Mixed News From Report on Home Sales
Posted on May 22, 2012 in Foreclosure - Saving Your Home, Illinois, Real Estate, Wisconsin
Politicians, economists, and consumer advocates have been hoping for months that the housing market would improve. This, it is said, would help the economy pick up again. People can access the equity in their homes, move freely to take jobs elsewhere, and invest in home repair, among other economic drivers.
A recent report in the Milwaukee Journal-Sentinel discusses April home sales, which did rise across the state – in price and in volume. That’s generally good news. However, buried further in the article, is a discussion on Southeastern Wisconsin, including the 4-county Metro Milwaukee area.
“The median price fell 1.6% in the southeastern region, but lost 4.4% in the four-country metro Milwaukee area, where most of the state’s foreclosed properties are concentrated.”
Well that’s not good. It means thousands of homeowners are still struggling with foreclosure, entire blocks in Milwaukee proper and its suburbs are being foreclosed upon, and there are still depressed areas where no improvement is being seen. When Metro Milwaukee sees figures more like Northeast and North Wisconsin, with positive trends in home sales and in sales prices, we will see the economy pick up further.
What do you think? Are you seeing fewer foreclosed homes in your neighborhood and more “Sold!” signs? Is anything different in Chicagoland? According to a recent Chicago Tribune story, over half of March sales in Chicago ended up with a loss on the home. Some of the suburbs saw a 70% loss rate.