Wisconsin Foreclosed Homes
May 18, 2009 | Filed under Foreclosed Homes | Comments (1)
Wisconsin’s economic origins were traditionally based on farming, with a particular focus on dairy farming, also mining and lumbering, but as tourism increased in the 20th Century the focus has shifted. The service industries are also a major provider of employment and income in the state, most notably medicine and education. Demographically the bulk of the community, 55.9%, is of working age (as opposed to Florida for example where many older people go to retire).
A deeper comprehension of how the economy has developed will aid with a better understanding of how and why there are so many foreclosed homes now on the market place in Wisconsin. The state is responsible for producing the largest amount of dairy produce in the US, with the exception of California and as such has suffered severely from the recent dramatic rises in global food prices. More and more companies have been laying off employees as their profit margins decrease. Another significant contributor to the local economy and jobs base is tourism, which has dropped off significantly since the credit crisis began some six to eight months ago.
Wisconsin has been hit hard by the credit crunch, and whatever the national economy is doing, the reality is that real estate is local. National unemployment figures for 7 Oct 08 were set at 6.1%, but in Michigan this figure is up to 8.9%. Citizens who were unfortunately lured into buying mortgages they could not afford are now feeling the pain of repossession.
Wisconsin has one of the highest rates of foreclosure in the country. At the time of writing (Oct 08) there were over 4,500 foreclosures in the State, with 3,500 bankruptcies ongoing also. The new and developing real estate industry is almost non-existent as people realise that cash is king in this climate of uncertainty. Those that would like to buy a house need to have amassed 25% deposits and they will still have to meet very high mortgage interest rates. So for those trying to meet existing mortgages whilst still trying to keep a job in a struggling industry, you can see how foreclosure can suddenly become a terrible reality.
There is a growing industry of ‘foreclosure auctions’ in Wisconsin where brokers will re-sell homes at what may be an affordable price – for now. With the incredible levels of uncertainty in the banking sector, even the banks are not immune, so although the deal may look good today, the bank may not be there tomorrow. This state of affairs means that even housing that looks to be a bargain at a foreclosure auctions may not sell; uncertainty is just too high, and people are prepared to sit it out on the rental market.
So the focus for citizens of Wisconsin is not to buy a house, it is simply to keep your job and try to hold on to the one you’ve got.
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November 11th, 2009 at 7:54 pm
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