Foreclosure Troubles

Foreclosure Troubles

We’ve all read the foreclosure reports. Nationwide, currently 1 in 500 home loans are facing foreclosure proceedings. Not good, but not terrible either, unless of course your own home is being foreclosed upon. I’ve been paying attention to foreclosures in Walworth County, in part to keep an eye on the health of our market, and in part to see if I could find a property that I would be able to benefit from purchasing. Here are the grim numbers…. Homes listed at the foreclosure auction last week in Williams Bay? ZERO. Homes in Fontana? ZERO. Homes in Lake Geneva? ZERO. Pretty troubling eh? In fact, there were only a dozen or so on the board last week, which represent the next 4-8 weeks of auctions in Walworth County. Some in Delavan, a few in Darien, Sharon, Bloomfield, and one or two in Elkhorn. It’s true that foreclosures are not good for a real estate market. They can drag down the prices of the homes around them, and add more inventory to already saturated markets. They can do all those things. Or, they can be few and far between and pose barely a blip on the housing radar. As is the case here, in Walworth County.

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