Dane County Foreclosed Houses is Second Behind Milwaukee
Mar 19, 2009 | Filed under Foreclosed Houses | Comments (0)
More than 100 homeowners faced losing their homes in August this year in Dane County, this was an unprecedented number since records of this nature began in 2005. Over the past 12 months there have been 742 filings for foreclosure in the county. In the polls across the state, Dane County foreclosed houses is second behind Milwaukee.
The general assessment is that the trend is likely to reduce at the start of 2009 as the massive impact of the sub-prime lending fiasco tails off after the carnage created in the summer earlier in the year. Mortgage lenders are predicting a mortgage reset later on this year or early next to alleviate the current pain.
There have been a number of contributing factors to this rise in foreclosures, in addition to the sub-prime mortgage dramas of the summer. There is an excessive supply of newly built and second hand homes on the market. Homeowners are unable to sell their property when their mortgage rate has risen dramatically as a result of the ‘time-out’ on their sub-prime borrowing. They are then left with a property they cannot afford in a slumped market with excessive supply, and decreasing prices; they are effectively stuck in a situation that will inevitably lead to their home being foreclosed and take on by the banks.
This is not a trend that is isolated in Dane County; the trend for foreclosures is up across the whole country as hard working families are bitten hard by the results of misleading mortgage salesmen. For those that find themselves homeless, with their credit rating in pieces, they will leave a legacy of an abandoned home in the local neighbourhood as the foreclosure process can sometimes take up to a year. With Dane County banks effectively owning the properties, they are responsible for the upkeep and unsurprisingly they are more often than not.
The median value of a house in Dane County foreclosed houses is listed as $216,839, which is a 2.1% drop since last year. Housing prices have wide reaching effects, not least on personal perception of wealth. If the price of one’s house is dropping, we spend less, the local economy suffers and workers feel the pinch all the way down the chain. The hardest hit are usually the low earners struggling to meet their mortgage repayments, and these are the people whose homes are being repossessed. This cruel twist of economic fate means that even those who can afford to pay their mortgage, by not spending, are adversely affecting those who cannot meet the rates.
The economists are certainly suggesting that the worst is not over yet, but that perhaps it will continue until early next year, so we can expect the foreclosure rate in Dane County to continue to chase Milwaukee and keep on rising.
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