milwaukee County foreclosures are over 33% higher compared to February 2007 (525 vs.393).
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 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. Amidst this situation, the U.S. government continues to struggle to agree on the proper course of action.”
“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 ForeclosuresWI.com learning center at www.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.