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Foreclosures continue to skyrocket in Wisconsin
Published May 15, 2008 - BizTimes Daily
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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."
