Wisconsin Foreclosure Figures Jumps Up

The jump in August 2007 has been as high as 27% in Wisconsin foreclosure figures. This report has been released on Monday by a reliable online agency monitoring the health of local economy and industry. Escalating interest rates and plummeting real estate markets have triggered off foreclosures. The sub-prime market is melting down rapidly.

Statistics has a language of its own. The latest data by the online groups shows that from January to August 2007 there have been 12,955 foreclosure listings in Wisconsin. It is 27% higher than the figures during the same period in the previous year In August alone there have been 2,064 foreclosures – a record peaking since the last five years from when data collection has started.

In Milwaukee County the situation is no better. The foreclosure steam is on and remaining approximately 50% higher than the first 8 months of 2006. It is an alarming figure – being double that of the national average increase.

The president of the online data-collecting agency opines that ARM’s is compounding increasing interest rates and it is this that translates into huge increases in monthly payments. Unable to meet these impossible demands the owners are being forced to foreclose. To add to the woes and also perhaps because of it the housing market is drooping. This is making it difficult for borrowers to sell off the units and pay off. With mortgage lenders tightening their belts it is difficult to get loans. Without loans where are the buyers? Thus the option of refinancing is also drying up for harassed borrowers.

The accusing finger points to the sub-prime market. The reason for creating this mortgage zone was laudable. Through this channel those lenders would get a chance to build houses of their own who otherwise would have been disqualified. The great American dream soon became a nightmare due to a combination of factors. There were predatory lenders, greedy borrowers and a stumbling economy dotted with unemployment. As soon as the honeymoon period of low monthly payments expired and reality began to bare it fangs borrowers began to buckle under. The number of foreclosures has run into millions. The government and lawmakers are sitting up as the economy as a whole is suffering. The problem is not just a game between borrowers and lenders but a grim socio-economic scenario sending shivers down the spine of the nation.

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