Unemployment Motivate Foreclosed Homes in Milwaukee County

Feb 2, 2009 | Filed under Foreclosed Homes | Comments (2)

To date there are 5,450 foreclosures up to September 30, 2008 in the county of Milwaukee alone, this is an increase of almost 44% on last year. Even acknowledging that this is significant increase in itself, the stand-alone figure is staggering. In 2001/2 the number of foreclosures stood at around the 2,000 mark. RealtyTrac reported that in September 1 in every 1,641 housing units in the state received a foreclosure filing. There are several reasons for this increase.

The geographic position of Milwaukee County makes it ideal as one of the most prosperous tourist focal points in the State. As the largest city in the State, Milwaukee attracts huge numbers of tourists each year. The credit squeeze that we are now all so familiar with has greatly affected tourism as everyone tightens up on expenditure and cuts back on luxuries such as travel and holidays. The link between tourism and unemployment or decreasing incomes is clear for all to see.

Unemployment in Milwaukee County is at 6.2% which is 0/.1% above the national average. The number of foreclosed homes is affecting the community. These homes are often left in states of relative decay, surrounded by weeds perhaps with an abandoned truck in the driveway; prospective buyers will spend five minutes looking before deciding it is not for them. This self-fulfilling cycle of pain is exacerbated as the longer the homes spend unoccupied, the more likely they are to be vandalised.

The sight of a house with broken windows and boarded up doorways is not an attractive prospect. The process of foreclosure itself can take a long time, meaning houses lying vacant for up to a year before prospective buyers are given the opportunity to attend a buyer’s auction.

When a property is foreclosed, the bank becomes the owner and Milwaukee County have decided to counter the state of the houses but posting clean up notices on the houses. If houses are not tended to within ten days then the Common Council will fix the problem and charge the owner, in this case, the bank.

If people have an issue with abandoned properties in their local area then they can call the Common Council for assistance and under new regulations will have an inspector assigned to their case, rather than being passed from pillar to post and department to department (public works, water board, police, etc.).

These are initiatives aimed at reducing the impact of abandoned housing in the Milwaukee County area; only the central government can turnaround the economy to hopefully reduce the trend of foreclosures as the origin of the problem.

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2 Responses to “Unemployment Motivate Foreclosed Homes in Milwaukee County”

  1. Many Wisconsin Foreclosed Homes For Sale | Wisconsin Repo Homes Says:
    November 16th, 2009 at 6:38 pm

    [...] the financial crisis unscathed, then you can profit from other’s misfortune. These Wisconsin foreclosed homes that are for sale can often be purchased at up to fifty percent less than what the homes should [...]

  2. Winnebago Wisconsin Bank Foreclosure Homes Make a Sound Investment | Wisconsin Repo Homes Says:
    November 25th, 2009 at 6:59 pm

    [...] then perhaps you should consider Winnebago Wisconsin bank foreclosure homes. You can purchase a foreclosed home in Winnebago County for a fraction of the price of the actual market value. Let’s say that [...]

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