Wisconsin Foreclosure Activity Down in 2011

Filings down 5 percent from 2010; up 8 percent from 2009

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — were  reported on 37,896 Wisconsin properties in 2011, down 5 percent from a year  ago, but 8 percent above the level reported in 2009, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

The state posted the 12th  highest foreclosure rate in the nation, with one in every 68 Wisconsin housing  units receiving a foreclosure filing in 2011.

Foreclosure  filings were reported on 4,124 Wisconsin properties in December, a 6 percent decrease  from November, but up 11 percent from December 2010. One in every 627 Wisconsin  housing units received a foreclosure filing in December, the 13th highest  state foreclosure rate in the nation.

Milwaukee County has top foreclosure rate and Total in 2011
  One in every 40 housing units in Milwaukee County received a foreclosure  filing during 2011 – 1.7 times the national average and 1.7 times the state  average – the highest foreclosure rate in the state. Milwaukee County also led  the way in terms of total activity, reporting 10,197 properties with  foreclosure filings during 2011.

Kenosha County was second highest in the state, with 1 in every 40  housing units with a foreclosure filing – 1.7 times the national average and  1.7 times the state average. Columbia County was third with 1 in every 41  housing units with a foreclosure filing for the year – 1.7 times the national  average and 1.7 times the state average.

The second highest total was tallied in Dane County, where 2,246  properties with foreclosure filings were reported. The third highest total was  in Waukesha County, where 1,939 properties with foreclosure filings were  reported. Reporting 1,847 properties with foreclosure filings for the year, Racine  County registered the fourth highest total in the state. Fifth highest was Brown  County, where 1,710 properties with foreclosure filings were reported for 2011.

State a moderate  contributor to nation’s foreclosure total in 2011
  Wisconsin accounted for 2  percent of the 1,887,777 properties with foreclosure filings reported  nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down  33 percent from the level reported for 2009. One in every 69 U.S. housing units  received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011,  resulting in a dramatic drop in foreclosure activity for the year,” said  Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity  regarding many of the documentation and legal issues plaguing the foreclosure  industry means that we are continuing to see a highly dysfunctional foreclosure  process that is inefficiently dealing with delinquent mortgages — particularly  in states with a judicial foreclosure process.

“There were strong signs in the second half of  2011 that lenders are finally beginning to push through some of the delayed  foreclosures in select local markets. We expect that trend to continue this  year, boosting foreclosure activity for 2012 higher than it was in 2011, though  still below the peak of 2010.”

Report methodology
  The RealtyTrac U.S. Foreclosure Market Report  provides a count of the total number of properties with at least one  foreclosure filing entered into the RealtyTrac database during the month —  broken out by type of filing by state, county and metropolitan statistical area.  Some foreclosure filings entered into the database during the month may have  been recorded in previous months. Data is collected from more than 2,200  counties nationwide, and those counties account for more than 90 percent of the  U.S. population. RealtyTrac’s report incorporates documents filed in all three  phases of foreclosure: DefaultNotice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and  NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a  bank). If more than one foreclosure document is received for a property during  the month, only the most recent filing is counted in the report. The report  also checks if the same type of document was filed against a property in a  previous month. If so, and if that previous filing occurred within the  estimated foreclosure timeframe for the state the property is in, the report  does not count the property in the current month.

For current news and information regarding foreclosure-related issues and  trends, check out our blog at www.ForeclosurePulse.com.

 

                          Wisconsin Top Foreclosure Rates By County –  2011                                                                                                                                                                                                                                                                              

County

Total

%    Housing Units

1/every    X HU (rate)

/National    Avg.

/State    Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Wisconsin

37,896

1.46

68

1.01

n/a

 

 

 

 

 

 

Milwaukee

10,197

2.49

40

1.72

1.69

Kenosha

1,689

2.48

40

1.71

1.69

Columbia

622

2.42

41

1.67

1.65

Rock

1,647

2.39

42

1.65

1.63

Racine

1,847

2.27

44

1.57

1.55

 

                              Wisconsin Top Foreclosure Totals By County –  2011                                                                                                                                                                                                                                                                         

County

Total

%    Housing Units

1/every    X HU (rate)

%    Chg 2010

%    Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Wisconsin

37,896

1.46

68

-5.07

7.50

 

 

 

 

 

 

Milwaukee

10,197

2.49

40

-5.15

4.05

Dane

2,246

1.05

95

-8.77

-1.58

Waukesha

1,939

1.23

81

0.10

14.67

Racine

1,847

2.27

44

-6.20

20.33

Brown

1,710

1.65

61

-8.61

-13.46

 

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