Foreclosure filings continue at record pace
MADISON, Wis. (AP) — Foreclosure filings in Wisconsin continue at a record pace in July.
New figures from the tracking company ForeclosuresWI.com released Monday show nearly 14,300 filings in the first seven months of the year. That’s a 31 percent increase over the same period last year.
ForeclosureWI president Robert Jensen says between 2003 and 2005, foreclosures averaged about 11,700 a year. By last year, filings had reached nearly 21,000.
Statewide, there were 1,762 foreclosure filings in July — or nearly 77 filings each business day.
Eighty-eight percent of Wisconsin’s 72 counties have had more foreclosure filings through July than the same period last year, eight percent had fewer filings, and four percent had the same.
Aug 5, 2008 at 11:26 a.m.
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As a homeowner, you should already know the difference between assessed value (as a basis of paying taxes) and appraised value (what the house will sell for on the open market). If all house assessments (not appraisals) are being raised by a city, that probably means the tax levy is rising. Assessments can't possibly react as fast as the market changes. They are simply the tool used to divide up the tax levy.
Aug 5, 2008 at 8:34 a.m.
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Assessed values are generally lower than appraised values, which is a buffer for a decrease in home values. However, this situation has gotten so severe that we will probably see home values drop below assessed values in many cases. I would imagine that with an appraisal a home homeowner could petition the city on the assessed value, but I’m not knowledgeable in this regard. Someone who works for the city would know. I think property tax increases will only add fuel to the fire and increase the foreclosure rates.
Aug 4, 2008 at 9:09 p.m.
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Stan Millum (sorry for the misspell probably) is irate about this. If city councils accept inflated home values for the purpose of tax revenue, there will be some heated town meetings...jmo...peace
Aug 4, 2008 at 7:48 p.m.
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And yet Milton is increasing our appraisals on our houses even though by all accounts we're in a market that hasn't even hit bottom. How can you appraise a house when the market is far from stable and when you're using appraisals from the pre-fall amount? The Gazette should do a story about appraisals in this market and about Milton's in particular.
Aug 4, 2008 at 1:19 p.m.
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Uh, the dollar hasn't been "backed by gold" since 1971.
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What I think you mean by your first sentence is that the taxpayers are bailing out Fannie Mae and Freddie Mac (which are private companies, although created by federal legislation), with no penalties for writing too many bad loans. This is for sure an area of concern, especially as the banking crisis continues, but it is far from creating a new "backing" for the dollar.
Aug 4, 2008 at 10:53 a.m.
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Many people may not realize this, but all these bad mortgages are being traded for good treasury bonds by the feds. What that means is that the US dollar is now backed by sub-prime debt. The dollar used to be backed by gold. You should be close to panic mode right now. If you aren't, there's a good chance someone will come along, and take advantage of you. Knowledge is power. These types of things happen when people want the government to take care of them, like they do in Europe
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