February saw foreclosure filings in the Milwaukee area decline 12.5 percent over the same month the year before, marking the second consecutive month the metro region saw year-over-year declines, according to a report from the Milwaukee Journal-Sentinel. In all, filings in Milwaukee and neighboring counties totaled 915, down from the 1,046 seen in February 2010.
It was also a drop from the previous month, when the seven counties in the region saw 973 foreclosure filings made, the report said. That was 2.4 percent lower than the rate observed in January 2010.
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Financial experts view these developments as good news for the region, which was one of the first in the nation to be badly affected by the initial foreclosure meltdown in 2008, the report said.
“It’s kind of like the person who got hit with the chicken pox first. When everyone else is getting it, they’re getting better. I think Milwaukee is going to come out of it earlier,” Russ Kashian, a University of Wisconsin-Whitewater economics professor who is tracking foreclosures in the state, told the newspaper. “The problem with Milwaukee in the long run is Milwaukee comes out of it smaller, with probably more renters, because a lot these (foreclosed homes) are being picked up by investors.”
However, foreclosure remains unusually high across the country, even as some homeowners are finding relief from the problem from government programs that allow them to renegotiate the terms of their home loan.