Racine Wisconsin now ranks #12th in nation for foreclosures
Mayor John Dickert, we’re not TOP 10…..yet….getting pretty damn close,
you should not be proud of this accomplishment!
Racine Wisconsin has now gotten more spotlight. Racine (ranked 12th) is one of the areas filling the spots vacated by Florida, cities included Salt Lake City at No. 16, Atlanta-Sandy Springs-Marietta at No. 17, and Detroit-Warren-Livonia at No. 18. We are even beating out Detroit.
February 2011 foreclosure numbers look good but only because lenders have slowed their filings to update their systems, reports Irvine, CA-based RealtyTrac.
Foreclosure filings–default notices, scheduled auctions and bank repossessions — were reported on 225,101 U.S. properties in February, a 14 percent decrease from the previous month and a 27 percent decrease from February 2010–the biggest year-over-year decrease since RealtyTrac began issuing its report in 2005.
The report also shows one in every 577 U.S. housing units with a foreclosure filing during the month
“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac.
“While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures.
“We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”
Read the entire article at
World Property Channel, residential real estate
17 Responses to Racine Wisconsin now ranks #12th in nation for foreclosures
You must be logged in to post a comment Login
PC I felt bad when I saw that story, especially because they did so much good in the community. Florida has great property for dirt cheap.. No blizzards (occasional hurricane but WTH) and is much nicer than Ratown.
racineuncovered
04/04/2011 at 12:37 pm
Agreed. My old bosses Norris Richardson was very active in Rotary as was Ken Due with a West Racine development organization when Camera World was alive and well.
Ah, to wish for the old days again!
pcnorb
04/04/2011 at 12:50 pm