Foreclosures in Wisconsin - New Record

August 13th, 2008

wisconsin foreclosures

The state of Wisconsin has made a record in its foreclosure filing in July. There has been a 31 percent increase from January to July of 2008 as compared to what it was in 2007 during the same period. It has been recorded that about 14,300 homes in the state of Wisconsin has faced a foreclosure filing this year. It is envisioned that there will be above 25,000 foreclosure homes in Wisconsin this year if the current degree of filing continues. The situation is quite tense as it is a great hit to the real estate industry of the state.

The highest number of foreclosures in Wisconsin has been arrested in the Milwaukee County. A total of 3,565 foreclosures have been filed through July in 2008. This is a 28 percent increase in comparison to what it was in 2007. The Dane County has reported a 54 percent increase in foreclosure this year than what it was from January to July last year. This county has received a total of 710 foreclosures filing so far. It has been found that about 88 percent of the 72 counties of Wisconsin have received more foreclosure notice from January to July this year as compared to the same period last year.

It has been said by Robert Jensen, the President of ForeclosuresWI.com that the current level of foreclosure in Wisconsin has been built for the last three years. He has even said that from the period between 2003 and 2005, the number of foreclosures in Wisconsin was at an average of 11,687. This climbed to about 16,473 in the year of 2006 and 20,995 in 2007.

There has been a 71 percent increase in Jefferson County of south central Wisconsin. It was 108 from January to July last year, which has risen to 185 during the same period in 2008. The Dodge County has reported a 36 percent increase. It was 174 in the first seven months of 2007, which has risen to 236 in 2008. The Columbia County has shown a 43 percent increase, which means a rise from 105 to 198. The Sauk, Green, and Rock County has reported a rise of 89 percent, 36 percent, and 27 percent respectively from January to July this year as against the same period last year.

It is the present mortgage crisis that is leading to such a rapid increase in foreclosures in Wisconsin. Real estate there is really at stake.