Residential and Apartment Building Foreclosure Numbers Rise in WI

by on Foreclosures

Filings for residential properties and apartment building foreclosure jumped in Wisconsin in 2010 compared with 2009 levels. The trend is the same in almost all areas of the U.S. Nationwide, the rise in foreclosure filing was pegged at 2% for 2010 compared with year-ago levels.

The number of Milwaukee bank foreclosures and distressed properties continued to rise during 2010, bringing year-end statewide totals to a level higher than the previous year. For the whole year, 39,920 properties in the state received a filing, representing an increase of over 13% when compared with the level of filings recorded in 2009. Filings for the state did record a decrease in December, mirroring nationwide trend during the last month of 2010.

Filings for the last month of 2010 in Wisconsin totaled 1,574, representing a decrease of almost 12% compared with December 2009 and a drop of over 12% when compared with the November 2010 period. Although foreclosure-related filings and residential foreclosures for sale in Wisconsin surged last year, the state is nowhere near the figures recorded by the top ten states with the highest foreclosure rates. For Wisconsin, foreclosure rate was at 1.55% in 2010.

Nevada was ranked first again in terms of foreclosure rate among the 50 U.S. states in 2010. Although filings for residential foreclosures, including apartment building foreclosure, decreased in Nevada last year by 5% compared with year-ago levels, the state's 9% foreclosure rate made it the number one region in this category, marking the fourth year in a row that the area has been on top of the unenviable list.

According to analysts, the nationwide total for foreclosure-related filings might have gone beyond the three million mark if not for the temporary halt on activities related to selling, processing and buying bank foreclosures implemented during the last quarter by major lenders. Analysts stated that in 2011, the U.S. will see a lot more foreclosed properties entering the market as foreclosure cases stalled by the moratorium will likely be resumed by then.

It is not only housing unit foreclosures that are predicted to rise in 201,1 but also multi-family and apartment building foreclosure numbers. Analysts stated that most lenders will try to unload as much of the inventory as they can within the year.