Wisconsin Foreclosed Properties
Aug 25, 2009 | Filed under Foreclosed Houses | Comments (4)
Farming has for generations been the mainstay and economic backbone of Wisconsin, and most notable dairy farming. Wisconsin is the second largest producer of dairy products, behind California. Over more recent years there has been a diversification of industries expanding to include lumber work, mining and service industries such as education and health care.
Once we begin to examine more closely the detailed nature of the local state economy, we gain a clearer understanding of why there has been such a marked increase in the number of foreclosed properties in the Wisconsin area. The past year has seen a huge increase in the price of food and fuel around the world and this has had a direct and profound effect on the farming industry. The main supermarket chains have been dogged about retaining their profits and have been periodically chopping the margins for the farmers.
It is clear that not many farmers are being put out of business but they are working for considerably less money, and in some cases, only just being able to break even. With their incomes cut, and unemployment figures on the rise, more and more people have been having problems meeting mortgage repayments. These repayments may have been hiked up following the end of the honeymoon period offered by sub-prime mortgage sharks.
Tourism is another contributing factor to the local economy, and whenever belts are tightened during an economic slow down, tourism and travel are amongst the first industries to feel the pinch. Wisconsin is no different, tourist income is down, and with so many people making their money from the tourist trade, there have been inevitable job losses.
Wisconsin has been bit particularly hard by the credit crunch and with the national unemployment figure already sat at 6.1% in October; the number of unemployed in Michigan is way above that at a staggering 8.9%. This figure has a direct correlation to the high number of foreclosed properties across the state. Hard working people in the area were tempted into buying a seemingly cheap mortgage last summer and are now feeling the pain with repayments they cannot maintain.
Sadly Wisconsin is almost leading the nation in the number of foreclosed properties, with over 4,500 foreclosures listed at present, and an additional 3,500 bankruptcies ongoing as well. Although there will doubtless be plenty of property investors that will be able to profit from the misery of all these repossessions, for the most part, people’s credit ratings are suffering and in this climate of uncertainly, one thing is for sure, cash is king at the moment.
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October 30th, 2009 at 7:47 pm
[...] a few thousand dollars. Saving between 5% and 20% off the actual market value are very common among foreclosed properties. If you do a little bit of research, you should be able to purchased bank foreclosures at between [...]
November 30th, 2009 at 6:40 pm
[...] order to better understand the reasons behind the huge increases in foreclosed houses in Wisconsin, it is important to understand the basis for economic development across the state. As [...]
December 3rd, 2009 at 8:18 pm
[...] 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 [...]
December 7th, 2009 at 7:28 pm
[...] area of Wisconsin. A quick search of foreclosure property websites will list at least 100 separate foreclosed properties in Winnebago County alone, a startlingly high [...]