News

Foreclosures hit Dane record

County reaches new mark in January as economy gets worse

The number of foreclosures in January in Dane County increased 24 percent over the same time in 2008, according to danecountymarket.com.

Research firm economy.com reports the recent increase corresponds to the rise in the national foreclosure filings, which have gone up 81 percent since 2007. Similarly, foreclosure filings in the state of Wisconsin have risen 6 percent from 2007.

Currently, lending institutions have foreclosed on 1 in every 1,109 houses in Dane County. The state of Wisconsin, by comparison, has a foreclosure ratio of 1 in 1,341, according to the Wisconsin Realtors Association.

While this figure has almost doubled in the last year, Nancy Mistele, a real estate broker and candidate for Dane County Executive, said the amount of foreclosures in Dane County and Wisconsin is not as significant as it is in the rest of the country.

“By comparison (to other states), foreclosures aren’t driving Dane County,” Mistele said. She advocates a “wait-and-see approach” in determining the appropriate action to take to relieve the recent rise in foreclosures.

The states affected most by the economic recession have more severe figures, with 1 in every 73 houses in Nevada being foreclosed, and 1 in every 157 houses in Florida being foreclosed, the Wisconsin Realtors Association notes.

In an e-mail to The Badger Herald, Madison real estate attorney Juscha Robinson of the firm Herrick and Kasdorf said foreclosure is “almost always” related to a family crisis resulting in loss of income.

“I have been seeing a rise in foreclosures, even in just the last few months,” Robinson said.

She added there is little judges can do to help families facing foreclosure.

“There usually isn’t any defense to a foreclosure lawsuit, although judges will sometimes grant more time to work out a payment plan before entering judgment,” Robinson said.

Wisconsin lawmakers have looked into initiating legislation that would decrease the number of houses being foreclosed.

State Sen. Lena Taylor, D-Milwaukee, plans to introduce legislation allowing homeowners to employ various methods of avoiding foreclosure, including adjusting interest rates or extending repayment schedules, according to the Wisconsin Realtors Association.

A spokesperson for Dane County Executive candidate Kathleen Falk, Mistele’s opponent, could not be reached for comment.