Wisconsin foreclosures declining faster than national rate

By Matt Masterson - Freeman Staff

Feb. 11, 2015

IRVINE, Calif. - The total number of foreclosures in Wisconsin dropped by approximately 30 percent in 2014 from the previous year - a rate that nearly doubles that of the rest of the nation.

A new study from CoreLogic - a global property information, analytics and data-enabled services provider - released Tuesday shows the 12-month sum of completed foreclosures for 2014 was 563,294, the lowest total since November 2007 when it was 589,570. The number of foreclosures has also has declined each of the last 34 months.

In Wisconsin, last yearís foreclosure total was 6,749 - a significant drop from the 9,539 foreclosures recorded in 2013. The stateís foreclosure inventory stood at 0.7 percent last year, which was also a decrease of 0.4 percent from 2013.

The annual sum of completed foreclosures declined 15 percent from the 662,000 reported in 2013 and completed foreclosures last year were less than half the 1.2 million peak in 2010. However, those numbers still sit at twice the level of normal activity from over 10 years ago.

According to the study, every state posted double-digit year-over-year declines in foreclosure inventory with the exception of West Virginia, which experienced a 9.5 percent decrease.

The national serious delinquency rate - defined as 90 days or more past due - was 4.1 percent in December 2014, the lowest rate since June 2008. In Wisconsin, that rate stood at just 2.5 percent.

Among 25 non-judicial foreclosure states - In which lenders can issue notices of default directly to the borrower without court intervention - Wisconsin had the 13th fewest foreclosures.