Dane County WI Foreclosure Houses
Dec 3, 2009 | Filed under Foreclosed Houses | Comments (0)
Milwaukee is leading the stakes in the number of foreclosure houses in the State of Wisconsin, but it is closely followed by Dane County, which has seen a huge increase in the number of repossessions in the past few months.
With the numbers still accelerating, residents are asking the experts when they may expect to see the climbing repossessions start to decrease; it seems that by the first quarter of next year we may start ot see a downturn. The banks have even announced that they may instigate mortgage resets in the latter part of the year as a contribution to reducing the struggle of normal working families who cannot meet their repayments.
The population has been hit very hard by the now infamous sub-prime scams that were so prevalent last summer; however this is not the only major factor. There are too many new homes being put on the market in Dane County and in conjunction with the number of foreclosure houses coming online, the housing market is simply saturated. For those residents unable to make monthly repayments and considering selling their house, they will find it difficult to attract buyers with so much choice available.
Residents are unable to meet their newly increased mortgage repayments when the cub-prime rises hit their accounts and they cannot sell, they are heading for inevitable foreclosure and repossession. Dane County is not unique in its misfortune, as we see a national trend of increasing economic uncertainty and bankruptcy with unemployment rates hitting 6.1% nationally. The pressure is on for a new administration to help low income families to retain their jobs and their houses. As we look around Dane County the effects are plain to see with vandalized homes and boarded up windows making once happy neighborhoods appear neglected and uninviting.
The median cost of a house in Dane County has gone down by 2.1% in the last twelve months, down now to $216,839. This decrease in the cost of housing concurrently influences peoples’ perceptions of their personal wealth. Spending and saving are the first to suffer when recessions loom, and the dreadful cycle looks to have started in Dane County. People spend less in the supermarket making the supermarket struggle to make profits and they in turn have to make some people unemployed, who in turn spend less in the supermarket. This is basic economics and we are seeing it played out across the State.
With unemployment on the increase and personal savings being eaten away, one thing is for sure, cash is king in this climate of economic doom and gloom as even the banks seem to be on shaky ground.