Kenosha WI Repossessed Homes
Dec 9, 2009 | Filed under Repossessed Homes | Comments (0)
Kenosha over the last thirty years has prospered by the automotive industry establishing itself in and around the city. American motors established a partnership with Renault in the 1980s but the main production lines closed in 1988. Kenosha also benefits from attracting tourists to its thirty or more historic landmarks.
Aside from the history of heavy manufacturing industry which has now largely disappeared, a large pharmaceutical company, Abbott Laboratories, has just purchased large amounts of land. The housing in the area has been swept up by the growth in the larger Chicago area and so has not declined as much as the rest of the nation.
In comparison to neighbouring Wisconsin states, the personal growth levels have increased and until 2007 the annual revenue from tourism had risen to a record $222.5 million despite a nation-wide downturn of 1.4%.
Perhaps this relative economic success in such hard times is why the shock of Kenosha repossessed homes has hit the community so hard. In September the number of repossessed homes rose by 18%, compared to a state wide 28%l; this translates to 933 foreclosure actions being filed.
The unemployment figures make for grim reading at 5.8%, although below the national average of 6.1% it is still significant when linked to the recent job growth sitting at -0.9%. The most notable growth industry in Kenosha is foreclosure auctions selling Kenosha repossessed homes at 20%-50% reductions. There is also a burgeoning industry of debt collectors and attorneys offering advice about how to avoid debt in the first place.
The global economic recession has hit hard in Kenosha with tourism taking the major brunt of the blow. Sub-prime mortgages were a popular option in this region with tourism on the rise and Abbott’s Laboratories purchasing so much land in the area (400 acres) giving a sign of high employment potential to come. When global fuel and food prices rose so quickly and unexpectedly, unemployment figures climbed. As incomes were reduced, homes began to be repossessed as mortgage payments could not be maintained.
The situation is complicated further by the fact that it can take up to a year to re-sell a repossessed home in Kenosha due to the complex legislation surrounding the foreclosure. During that period of time houses can become desolate and abandoned with resultant vandalism being almost inevitable. The Kenosha Common Council is trying hard to rectify this situation with a range of new initiatives, but until the number of homes in Kenosha being repossessed is reduced in line with national economic trends, it will simply be fire fighting the inevitable.