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Foreclosures down in southeast Wisconsin

Foreclosure sign
Foreclosure sign

MILWAUKEE (WSAU-Wheeler News)  New foreclosure cases in southeast Wisconsin are at their lowest in seven years. Lenders in seven Milwaukee area counties filed 520 new cases last month against homeowners behind on their mortgages. That’s 41-percent less than the 887 new cases the previous June. For the first half of the year, 3,700 foreclosure cases were filed in Milwaukee, Waukesha, Washington, Ozaukee, Racine, Kenosha, and Walworth counties. Those cases were 37-percent fewer than in January-through-June of 2012.

U-W Whitewater professor Russ Kashian says the big reduction indicates that the foreclosure crisis from the Great Recession is probably over. Milwaukee Wells Fargo economist Brian Jacobsen says the drop in foreclosed homes means that neighboring properties won’t have their values dragged down.