The latest Walworth County foreclosure update contains no surprises, and no real big fish with the exception of the Wight Canyon property foreclosure proceedings that I’ve written about in the past. Foreclosures are concentrated in Elkhorn, Delavan (City), Whitewater, and the Lake Como area. Williams Bay doesn’t have a single foreclosure posting right now, and there is only one in Fontana. The lakefront market continues to completely evade the foreclosure issue, as does the lake access market. Abbey Springs doesn’t have a single foreclosure, so to all of you who are reading this after googling “abbey springs foreclosure”, sorry.
One trend of note is the burgeoning foreclosure problem affecting the Grand Geneva timeshares. There are several of those right now, as there have been for the past couple months. I expect to see those increase, as fee heavy timeshares are relatively illiquid “assets” that don’t provide much benefit to the owner. I’ll say it again, please don’t buy timeshares. They make no sense. If you must indulge your infomercial desires, go on ebay and buy a timeshare for literally pennies on the dollar.
Foreclosures will continue to add up, but they should also continue to have relatively little affect on our overall market. The lakefront and lake access market will not be affected by this phenomenon. Short sales are few and far between in this lake access market as well, even though one particular short sale candidate in our entry level market posing a terrific value right now. All in all, let’s look for foreclosures and short sales to find value, but let’s not hold our breath waiting for them to affect the overall market.