Here are the current market conditions for the Oak Creek Wisconsin Single Family Home Real Estate Market.

There were 84 homes sold during the 2nd quarter of 2010 in the City of Oak Creek WI (up from 36 last quarter and up from 62 during the same period in 2009.) The monthly break down is as follows:

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• April – 27 homes sold
• May – 32 homes sold
• June – 25 homes sold

There were 152 active listings in Oak Creek, WI as of 12 July 2010 of which 16 have accepted offers.  There are an additional 5 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 2nd quarter 2010 were on the market, an average, 136 days. Homes were selling for 96.10% of last asking price and 87.22% of assessed value. Based on the sales data for the quarter, there is currently a 5-6 month supply of inventory in the Oak Creek, WI Market. I expect that with the expiration of the tax credit that we will see the supply of inventory increase as fewer homes are sold over the next few months. There was a total of $17,965,960 in sales volume translating into an average sales price of $222,558.   The lowest sold price of a home this quarter was $43,000 and the highest priced sale came in at $424,760. From what I could determine looking at the tax records and the MLS data, there were 11 foreclosure sales and 4 short sales during the quarter. Below is a spreadsheet showing the breakout by month of the sales. Also below are 3 pdf links that provide monthly detailed property info on sold properties. If you are thinking about selling your home please feel free to contact me any time. ~Troy

(all data collected using the Metro-MLS 7/14/10)

Solds MLS Data Sheet April 2010
Solds MLS Data Sheet May 2010
Solds MLS Data Sheet June 2010

Here are the current market conditions for the Franklin Wisconsin Single Family Home Real Estate Market.

There were 80 homes sold during the 2nd quarter of 2010 in the City of Franklin WI (up from 47 last quarter and up from 58 during the same period in 2009.) The monthly break down is as follows:

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• April – 24 homes sold
• May – 29 homes sold
• June – 27 homes sold

There were 179 active listings in Franklin, WI as of 12 July 2010 (down from from 207 back in April) of which 10 have accepted offers, down from 30 in April. There are an additional 10 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 2nd quarter 2010 were on the market, an average, 133 days, down from 168 in Q1. Homes were selling for 94.95% of last asking price and 91.97% of assessed value a little down from last quarter. Based on the sales data for the quarter, there is currently a 6-7 month supply of inventory in the Franklin, WI Market down from the 13-14 month supply we had in April. I expect that with the expiration of the tax credit that we will see the supply of inventory increase as fewer homes are sold over the next few months. There was a total of $21,726,252 in sales volume (almost twice that of Q1) translating into an average sales price of $286,029 (up about 38K from Q1) The lowest sold price of a home this quarter was $74,000 and the highest priced sale came in at $760,000. From what I could determine looking at the tax records and the MLS data, there were 10 foreclosure sales and 3 short sales during the quarter. Below is a spreadsheet showing the breakout by month of the sales. Also below are 3 pdf links that provide monthly detailed property info on sold properties. If you are thinking about selling your home please feel free to contact me any time. ~Troy

(all data collected using the Metro-MLS 7/12/10)

Solds MLS Data Sheet April 2010
Solds MLS Data Sheet May 2010
Solds MLS Data Sheet June 2010

Here are the current market conditions for the Greenfield Wisconsin Single Family Home Real Estate Market.

There were 36 homes sold during the 1st quarter of 2010 in the City of Greenfield WI (about 50% less than last quarter.) The monthly break down is as follows:

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• January-  12 homes sold
• February- 5 homes sold
• March- 19 homes sold

There are 157 active listings in Greenfield, WI as of 11 May 2010 (about 33% more than last quarter) of which 28 have accepted offers. There are an additional 19 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 1st quarter 2010 were on the market, on average, 133 days, up from 127 last quarter. Homes were selling for 95.86% of last asking price and 86.56% of assessed value. Based on the sales data for the quarter, there is currently a 13 month supply of inventory in the Greenfield, WI Market which is a dramatic increase over last quarter. While about 22% of the total number of sales were listed as foreclosures they were mostly comprised of homes at the lower price points.  There was a total of $7,270,080 in sales volume which translates into an average sales price of $201,947 (up dramatically from the previous quarter) for the Greenfield WI home market.

(all data collected using the Metro-MLS 5/11/10)

Here are the current market conditions for the Franklin Wisconsin Single Family Home Real Estate Market.

There were 47 homes sold during the 1st quarter of 2010 in the City of Franklin WI (the same last quarter but up from 29 during the same period in 2009.) The monthly break down is as follows:

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• January – 11 homes sold
• February – 14 homes sold
• March – 22 homes sold

There are 207 active listings in Franklin, WI as of 12 April 2010 (up from 137 back in January) of which 30 have accepted offers. There are an additional 12 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 1st quarter 2010 were on the market, on average, 168 days, up from 106 from the 4th quarter and 137 from the 3rd quarter last year. Homes were selling for 96.88% of last asking price and 92.75% of assessed value which represent little from last quarter. Based on the sales data for the quarter, there is currently a 13-14 month supply of inventory in the Franklin, WI Market up from the 8-9 month supply we had in January. There was a total of $11,664,700 in sales volume (down from the previous 2 quarters) which translates into an average sales price of $248,185 (Down about 7K from Q4 2009) for the Franklin WI home market.

(all data collected using the Metro-MLS 4/12/10)

Here are the current market conditions for the Greenfield Wisconsin Single Family Home Real Estate Market.

There were 78 homes sold during the 4th quarter of 2009 in the City of Greenfield WI (16 more than last quarter.) I attribute this to the first time home buyers tax credit that was set to end in November but has been extended through the 2nd quarter of 2010. The monthly break down is as follows:

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• October- 34 homes sold
• November- 29 homes sold
• December- 15 homes sold

There are 102 active listings in Greenfield, WI as of 20 October 2009 (Down from 150 last quarter) of which 10 have accepted offers. There are an additional 7 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 4th quarter 2009 were on the market, on average, 86 days, down from over 100 last quarter. Homes were selling for 95.71% of last asking price and 114.09% of assessed value which is down about 2% over last quarter. Based on the sales data for the quarter, there is currently a 4 month supply of inventory in the Greenfield, WI Market which is actually a pretty tight supply. There was a total of $13,805,550 in sales volume which translates into an average sales price of $176,994 (up $5604 from the previous quarter) for the Greenfield WI home market.

(all data collected using the Metro-MLS 1/5/10)

Here are the current conditions for the Oak Creek Wisconsin Single Family Home Real Estate Market.

There were 47 homes sold during the 4th quarter of 2009 in the City of Oak Creek, WI. The monthly break down is as follows:

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• October- 21 homes sold
• November- 20 homes sold
• December- 6 homes sold

There are 108 active listings in Oak Creek, WI as of 5 January 2010 of which 6 have accepted offers. There are an additional 8 homes that are in pending status meaning that they are pretty much ready to close. (all 3 numbers are down significantly from the previous quarter.) Homes sold in the 4th quarter 2009 were on the market, on average, 99 days, a full month less than in the 3rd quarter. Homes were selling for 96.13% of last asking price (up slightly from last quarter) and 86.68% of assessed value (also up slightly from last quarter.) Based on the sales data for the quarter, there is currently a 6.89 month supply of inventory in the Oak Creek, WI Market which is up a little over last quarter. There was a total of $9,630,880 in sales volume which translates into an average sales price of $204,912 (down about $20,000 over the past 2 quarters) for the Oak Creek, WI home market.
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(all data collected using the Metro-MLS 1/5/10)

Here are the current market conditions for the Franklin Wisconsin Single Family Home Real Estate Market.

There were 47 homes sold during the 4th quarter of 2009 in the City of Franklin WI (21 less than last quarter.) The monthly break down is as follows:

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• October – 20 homes sold
• November – 19 homes sold
• December – 8 homes sold

There are 137 active listings in Franklin, WI as of 5 January 2010 (down from 203 in the 2nd quarter and 175 in the 3rd quarter) of which 11 have accepted offers. There are an additional 13 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 4th quarter 2009 were on the market, on average, 106 days, down from 157 from the 2nd quarter and 137 from the 3rd quarter. Homes were selling for 95.82% of last asking price and 92.94% of assessed value which are fractional changes from last quarter. Based on the sales data for the quarter, there is currently a 8-9 month supply of inventory in the Franklin, WI Market up for the first time in two quarters. There was a total of $12,025,550 in sales volume (down about 22% from last quarter) which translates into an average sales price of $255,863 (up about 35k from the previous quarter) for the Franklin WI home market.

(all data collected using the Metro-MLS 1/5/10)

The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures looms, a well-known economist said Wednesday.
Mark Zandi, chief economist at at Moody’s Economy.com in West Chester, Pennsylvania, said in an interview with Reuters home prices will resume their decline by early next year as foreclosure sales pick up again. “The housing crash is not over,” he said. The U.S. housing market has suffered the worst downturn since the Great Depression, and its impact has rippled through the recession-hit economy as well as the rest of the world. A setback for the hard-hit housing market could portend problems for the U.S. economy.

Home prices, as measured by the Standard & Poor’s/Case-Shiller U.S. National Home Price Index, will trough in the third quarter of 2010 after declining 38 percent, Zandi said. The index peaked in the second quarter of 2006 and hit a trough in the first quarter of 2009, a drop of about 32 percent. Home prices in many regions have been rising. That is because foreclosure sales fell over the summer and fall as mortgage servicers have tried to put stressed homeowners into the Home Affordable Modification Program and other modification plans, he said. “This lull in foreclosures sales has resulted in the price gains in the past few months,” he said. “Foreclosure sales will increase, and home prices will resume their decline by early 2010 as mortgage servicers figure out who will not qualify for a modification,” he said.

Zandi said 7.5 million foreclosure sales will have taken place between 2006 and 2011. The majority of these sales, however, have not emerged yet, with 4.8 million foreclosure sales expected between 2009 and 2011. Attractive rates and high affordability have been positives for the U.S. housing market, which has been showing signs of stabilization. Sales have surged in recent months as buyers scrambled to take advantage of the government’s first-time home buyer tax credit, which was originally set to end Nov. 30.
Last month the Omaha administration extended the $8,000 first-time home buyer tax credit, added a $6,500 credit for home owners buying a new residence, and increased income limits. Eligible borrowers must sign contracts by April 30 and close loans by June 30.

Zandi said another significant obstacle to a housing market recovery is the number of mortgages that are “underwater,” where borrowers owe more for the loan than the residence is worth. This negative equity disqualifies many homeowners from refinancing and prevents some from selling their homes. Borrowers in negative equity are also more prone to defaults and foreclosures. Zandi said about 25 percent of single-family homes with mortgages have negative equity. “With so many homeowners so deeply underwater and unemployment very high and on the rise, the foreclosure crisis will continue putting more pressure on home prices,” he said.

The U.S. Labor Department said the unemployment rate reached a 26-1/2-year high of 10.2 percent in October. November’s unemployment rate in November will be announced Friday. “Our house price outlook is dependent on two other key assumptions, including a more stable job market by early 2010 and that interest rates on fixed-rate mortgages remain well below 6 percent throughout the year,” he said. The unemployment rate will peak at 10.7 percent in the third quarter of 2010, Zandi forecast.

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WASHINGTON — The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published Thursday by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week. The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.

Despite the government support, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders across the country. Rates often fluctuate significantly, even within a given day, often tracking yields on long-term Treasury bonds. This week drop reflects a rush of investors into the security of government debt after concerns about financial trouble in Dubai drove investors to safe harbors. But rates climbed back later in the week, and analysts say they are likely to remain volatile. “There are no guarantees that mortgage rates are going to stay at these low levels,” said Greg McBride, senior financial analyst at Bankrate.com.

And millions of American families have not been able to take advantage of them, particularly in the areas where home prices have fallen the most. About 11 million households, or 23 percent of homeowners with a mortgage, owe more on their home loans than their house is currently worth according to First American CoreLogic, a real estate information company. That makes refinancing difficult. While the government has launched a program designed to help these “underwater” borrowers, only about 140,000 homeowners have used it so far. In Orlando, mortgage broker Chris Brown says the low rates are a boon to first-time homebuyers who can qualify for a loan. But he says he isn’t getting much business from homeowners looking to refinance. “Most of the people that could refinance probably have” done so, he said. “Rates have been artificially low for quite some time.”

The average rate on a 15-year fixed-rate mortgage fell to a record low of 4.27 percent, from 4.29 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.19 percent, up from 4.18 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.25 percent from 4.35 percent. The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 points for 30-year loans. The fee averaged 0.6 points for 15-year, five-year and one-year loans. Buyers and homeowners who want to refinance are picking up their phones. Mortgage applications rose 2 percent last week from a week earlier, the Mortgage Bankers Association said Wednesday, driven by a more than 4 percent increase in purchase applications and a nearly 2 percent increase in applications to refinance existing loans.

By: Thomas Content of the Journal Sentinel

Date: Nov. 19, 2009

Source: Milwaukee Journal Sentinel 20 November 09

Link: http://www.jsonline.com/business/70478967.html

Some fear foreclosure pace could accelerate

One of every nine homeowners in Wisconsin was behind on mortgage payments or in foreclosure at the end of September – a record level that industry observers said Thursday is likely to rise. The state continues to fare better than the nation, however, as delinquencies or foreclosures now account for one of every seven loans across the country, the Mortgage Bankers Association said in its quarterly report. The report found more than 11% of Wisconsin loans and more than 14% of national loans were either in foreclosure or delinquent at the end of the quarter, with both rates up sharply from the same time last year. It was a record-high figure for the ninth straight quarter. The data suggest the housing market and the broader recovery will remain under pressure from the surge in home-loan defaults, especially as unemployment keeps rising. Lost jobs are the main reason homeowners are falling behind on their mortgages.

After three years of plunging prices, the housing market started to rebound this summer. That lifted hopes for the overall economy. But analysts say there are too many foreclosed homes that have yet to be dumped on the market, and they expect further price declines. The outlook is grim, as job losses and adjustable-rate mortgages resetting at higher rates pack a one-two punch for homeowners getting behind on mortgage payments. “The outlook is that delinquency rates and foreclosure rates will continue to worsen before they improve,” said Jay Brinkmann, chief economist at the Mortgage Bankers Association. “First, it is unlikely the employment picture will get better until sometime next year, and even then jobs will increase at a very slow pace. “Perhaps more importantly, there is no reason to expect that, when the economy begins to add more jobs, those jobs will be in areas with the biggest excess housing inventory and the highest delinquency rates.”

Foreclosure rates are rising in Wisconsin, which ranks 17th in the nation in foreclosures started during the third quarter. By contrast, Wisconsin ranked 36th in the nation in delinquencies. “What happened is Wisconsin was lagging the nation as a whole, and now it’s starting to pick up and really accelerate,” said bankruptcy and foreclosure lawyer David Liebowitz of Lakelaw in Kenosha.

Subprime loans a concern

An increase in foreclosures had been forecast earlier this year by Milwaukee Mayor Tom Barrett, even after the county posted a 77% jump in foreclosures in 2008 compared with 2007. A sizable number of mortgages with adjustable rates are resetting in 2010, which could mean the trends will persist. Catey Doyle, chief staff attorney with the Legal Aid Society in Milwaukee, said statewide foreclosures could hit 30,000 this year, up from 24,500 last year. Of particular concern in Wisconsin are subprime loans, higher-interest mortgages sold to people with shakier credit histories. The MBA analysis found that 27.4% of Wisconsin subprime loans were delinquent, slightly higher than the national rate of 26.7%. Wisconsin ranked 10th in the nation in the percentage of home loans that have gone to foreclosure.

Doyle said she’s surprised to see how many subprime loans have been made in recent years across the state – and not just in Milwaukee. She said she analyzed several days of foreclosures across the state and was surprised to see that three of four problem loans across the state involved subprime loans. “We’re seeing a lot of bad mortgages that have adjustable-rate mortgages that have just hit the point where homeowners finally are not able to make the payments,” she said. “We’re also seeing an increase in people who have had a period of unemployment. They’re either unemployed now, or were for a time, and may be re-employed but at a much lower income level.”

The delinquency rate in Wisconsin for loans on residential properties stood at 7.66% at the end of the third quarter, up from 6.86% three months earlier, according to data released Thursday by the Mortgage Bankers Association. It’s up from 5.59% this time last year.

Crisis worse elsewhere

But Wisconsin continues to fare better than the nation as a whole and most nearby states in keeping current on house payments. Nationally, the delinquency rate on residential properties was 9.94%, up from 8.86% in the second quarter. Wisconsin has been consistent in not seeing the serious effects of the foreclosure crisis, which has hit hardest in Florida, California, Arizona and Nevada. Those states “have a disproportionate share of the mortgage problems,” accounting for 43% of all foreclosures started in the third quarter, the MBA’s Brinkmann said.

The delinquency rate excludes loans in the process of foreclosure. The percentage of loans in Wisconsin on which foreclosure was started during the quarter rose 3 basis points to 1.06%, while the percentage of loans in the foreclosure process at the end of the quarter increased 8 basis points to 3.65%. The rates were not seasonally adjusted. Mortgage delinquency rates normally rise between the second and third quarter of the year because of a variety of seasonal factors, according to the association. “There are options out there to help them, but at times what we see is that people don’t contact us until it’s too late, and sometimes they don’t return our repeated phone calls to let them know they’re late on their mortgage and we want to talk to them,” said Kurt Bauer, chief executive of the Wisconsin Bankers Association. “They may be embarrassed and don’t think that there are any options available.”