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Rising Foreclosure Listings by State Not As Big a Problem in Milwaukee

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By : John Cutts    99 or more times read
The continuous rise in foreclosure listings by state in the U.S. has affected housing unit sales and the median and average selling prices of homes in majority of the country's markets. However, Wisconsin seemed to be doing relatively well despite the huge number of foreclosures. Sales of housing units jumped in certain areas of the state last January.

More buyers made purchases in the Milwaukee metro area last month as non-foreclosed and houses under Milwaukee foreclosure lists posted higher year-over-year sales figures. Total housing unit sales for January 2011 were up 18% when compared with January 2010 based on data from the Greater Milwaukee Association of Realtors. The realtors association predicts that the rest of 2011 will be better than last year in terms of housing sales.

According to the association, sales figures will get help from the low interest rates and the affordable prices of houses for-sale, particularly those under foreclosure listings in Wisconsin. The group, however, has stated that tight lending standards might scare off some potential buyers. They stated that private lending policies should be loosened to allow would-be homebuyers to secure mortgages and make purchases.

The sentiment is shared by majority of realtors all around the U.S. Most of them believe that, with foreclosure listings by state continuing to rise, more homebuyers are needed to cut down the massive supply of distressed properties. They argued that difficulties in acquiring financing are preventing interested buyers from making a purchase and these are all losses for the whole country's housing industry.

In Milwaukee, the realtors' association reported that several sales transactions have been canceled because appraisals from lenders are way below the sales price agreed upon by both sellers and buyers. This creates problems, even for low-priced properties under lists of home foreclosures for sale, since the amount that the lender is willing to lend to the buyer is different from the actual price of the home.

Foreclosure listings by state are expected to grow further in 2011. For majority of U.S. home sellers, unloading their properties would be difficult enough with cheap foreclosed houses to compete with; but most have stated that they are more worried that tight lending controls will prevent even determined buyers from making a purchase.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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