How common are foreclosures in the Madison area? We've run the latest numbers from the Wisconsin Circuit Court database, and foreclosures continue to be a relatively rare event in Dane County. Through the first 7 months of the year, a total of 147 foreclosures have been filed, which is the fourth lowest total this century.
We don't expect a significant increase in foreclosures anytime soon, and for a few key reasons:
- Today's lending practices are much improved from the bad practices that preceded the foreclosure epidemic 15 years ago.
- Many homeowners continue to enjoy a low monthly payment and a sub 4 percent interest rate.
- Most homeowners have built up a large amount of equity in their home and are low-risk for ever being underwater with their mortgage.
We'll be updating our foreclosure report every few months. In the meantime, please reach out to us with any questions you may have about the Madison area real estate market. We're here to help.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & Realty Executives Cooper Spransy
1619 Monroe Street #1, Madison, WI, 53711
