Eau Claire (WQOW) - Wisconsin is bucking the trend when it comes to foreclosure filings, and not in a good way. Foreclosure filings were down four percent in July compared to June nationwide. But in Wisconsin, foreclosure filings are up over 40-percent.
"We saw in July, Wisconsin had a sharp increase in foreclosure activity. We saw more than 4,500 properties with foreclosure filings in the state, that was up 43 percent from June, and it was up 8 percent from a year ago," says Daren Blomquist, with RealtyTrac.
Realtytrac, a company out of California that has been tracking foreclosure filings since 2005, says Wisconsin is now tenth in the nation for foreclosure filings. That's a place the state has never been before.
"That's pretty counter to the trend that we're seeing nationwide, where we saw a month over month decrease of four percent in foreclosure activity, and a year over year decrease of 35 percent," Blomquist says.
Across the country, one in every 611 housing units filed for foreclosure in July. In Wisconsin, that ratio was smaller, one in every 571 housing units. For Eau Claire County, the numbers fared a little better, with one in every 999 housing units. But that number is still higher than it was a month ago.
"But the thing that stands out as possibly a bad sign is just like Wisconsin, Eau Claire did see a spike in foreclosure activity in July, it was up 21 percent from June," says Blomquist.
One possible reason?
"What we're probably seeing with some of these states that weren't as hard hit by the foreclosure crisis early on, which I would lump Wisconsin in with that is that some of the economic problems and unemployment issues are catching up, and forcing some people into foreclosure," Blomquist says.
RealtyTrac says for Wisconsin, and the Eau Claire area, the numbers could get worse before they get better.
President Obama announced last week a new solution that could help foreclosure rates. Washington is looking at tax breaks to help investors buy foreclosed homes, and turn them into rental properties.
