Winnebago County Foreclosures

Jun 1, 2009 | Filed under foreclosures | Comments (0)

Foreclosures

Winnebago County, located in the mid-eastern side of Wisconsin is a small county by anyone’s standards, with a population density of only 357 people per square mile the effect of foreclosures will have had a deep impact on all communities within it. Depending on where you look, you will find over 100 properties listed as foreclosures in this small county alone.

A startling revelation about the state of employment in the county can be illustrated by job searching on the internet, where it is easy to find job sites that list absolutely no jobs being available, or at least advertised. This clearly has repercussions for the condition of personal finances across the county.

The link between employment and foreclosure should be abundantly clear for all to see. The average household income sits at around $45,000 for households with two earners, and if one adult loses their job then there can be a very real danger of repossession/foreclosure. Whilst unemployment currently sits at 4.4% which is below the national average of 6.1%, the figure still represents a large number of people struggling to survive the credit squeeze.

Wisconsin’s major industries include tourism and service industries such as medicine and education alongside the dairy and agricultural farming that have historically made Wisconsin famous. Winnebago County does not really benefit from a significant income in tourism and relies more heavily on farming. It is the farmers that have been hit hardest by the global price rises in fuel and food. Tending the fields costs a great deal more in fuel costs than a year ago and as profit margins decrease for the supermarkets, it is the source provider – the farmer – that suffers.

So whilst unemployment in Winnebago County may be below the national average, it is the level of income that is dropping. It is often not related in published statistics as the focus is all too often on being out of work, what is happening here is that farmers are working, but for less.

The prices of foreclosed homes seems very low, as some are available for as little as $30,000 rising up to the top end of just over $100,000 for four bedrooms, but the reality is that they are not very desirable homes, and for those on lower incomes, the mortgage rates are too high. In practice many of these homes are being purchased by investors who are cash and it is not the lower income families struggling to survive that have the opportunity to purchase housing at a lower cost as they cannot afford the mortgage and they do not have big enough deposits. The trend is showing no sign of relenting.

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