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Franklin Real Estate and Homes For Sale in Wisconsin - Troy Chowanec, RE/MAX Realty 100, RealtorĀ®

8 March 2012 Milwaukee Real Estate Market Update

Hi, Troy Chowanec, RE/MAX Realty 100, Coming to you today from the Milwaukee County Sports Complex in Franklin, Wisconsin. Today is March 8th 2012. I want to start with a foreclosure update. A week ago I was talking about the Robo-signing Scandal and what that might mean for inventory. This last week the (Milwaukee) Journal Sentinel posted an article that said foreclosure filings in the SE corner of the state were up 7.2% over last year. In Milwaukee County we had 527 foreclosure filings in the month of February (2012) verses 487 last year (February). That’s up 8.2%. Waukesha County seems to be our glimmer of hope at the moment in February we only had 105 foreclosure filings in Waukesha County, down from 131 in (February) 2011. Most of the short sales and foreclosure properties I have been looking at with Buyers have had some real condition issues and this is going to be a problem for financing. Most of my Buyers are not cash Buyers, so these properties are going to continue to sit and probably have to have further price reductions until a cash Buyer can come along and see the value and can actually make some money on rehabbing the property before re-introducing it back into the marketplace.

Showing Report
CSS gave us statistics again. That’s the showing desk we use for scheduling all of our showings at RE/MAX Realty 100. We currently have 861 active listings represented by RE/MAX Realty 100 and we had 656 showing requests (last week). Showing requests were actually down this last week over the previous six (weeks.) But it’s still higher than it was last year at this time. Last year same period in February we had only 587 showing requests and over 1000 listings. So showings are still strong and inventory is still tighter than it was last year.

The last thing I want to talk about today is an article I read on the CNBC.com website. Essentially it says that almost 25% of all homes in the United States are currently under water. Meaning that those homes have mortgage (balances) higher than what the home is currently worth. That was for the 4th quarter 2011 that they were reporting. So this is a real concern as we look to see the bottom of the market here, hopefully more people will get equity as we go into next year and start to see an improvement in the house values. Thanks for taking a minute to watch this video. If you have any questions please feel free to email or call me, I’d love to see what I can do to help you out. Have a great day!

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