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South Central Wisconsin Foreclosure Rate Soars in February

Posted by Jolenta Averill on Thursday, March 12th, 2009 at 12:39pm.

George WashingtonHere are the latest local and national statistics for home foreclosures:

Home foreclosures in South Central Wisconsin (Dane, Columbia and Iowa Counties) increased 71% from January '09 to February '09, according to data released today by RealtyTrac, an online foreclosure tracking firm. The February 2009 total of 333 foreclosures was 141% higher than February 2008 total, when 138 foreclosure filings were recorded in the three county area.

In Dane County, 288 homes had foreclosures filed in February 2009, a 51% increase over January 2009 and 120% higher than February 2008. One out of every 732 housing units in Dane County received a foreclosure filing in the month of February.

Foreclosure filings jumped 11% last month for the entire State of Wisconsin, with 2,986 homes (one out of every 857 homes), receiving a foreclosure notice in Wisconsin during the month of February.

Nationally there were 290,361 foreclosure filings in February, the third highest monthly total since RealtyTrac started issuing its monthly foreclosure report in 1996 and a 30% increase over the year prior.

Nevada continues to hold the dubious title of having the highest foreclosure rate, with one out of every 70 homes receiving a foreclosure filing in February.

The top 10 states by rate of foreclosures are currently:

Nevada (1/70)
Arizona (1/147)
California (1/165)
Florida (1/188)
Idaho (1/358)
Michigan (1/360)
Illinois (1/369)
Georgia (1/389)
Oregon (1/446)
Ohio (1/451)

The top 10 cities by rate of foreclosure are:

Vegas (1/60)
Cape Coral-Fort Myers, Fla. (1/65)
Stockton, Calif. (1/67)
Modesto, Calif. (1/68)
Merced, Calif. (1/74)
Riverside-San Bernardino, Calif. (1/80)
Bakersfield, Calif. (1/85)
Reno-Sparks, Nev. (1/108)
Phoenix, Ariz. (1/110)
Vallejo-Fairfield, Calif. (1/111)

Local interest in picking up distressed property such as Madison area short sales or Madison foreclosures at bargain basement prices continues unabated. Visit Lake & City Homes or call 608.628.9701 to speak with broker/owner Jolenta Averill directly about your requirements.

Hi, and welcome to our Madison real estate blog. Whether you're a consumer, journalist or Realtor, we encourage you to share your thoughts by leaving a comment. Here you'll find relevant local and national real estate information, as well as market statistics, insight, and information about a variety of neighborhoods and real estate listings. If you'd like more information about anything in particular, please use the contact form and I'll be happy to help.

Jolenta Averill, Principal
Lake & City Homes Realty
(563) BUY-SOLD

1 Response to "South Central Wisconsin Foreclosure Rate Soars in February"

Florida Foreclosures wrote: <!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body><p>I am in the Ft. Myers/ Cape Coral market and it is quite sad how many people both investors and end-users are losing their homes. However, this puts banks in a bind to get something rather than nothing and provides a good opportunity for buyers <a href="http://www.toppreconstructionmarket.com" rel="nofollow"> investing in Florida foreclosures</a>. Investing in Florida foreclosures is a hot commodity right now and regardless of the market, whether it be Florida or Wisconsin, there will be a huge pick up in buyer inquiries from both homeowners and investors taking advantage of REO's.</p></body></html>

Posted on Monday, April 27th, 2009 at 1:08pm.

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