Two recent reports offer different views of how the Milwaukee’s area’s housing values are holding up.
However, both reports demonstrate that the residential property values in the Milwaukee area are holding up better than the rest of the country.
The latest report by New York-based Radar Logic Inc. says that the Milwaukee area’s residential property sold for $114.78 per square foot during November, up 2.4 percent compared to November of 2007. The Milwaukee area was the only major metro area in the U.S. that had a price increase for its residential real estate, according to the report.
But according to another report by Seattle-based Zillow, the value of residential real estate in the Milwaukee area fell 6.5 percent in 2008. However, that was still better than the United States as a whole, which had residential real estate values decrease by 11.6 percent during the year.
According to both the Radar Logic and the Zillow reports, the metro areas with the biggest decrease in residential real estate values are in California, Nevada, Arizona and Florida.
Wisconsin is still seeing its share of foreclosures, however. According to ForeclosureAlarm.com, a real-time notification system of new foreclosure filings in the state, foreclosures in January were the second-highest on record for the Wisconsin, far outpacing those in December. In addition, the January numbers continue a trend in foreclosure escalation over the last year with increases in the number of foreclosures in seven of the past eight months.