Santa Barbara, CA --- March 15, 2011 --- Real estate foreclosures in Milwaukee County, Wisconsin are being listed for sale at a near 50% pace, meaning for every one foreclosure listing currently active on the Milwaukee market, another foreclosure is awaiting listing, according to a new study conducted by RealtyStore.com. RealtyStore's study found only 53% of the completed foreclosures in Milwaukee are listed. Both bank foreclosures and Fannie Mae foreclosure inventory has been slow to enter the market.
"Foreclosure listings in Milwaukee enter the market slowly," noted Tim Chin, CEO of RealtyStore. "48% of foreclosures held by banks are pending listing, and 50% of the area's government owned homes have not been listed yet. If all foreclosures held in local REO portfolios were brought to market now, the share of Milwaukee foreclosures would leap to 21% of the total market of local homes for sale. This represents a high foreclosure saturation level. It could take considerable time for this dormant inventory to sell through."
RealtyStore identified a total of 1,852 foreclosures in Milwaukee County. Banks have 700 of the total foreclosures listed for sale, with 657 more pending listing. Fannie Mae / Freddie Mac inventory counts another 214 on the market, and an additional 213 still awaiting listing.
HUD foreclosures show the opposite trend in Milwaukee County, with 93% of all HUD homes presently listed for sale. HUD homes also post the lowest median price of all foreclosure listing types. The median HUD foreclosure price is $47,000 in Milwaukee County. This price is 68% below the overall market median price of $144,900 for all homes listed for sale in the county.
Pricing of bank foreclosures is the next lowest in the county. The median price for a bank foreclosure is $55,000 or 62% below the market median. Foreclosed houses marketed by Freddie Mac and Fannie Mae are priced slightly higher at 60% below market, with a $58,225 median price.
Data analysis methodology:
RealtyStore Reviews and Foreclosure Trends studies provide the total number of REO foreclosure properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.