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Foreclosure fallout

By: dmc-admin//July 23, 2007//

Foreclosure fallout

By: dmc-admin//July 23, 2007//

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Following the residential housing boom earlier in the decade, Wisconsin, like the rest of the country, has taken a turn in recent years and seen a rise in the number of residential foreclosures. Looking at figures for the first quarter of 2007, the Mortgage Bankers Association has ranked the state 35 in terms of mortgage payment delinquency and 13 for the number of active foreclosures.

Wisconsin’s delinquency rate for mortgage loans was 3.28 percent for the first three months of this year, compared with a delinquency rate of 2.82 percent for the first quarter of 2006. The national delinquency rate for the first quarter of 2007 was 4.84 percent.

Of the 581,205 loans serviced during the first quarter of 2007, 1.51 percent were in the foreclosure process. One year earlier, 1.16 percent of the 516,711 loans being serviced were in the foreclosure process.

ForeclosureWI.com reports that during the first five months of this year foreclosures statewide have risen 21.1 percent compared to the same period in 2006. The effect has not been uniform throughout the state. The most significant increases took place in Walworth (68 percent), Waukesha (52 percent) and Milwaukee (45 percent). However, some counties actually experienced decreases — Price (63 percent), Ashland (43 percent) and Manitowoc (25 percent).

Wisconsin Law Journal and The Daily Reporter have taken a look at the foreclosure process, the steps officials are taking to deal with the issue of rising foreclosures, and how some view the effect foreclosures are having on economics in the state.

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