No matter where we turn today, news about the economy and real estate market surround us. Foreclosures around the nation are on the rise, including Wisconsin.
As foreclosures have increased numerous strategies have been put in place to help limit the number of homes that ultimately end up in foreclosure including:
- agreements with the lender
- temporary forbearance
- loan modification
- short sale
Still, many Wisconsin homeowners are unable to stop the foreclosure process causing the number of foreclosure filings in the state to rise 21.4% from 2007 to 2008. This is the second consecutive year with a 20% plus increase.
Area Foreclosure Results
Wood county saw an increase of 45% in the number foreclosure filings in 2008. The total number of homes increased from 143 in 2007 to 207 in 2008. But we are not the county with the largest increase…
Adams county had the largest increase of any Wisconsin county, increasing 80% to a total of 222 homes in 2008. In central Wisconsin Juneau county increased the least by only going up 4%.
Overall, only 6 of 71 counties (Portage did not report) saw their number of foreclosures decrease or stay the same. Eighteen counties saw an increase of 30% or more.
This past weekend I heard that 45% of Americans are worried about making their next mortgage payment.
You can see a breakdown by county by clicking here.
It is my sincerest hope that none of you have to experience a foreclosure, either personally or through a friend or family member. If you see yourself falling behind please be proactive and seek help early.
Special Note: If you need assistance, or just want to know where to start, please get in touch. I have many contacts in the Wisconsin Rapids area and would be happy to help you find the help you need.
PHONE: (715) 572-8372
My name is Adam Holberg and I’m a Realtor with First Weber of Wisconsin Rapids. This website is designed to inform and help bring conversation to a topic I love, real estate.