Foreclosures Increase In Milwaukee But Sales Rate Falls

July 30th, 2008 | Tags: Foreclosures

Although foreclosures are increasing in the Milwaukee region and sales rate are falling, the situation here is better than the national statistics. This is according to recent reports released in July.

In Wisconsin the number of foreclosures during the second quarter continued to increase but the state figures remained well below the national figures, according to Irvine based RealtyTrac of California.

The National Association of Realtors released a report on Thursday 24th July 2008 that the sale of houses across the country fell by 2.6% in June this year. The numbers fell to 4.86 million units - seasonally adjusted annual rate. It calculated to a decrease of 15.5% from the previous year. National Association of Realtors is based in Washington. They do not give the details of the state wise breakdown of numbers but stated that in general the sales in Midwest fell to a rate of 3.4% in June marking a climb down by 17.6% for this year.

Despite the slowing down of sales the Realtors noted that the national average price of houses was $215,100 in June marking an increase of 3.4% from May but a decrease of 6.1% from what it was a year ago. According to Realtors there was in June a supply of houses for 11.1 month showing a rise of 10.8 month supply. It points to how long it will take to sell all the houses that are sitting on the shop shelves at the current rate and pace of selling.

As regards foreclosures during the second quarter for every 408 houses there was one foreclosure. This made the state rank 28th in the national foreclosure race. In May the numbers were the same according to ReatlyTrac. It was a 9.6% from the first quarter and well below the national increase of 13.8%.

Nationally out of every 171 units, one house was in foreclosure during the second quarter according to the findings of RealtyTrac. In Milwaukee out of every 184 houses, one was in foreclosures during this second quarter. This made Milwaukee rank 44th among the largest cities of USA in the foreclosure placing. RealtyTrac further noted that the second quarter numbers increased by 16.2% from the first quarter.

So far the company reported only on Milwaukee in Wisconsin and on no other market in that region.