Wisconsin Foreclosure Rates Lower Than That Of Dane County

Dane county  foreclosures have made a five fold jump but the state rate is below the national average. The number of foreclosures per household is continues to be less than the countrywide statistics. June this year saw 440 foreclosed units in Dane County as compared to a mere 84 in 2006 during the same month. The numbers are being released by reliable online data collecting groups. The figures are inclusive of default and auction notices as well as bank repossessions. From it the trend seen is that in the state foreclosures had increased by 63 % since the previous six months as compared to the same time last year. Foreclosures jumped from 3,627 to 5,925 during the first half of the year. The national upswing was 55% touching the astronomical figure of 925,986 foreclosure listings.

An analysis points out that last year the lending standards were relatively lower. Another opinion, coming from a lending bank, is that the rise in Dane County represents only a small portion of the houses. The foreclosure rate of the county is 0.2% of the total number of units. This particular bank did not have any foreclosure to deal with perhaps because it had been conservative and cautious in its lending practices. Unfortunately others had been too eager to load borrowers with bad loans. The Yellow Pages under mortgages will tell the whole story.

But a mortgage association interprets the figures to show that Dane County is not above to what is happening across the country. The infection has also caught Dane County in its grip – a beginning has been made. It does not bode well either for Dane County or Wisconsin state. Ultimately it is bad new news for the nation as a whole. In the national ranking Wisconsin ranks 33^rd in foreclosure listings. It translates to one foreclosure for every 422 houses during the first half of 2007. Across the country the number is one per 134 units. Nevada has the dubious distinction of coming first in this crisis with the number being one per 40 houses. Vermont is proud to come last with only 18 foreclosures during the time span of the first six months of this current year. Other high-ranking states are Michigan, Florida, Ohio, Georgia, Arizona, Connecticut as well as Indiana. The tide continues to swell and engulf.