Foreclosures up dramatically in state

Number of foreclosures in Wisconsin contines to rise.

Foreclosures in the state contine to rise dramatically, according to a pair of new reports. Wisconsin foreclosures increased from 9,254 for the first half of 2007 to 12,523 for the first six months of 2008, an increase of 35.3 percent, according to a report by ForeclosureAlarm.com. "The information we released today suggests the housing crisis in Wisconsin is far from over," said Phil Crawford, president of ForeclosureAlarm.com. "In every county of the state, the number of homes lost to foreclosure is climbing."

According to newly released data compiled by ForeclosuresWI.com, there were 1,885 foreclosures filed in June in the state. "Wisconsin foreclosures have been building up to the current levels for the past three years," said Robert Jansen, president of ForeclosuresWI.com. "Annual foreclosures averaged 11,687 from 2003 to 2005, and then spiked to 16,473 in 2006 and 20,995 in 2007. We expect foreclosures to remain at escalated levels through 2008, with some experts not predicting a housing market recovery until at least 2010. It will take time for these properties to get through the system, with an average foreclosure taking over a year from the initial filing until sale at public auction."

In Milwaukee County, foreclosures increased from 1,233 in the first six months of 2004, to 2,326 for the first half of 2007, to 3,210 for the first half of 2008. In Waukesha County, forclosures increased from 392 for the first half of 2007 to 507 for the first half of 2008. Foreclosures in Racine County are up from 343 for the first six months of 2007 to 515 in 2008. Kenosha County foreclosures are up from 364 for the first half of 2007 to 500 in 2008.

In Walworth County, foreclosures are up from 254 in the first half of 2007 to 270 in 2008, in Ozaukee County foreclosures are up from 63 in the first half of 2007 to 103 in 2008, in Washington County foreclosures are up from 164 in the first half of 2007 to 217 in 2008 and in Sheboygan County foreclosures are up from 156 in the first half of 2007 to 209 in 2008.

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