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Foreclosure Filing Trends and Distributions:State and Local Perspectives
2000 through 2010
Dane County Foreclosure Prevention Taskforce MeetingDecember 8, 2010
Dr. Russ KashianDepartment of Economics
University of Wisconsin-WhitewaterMatt Kures
Center for Community & Economic DevelopmentUniversity of Wisconsin-Extension
Source: Dane County Foreclosure Task Force
How do foreclosures impact neighborhoods and housing markets?
• Property owners facing foreclosure may have less incentive to maintain or upgrade their property (Schuetz et al, 2008);
• After the completion of the foreclosure process, properties may sit vacant and have the propensity to attract vandalism and crime signaling that the neighborhood is in a state of decline (Schuetz et al, 2008);
• High rates of foreclosures may increase the number of properties on the market at a given time ( Schuetz et al, 2008);
• Properties may sell at a discount, both at auctions or pre-foreclosure sales, affecting the price of comparables used to estimate neighboring property values (Lin et al, 2009).
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
5,000
10,000
15,000
20,000
25,000
30,000
35,000
6,407
8,82010,352 10,703 10,562
11,648
15,231
19,223
23,263
28,725
State of Wisconsin Foreclosure Filings – 2000 through 2009(Duplicate Filings Removed)
Num
ber o
f For
eclo
sure
Fili
ngs
Based on filings reported in the Wisconsin Circuit Court Consolidated Court Automation Programs case management system.
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
200
400
600
800
1,000
1,200
1,400
1,600
1,800
282355
408 429 400454
687
819
1,203
1,550
Dane County Annual Foreclosure Filings – 2000 to 2009 (Duplicate Filings Removed)
Num
ber o
f For
eclo
sure
Fili
ngs
Based on filings reported in the Wisconsin Circuit Court Consolidated Court Automation Programs case management system.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -
0.2
0.4
0.6
0.8
1.0
1.2
0.28
0.38
0.44 0.45 0.430.47
0.61
0.76
0.91
1.12
0.160.19
0.22 0.22 0.20 0.22
0.330.39
0.57
0.72
Foreclosure Filing Rates 2000 through 2009Number of Foreclosure Filings per 100 Housing Units
State of Wisconsin
Dane County
Fore
clos
ure
Filin
gs p
er 1
00 H
ousin
g U
nits
Based on filings reported in the Wisconsin Circuit Court Consolidated Court Automation Programs case management system. Housing unit s are based on annual estimates from the Wisconsin Department of Administration Demographic Services Center.
Change Q1 2009 to Q1 2010
Change Q2 2009 to Q2 2010
Change Q3 2009 to Q3 2010
Change Q1-Q3 2009 to Q1-Q3 2010
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
9.6%
5.8%
0.7%
5.2%
1.6%
-1.1%
0.2% 0.3%
Percent Change in Foreclosure Filings – Q1 through Q3 2009 and 2010 (Duplicate Filings Removed)
Dane County
State of Wisconsin
Based on filings reported in the Wisconsin Circuit Court Consolidated Court Automation Programs case management system.
Jan 1990 Jul 1991 Jan 1993 Jul 1994 Jan 1996 Jul 1997 Jan 1999 Jul 2000 Jan 2002 Jul 2003 Jan 2005 Jul 2006 Jan 2008 Jul 20090.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
Monthly Unemployment Rates - January 1990 to October 2010Seasonally Unadjusted
Dane County
State of Wisconsin
United States
Une
mpl
oym
ent
Rate
(%)
Source: Bureau of Labor Statistics Local Area Unemployment Statistics (LAUS)
For More Information
Matt KuresCenter for Community & Economic Development
University of Wisconsin-Extension610 Langdon St. #336Madison, WI 53703
www.uwex.edu/ces/ccedhttp://twitter/uwexcced