Wisconsin mortgage 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 have spiked 70 percent over the last three years (from 12,311 in 2005 to 20,995 in 2007), and the first four months of 2008 are showing no signs of improvement.
The number of Wisconsin foreclosures in April 2008 grew to 2,103 homes, up more than 40 percent from the total in April 2007.
"We expect foreclosures to remain at escalated levels through 2008, with some experts not predicting a housing market recovery until at least 2010," said Robert Jansen, president of ForeclosuresWI.com.
Milwaukee County has the most foreclosures in the state in April, up 42 percent from a year ago.
Jansen sees several factors driving the skyrocketing foreclosure rates.
"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," Jansen said. "Adjustable-rate and exotic/subprime mortgage rate resets continue to result in significant increases to many homeowners' monthly mortgage payments. Furthermore, the deteriorating housing market and flood of foreclosures 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."

With Gov. Jim Doyle's expected signature, Wisconsin will soon become the fifth state to sign the Great Lakes Water Compact.
The compact was approved by a 96-1 vote in the Wisconsin Assembly and a 32-1 vote in the Senate. The sole legislators to vote against the compact were Rep. Sheryl Albers (R-Reedsburg) and Sen. Mary Lazich (R-New Berlin).
Under the terms of the compact, diverting water from the Great Lakes basin generally would be banned. Cities that straddle the basin's border, such as New Berlin, or lie within counties that straddle the basin's border, such as Waukesha, could apply for exemptions.
The compact also creates new guidelines for municipalities in the basin to withdraw water and encourages water conservation.
Waukesha Mayor Larry Nelson praised the compact because it will create clear guidelines for withdrawals from the Great Lakes.
"Our current use of the deep aquifer is unsustainable. Years of overpumping by all of southeastern Wisconsin, including Milwaukee, and the geological limits on the water recharge mean we must find a new water supply. We have pulled up groundwater with contaminants so high that it is essentially salt water. We have pumped water with temperatures as high as 98 degrees," Nelson said.
However, a vote by any of the governors in the compact against a diversion would block it.
All eight Great Lakes states must approve the compact and Congress must ratify it before it will take effect. Illinois, Indiana, Minnesota and New York have ratified the compact. Michigan, Ohio and Pennsylvania have not yet approved the agreement.

The U.S. House of Representatives approved a new Farm Bill Wednesday with enough votes to override a threatened presidential veto, even though the majority of the Wisconsin delegation voted against the proposal.
The five-year, $300 billion bill was passed with the help of 100 Republicans. The 318-106 vote sent the bill to the Senate.
Republican Paul Ryan of Janesville and Democrat Ron Kind of La Crosse led the opposition to the bill because it would not end subsidies to wealthy growers. They were joined in dissent by Fond du Lac Republican Tom Petri, Menomonee Falls Republican F. James Sensenbrenner and Milwaukee Democrat Gwen Moore.
"The conferees have squandered yet another opportunity for meaningful reform," Ryan said. "The farm bill should be focused on providing a safety net for family farmers in times of need, yet Congress has instead opted to subsidize the wealthy at a time when food prices are surging. Our agricultural policies are in desperate need of commonsense reform and this bill fails to deliver."
"This bill was well designed to avoid every opportunity for serious reform of wasteful, outdated subsidy programs while actually piling on additional layers of unnecessary spending," Kind said. "Commodity prices are through the roof and yet we are still funneling billions of dollars to farm households making up to $2.5 million a year in profit. I challenge any member of Congress to justify these outrageous payments to their constituents who are right now struggling with the highest food and fuel costs ever. My colleagues and the president should reject these sham reforms, and demand a farm bill that helps only the family farmers who need it, and is worth the confidence of the American taxpayer."
Democrats Tammy Baldwin of Madison, Steve Kagen of Appleton and David Obey of Wausau voted for the bill.
Supporters of the bill, which includes farm, nutrition, conservation and agriculture-based energy programs, said the proposal balances the needs of consumers, farmers and ranchers.
For additional coverage, visit WisPolitics.com, a media partner of Small Business Times.

Relocate-America.com, a source of community information and real-estate resources for people who are relocating, says Stevens Point and Appleton are among the "100 Top Places to Live" in the United States.
The site's editorial team takes into account an area's growth, its educational and employment opportunities, crime rates and housing options. Environmental highlights also play a role, with a city gaining points for good air and water quality or the strength of its recycling efforts.
Stevens Point ranked sixth on the list.
"Conveniently located in the center of the state, the Stevens Point area has something for everyone! Nestled among an abundance of green space and waterways, enjoy our cross country ski trails, numerous hiking and biking trails or a game of golf. Visit quaint shops in our downtown historic district, explore museums and art galleries and take in a special event and tour … Stevens Point is a family friendly city, and one that plans on keeping families happy, no matter the age of the person! Come and see why Stevens Point has become such a melting pot for cultures, right in the heart of the Midwest," the site stated.
Regarding Appleton, the site said, "No matter what your housing wants and needs are, you are sure to find them fulfilled here."
Charlotte, N.C., ranked as the best place to live in the country, according to the study. This marks the 11th year of the study.

As it prepares to merge its U.S. operations with Molson Coors Brewing Co. later this year, SABMiller plc, the London-based parent company of Miller Brewing, will have a clean balance sheet.
SABMiller today reported that its sales over the past 12 months grew to $21.4 billion, up 15 percent from the previous year.
The company's group lager volumes up grew 11 percent.
In the United States, Miller continued to migrate its portfolio to higher margin and higher growth segments with the launch of Miller Chill, a "chelada-style" light beer brewed with lime and salt.
Miller Chill posted one of the most successful brand launches in the company's history, selling almost half a million barrels in its first year, contributing to a 49-percent increase in Miller's "worthmore" portfolio, which includes Sparks, Peroni and Leinenkugel's, all of which grew at double-digit rates.
Miller's overall U.S. domestic sales to retailers for the year were up 0.7 percent on an organic basis, with sales of the company's flagship brand, Miller Lite, up 1.1 percent.
To capture the continuing consumer preference for light beers, Miller has test-marketed new light beers, Miller Genuine Draft 64 and the Miller Lite Brewer's Collection, which will be rolled out nationally in the next year.
"This strong outturn to the year is particularly pleasing given the scale of the challenge we faced at its outset, with exceptional prior year comparatives, rising input costs and an increasingly competitive environment in many of our markets. It is a clear testament to the strength of our brands and the group's operational capability that we have been able to deliver such a good performance," said Meyer Kahn, chairman of SABMiller.
SABMiller plc and Molson Coors signed a definitive agreement last December to combine the U.S. and Puerto Rican operations of their subsidiaries, Miller and Coors, in a joint venture. The transaction is subject to U.S. anti-trust clearance and is not expected to complete before the middle of 2008.

Milwaukee Mayor Tom Barrett is making a "special plea" to Milwaukee businesses to help create at least one summer employment opportunity for a teenager.
The Milwaukee Area Workforce Investment Board can assist with identifying tasks and providing businesses with an idea of how a teen can 'shadow' and work at the same time.
"If Milwaukee's businesses could take on a teen or two this summer, collectively we are preparing to compete globally in the future with a well-prepared, skilled workforce," Barrett said. "If we start today, we're better positioned in the future."
Barrett announced that a $100,000 grant from the Helen Bader Foundation will help the city and Milwaukee Area Workforce Investment Board expand the number of summer work opportunities for teens this year.
"I want to thank Dan Bader and the Helen Bader Foundation for its investment in our future workforce," Barrett said. "We've got 3,000 teens who want to work this summer, and I believe this is Milwaukee's chance to prepare its future workers with skills and a connection to careers that meet tomorrow's workforce needs."
Barrett said the grant funds will expand the number of community-based jobs for teens with 70 different organizations under his Earn & Learn Summer Youth employment program. Earn & Learn offers teens the opportunity to work in community-based, nonprofit organizations, in city internships and in jobs with the private sector.
Teens are also offered job readiness training and educational support in conjunction with
the program.
Milwaukee Area Workforce Investment Board chief executive officer Donald Sykes said, "We believe we have an incredible network of community organizations that can reach out and engage the youth who most need to be redirected towards development opportunities."
Businesses seeking more information on hiring a pre-screened teen can visit
www.mkedcd.org/EarnLearn.

The Wisconsin Technology Council's annual Seize the Day Award, which celebrates entrepreneurial leaders who have been crucial to Wisconsin's economic growth, has been renamed to honor the late Ken Hendricks, a former Beloit businessman and past award winner.
Hendricks, who died in an accident in late 2007, was the 2006 winner of the Seize the Day Award. His family agreed to rename the award to honor his persistence and vision while building ABC Supply Inc. and other entrepreneurial endeavors that helped to reshape Beloit.
"Our steering committee was thrilled that members of the Ken Hendricks family agreed to extend his legacy to include the Seize the Day award," said Tom Still, president of the Tech Council. "We believe he epitomized the spirit of the award, which is not given for technical innovation but for innovative leadership – the ability to take hold of business opportunities and transform them into successes."
The 2008 winner will be announced Tuesday, June 10, during the annual Wisconsin Entrepreneurs' Conference in Milwaukee. To register for the luncheon at the Hyatt Regency Milwaukee, visit www.wisconsintechnologycouncil.com/events/ent_conf.

The budget repair bill was passed by the Republican-controlled Assembly on Wednesday, hours after it was passed the Democratic-led Senate. Gov. Jim Doyle will now review the bill, which is intended to fix the state's $527 million budget shortfall. Doyle is expected to veto some portions of the bill. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

The BizTimes Stock Index lost .67 points to close at 165.66 Wednesday, and local stocks showed few signs of revival in early morning trading today, with decliners outnumbering advancers. The largest local decliners today were Orion Energy Systems Inc. (down $1.33 to $11.29) and Badger Meter Inc. (down 47 cents to $49.96). The largest local advancers this morning were Bucyrus International Inc. (up $3.366 to $139.24) and Joy Global Inc. (up $3.00 to $80.00). The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.

As American businesses slog through a barrage of economic challenges, our neighbors to the north are living large. Read more in Small Business Times executive editor Steve Jagler's weekly Milwaukee Biz Blog at OnMilwaukee.com, a media partner of SBT.