Foreclosure Rate Remains Steady in Kenosha County
The foreclosure filing rate in Kenosha County in July remained at a steady rate compared to last year, with a slight increase of 4% over 2007 (a 50% increase over 2006) As an agent that specializes in REO sales and Pre-Foreclosure sales, I have noticed a sharp increase in REO business over last year. More importantly, I have noticed that the REO sales are driving the market in several neighborhoods. This means that homeowners who are looking to SELL their homes are also being affected by the high fore rates.
Home buyers in the Kenosha market are finding INCREDIBLE deals. Just last month, a buyer of mine paid $46,000 for a home in a nice North Side neighborhood in the city of Kenosha where homes rarely have sold for less than $140,000 - $150,000 in the past five years. Currently our office is working with several first time home buyers who are looking to REO properties to get their best value.
The problem for sellers is that they are now competing for buyers with the REO market, and this is driving prices down. Many traditional sellers find themselves in the position of having to bring money to closing in order to sell their homes.
Traditional real estate sales in Kenosha are continuing to slow. Recent MLS statistics show that July 2008 sold real estate units are down 21% over July 2007. Even in this slowing market, there is a demand for properties when they are priced competitively.
The moral of the story is... it's a great time to buy, IF you have the right resources and are a home buyer or a LONG TERM, seasoned investor. If you are a “get rich quick” speculator or a novice investor without financial gravitas... you need to be careful. You don't want to end up being my next short sale client.
Weichert, Realtors –Unum Properties
Ralph D. Nudi