Local foreclosure sales see a dramatic drop in 2013 - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Local foreclosure sales see a dramatic drop in 2013

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Eau Claire (WQOW)- Experts say home prices are on the rebound and part of the reason why is because of less home foreclosures.

"With rising prices, we should see fewer and fewer foreclosures," says Eau Claire Real Estate Agent David FitzGerald.

Locally, real estate agents say that's exactly what they've been seeing; fewer homes facing foreclosure.  That's backed up in the latest report by RealtyTrac, a company that compiles real estate information nationally.

According to the numbers in Eau Claire, Dunn and Chippewa Counties, foreclosure sales dropped by about 40 percent in the first six months of this year compared to that same period a year ago.  Experts say for a majority of the housing market, that's a good thing.

"Foreclosure properties compete with existing homes on the market and basically depress prices somewhat," FitzGerald explains.  "With fewer foreclosures, you are seeing prices rise and that's good for anybody who owns a home."

We've seen a 41 percent decline in Eau Claire, 43 percent in Dunn and 37 percent in Chippewa Counties.  With trends heading in the right direction for a majority of the market, many believe sales for the rest of the year will only get stronger; and maybe even long after that.

"I would expect for the next few years we should see above average increases in prices to make up for stagnant and depressed prices that occurred the previous five, six, seven years," points out FitzGerald.

Wisconsin as a whole has had about 30 percent less foreclosure sales in 2013 compared to last year.  That's nearly 7 percent better than the national average.

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