Milwaukee area foreclosure rates decrease

Foreclosure rates in the metro Milwaukee area have decreased in April compared to April of 2008, according to First American CoreLogic, a collector of national, state and local data on home prices, foreclosure and delinquency activity, real estate sales volume and mortgage loan activity.

According to recent data from First American CoreLogic on foreclosures for the Milwaukee-Waukesha-West Allis area, the rate of foreclosures among outstanding mortgage loans is 1.51 percent for the month of April, a decrease of -0.10 percentage points compared to April of 2008 when the rate was 1.61 percent. Foreclosure activity in Milwaukee-Waukesha-West Allis is lower than the national foreclosure rate which was 1.8 percent for April 2009, representing a 0.29 percentage point difference.

Also in Milwaukee-Waukesha-West Allis, the mortgage delinquency rate has increased. According to First American CoreLogic preview data for April 2009, 4.19 percent of mortgage loans were 90 days or more delinquent compared to 3.52 percent for the same period last year, representing an increase of 0.68 percentage points.*

During the past 12 months, from May 2008 to April 2009, there was a total of 17,887 foreclosure filings in Milwaukee-Waukesha-West Allis, or approximately 49.01 per day. That compares to the previous 12-month period of May 2007 to April 2008 when there were 10,686 foreclosure filings, or approximately 29.28 per day.

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