Property foreclosures down in Vilas and Oneida in 2011
| Property foreclosures down in Vilas and Oneida in 2011 |
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By Gary Ridderbusch News-Review Editor Mortgage foreclosure filings in Vilas and Oneida counties dropped 17% in 2011, ending a four-year climb for the number of filings, court records show. The drop in filings is good news for a slow residential real estate market, which is still working through an abundance of foreclosed homes, according to Peggy Johnson-Wiessner, president of the Northwoods Association of Realtors. “If we have seen the peak of the new filings and this is not just a temporary dip, it should mean we can get the foreclosures sold, and we can get the prices up (on other listings),” said Johnson-Wiessner. In Vilas and Oneida counties last year, there were 379 filings compared with 458 in 2010 — when the foreclosure filings peaked out. The 2011 figure was even lower than 2009, when there were 420 filings. Court records from the two counties show there were 331 filings in 2008 and 263 in 2007. Foreclosure filings in both counties dropped in 2011, with Oneida County posting a 23% drop from 265 in 2010 to 204 last year. Vilas County filings fell 9% from 193 in 2010 to 175 last year. Vilas County saw a steady increase in foreclosure filings starting in 2007, when there were 94 filings. That figure climbed to 137 in 2008 and 166 in 2009 before peaking out at 193 in 2010. Oneida County also saw a steady climb as the nation’s economy struggled late in the decade, with 169 foreclosure filings in 2007, 194 in 2008, 254 in 2009 and the filings peaked out at 265 in 2010. Economists say the slower pace of filings eventually should help restore a more normal housing market, but there still are too many foreclosed homes for sale, according to Johnson-Wiessner. “We still have a tremendous amount on the market,” she said. “That forces us to drive down prices.” Johnson-Wiessner said with a glut of foreclosed properties on the market and banks just looking to get their money back from the mortgage, the prices drop on the other properties. “Normally, the lender is the successful bidder on the foreclosed properties, and they are in it to just recoup the mortgage,” she said. “The seller has to compete with those declining prices.” The foreclosure figures are for civil cases filed in the county circuit court offices using the class code of a foreclosure. An office spokesperson in the Vilas County Clerk of Circuit Court office noted that some of the cases could have gone to bankruptcy and dismissed, or the property owner could have come to an agreement with the lender. Nonetheless, the figures give an indication to the trend in mortgage foreclosures on residential properties, condominiums and vacant land. Economists say a gradual improvement in the labor market should provide some support for the housing market in the North Woods. Real estate professionals say that as people gain confidence in the economy in the cities, they tend to purchase second homes and cabins in the North Woods. Johnson-Wiessner said the drop in the mortgage foreclose filings is something positive for the North Woods real estate industry. “As least if we are not adding new filings at the same rate, maybe that’s a positive,” she said. Meanwhile, Johnson-Wiessner said there is more good news for the North Woods real estate industry. “Overall, we have seen an increase in sales in 2011 in the number of units sold,” she said. For people looking to purchase a home, real estate professionals note fixed-rate mortgages are at record lows. The interest rate on a 30-year fixed mortgage is about 3.875% from lenders. |
