Increased Foreclosure Numbers in Wisconsin

Data on foreclosure rates across the nation show that Wisconsin experienced a significant increase in foreclosure activity in July 2011. With a 43.3 percent increase in the number of foreclosure filings from the previous month, Wisconsin’s experience contrasted with the declining numbers of foreclosure proceedings nationwide.

According to the U.S. Foreclosure Market Report published by RealtyTrac, a marketer of foreclosed properties, 4,534 Wisconsin properties received foreclosure filings in July, which is an average of one in every 571 housing units in the state. These numbers put Wisconsin tenth for the highest foreclosure rate in the U.S.

Nationwide, foreclosure filings have declined for 10 months in a row. The July numbers are 4 percent lower than June 2011 and 35 percent lower than July 2010, reported the Eau Claire Leader-Telegram. However, foreclosure filings, which include default notices, scheduled foreclosure auctions and repossessions, were received by one in every 611 properties in the U.S. in July – still an exceedingly high number.

James Saccacio, CEO of RealtyTrac, was quoted by the Leader-Telegram as saying the decrease in foreclosure filings was originally started by the “robo-signing controversy” that arose in October 2010, temporarily halting foreclosure proceedings. Now, though, Saccacio reports that the decline may be attributed to foreclosure-prevention programs at both the state and national level, including loan modification and mortgage-payment assistance programs.

People struggling with mortgage payments and other debt have several options to help stop foreclosures and other debt-collection actions. By filing for Chapter 13 bankruptcy, for example, an automatic stay is instated, stopping any foreclosure proceedings and blocking creditors’ attempts to collect money. An experienced bankruptcy attorney can advise people as to which option is best for their particular circumstances.

Source: Foreclosures Up in Wisconsin