Madison Foreclosures

One of the biggest real estate headlines in 2007 was the high rate of foreclosures. RealtyTrac’s most recent foreclosure data was posted in late November with a 94% increase in national foreclosure filings over a 1 year period. Although real estate experts believe that the foreclosure rate likely peaked in 2007, foreclosures will still have an enormous impact on the real estate market in 2008. Through October 2007, Wisconsin was 22nd in the U.S. for total number of foreclosures with 2506. The 22nd ranking only assesses the total number of foreclosures which does present some misleading statistics. When comparing the number of foreclosures per households, Wisconsin is well above the average. The US average is 1 foreclosure for every 555 households, but we are recording 1 foreclosure for every 997 households. We are therefore performing well above the average when looking at defaulted mortgages. The U.S. Department of Housing and Urban Development (HUD) has put together some suggestions for avoiding foreclosure. This article contains some great information, as well as helpful resources that may benefit many home owners in fear of foreclosure in the Madison area. Over the next couple of weeks, I’ll be detailing how foreclosures will impact our Madison area communities; so please stay tuned for more information or please feel free to contact me to inquire how this foreclosure rate may affect you and your real estate plans.