Southeast Wisconsin Foreclosures Increase in May 2012: Lakelaw is Not Surprised
Posted on Jun 5, 2012 in Foreclosure - Saving Your Home, Mortgage Foreclosure Defense, Mortgage Modifications, Real Estate, Wisconsin
If you live in Kenosha, Racine, or Milwaukee County, you may see more of these signs. According to the Milwaukee Journal-Sentinel, May foreclosures were up significantly over May 2011 filings. Although the biggest servicers are under agreements with the states to reform their practices and provide money for principal reduction, it won’t solve the main problems spurring foreclosure issues: slow turnaround on modification reviews, a lack of jobs to provide for affordable mortgages, and depressed real estate prices from the prior glut of foreclosed homes.
Milwaukee, and its collar counties of Waukesha, Ozaukee, and Washington, continue with the depressing news. While most areas of the country are seeing slow upticks of housing prices, Metro Milwaukee’s are falling.
The foreclosure settlements have not played any significant role in stopping the foreclosure tidal wives, and judging by the recent numbers of filings, there are still thousands of active and pending foreclosures to go before the housing market hits rock bottom and can start again.
We’re not surprised at these figures, but it is disheartening to see so many filings. Despite the attorneys who have given their pro bono and paid time to try to fight the more suspicious foreclosure filings, it is clear that more leadership, and perhaps money, needs to be passed along to the homeowners, rather than to the banks.