Milwaukee Home Foreclosures Way Up
June 4th, 2008 by 
Joseph Smith
According to new reports, foreclosures in Milwaukee County, the most populated in Wisconsin, are up over 45% since the beginning of the year, with an 18% increase in foreclosure homes occurring in May alone.
Things have been heating up in Milwaukee for quite some time, but now the area is seeing a huge influx of foreclosure homes due to falling home values that have been sinking progressively lower over the past 18 months. The market has really slowed down in the area as well, as home sales are way down in just about every sector.
But Milwaukee is not as bad off as other locations by any stretch, and the fact that their foreclosure rate stayed elusively low for so long is a testament to the fact that the market seems insulated from the larger trends governing the national market. However, falling property values simply haven’t sustained home ownership, as owners who slip into default often end up unable to sell off their home or refinance for high enough to pay off the debt, and therefore see foreclosure as they only option.
Experts say that this trend will continue in Milwaukee for well into next year, as more homes come onto the foreclosure market and home values stagnate.
