WisBusiness.com
Wisconsin foreclosure filings reached record highs in January, according to newly released data compiled by ForeclosuresWI.com, a leading provider of Wisconsin foreclosure resources and statistics.
Badger State foreclosures have jumped 70 percent over the last three years (from 12,311 in 2005 to 20,995 in 2007), with January showing no sign of improvement, said ForeclosuresWI.com president Robert Jansen.
He said January brought the highest monthly foreclosure tally yet, with a record 2,443 Wisconsin homes entering foreclosure, nearly 45 percent more than January 2007.
“These numbers are staggering,” he said.
“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 January filings, Milwaukee County foreclosures are over 50 percent higher compared to January 2007 (616 vs.410).
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,” he said.
“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,” said 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 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.”
