Dane County foreclosures continue to rise, with 89 new filings recorded in the month of June, an increase of 29% from the 69 filings recorded in June of 2007. The graph below shows the number of monthly Dane County foreclosures dating back to January of 2005. Each red data point represents a year-over-year increase from the same month of the prior; each green data point represents a decrease. You'll see that foreclosures have been trending in the red for most of the last 3 years.
Also note the month of August, 2007. This was the first month to break 80 filings. Since that time only one month has dipped below the 80 filings mark - December - a traditionally lower volume month.
How does the growth in Dane County foreclosures compare to foreclosure growth at the state level? The graph below shows that foreclosures in Dane County are increasing at a faster rate than foreclosures for the state as a whole. Year-to-date Dane County foreclosures are up 60%, compared to 36% for the state of Wisconsin.
How long will foreclosures continue to increase? That's a difficult question to answer. However, this article from the Wall Street Journal reports that credit card and home equity line of credit (HELOC) delinquencies are on the rise. If you believe that increasing delinquencies are a leading indicator for more foreclosures, this data suggests we'll continue to see foreclosures grow over the next several months.
In our next post, we'll take a look at how foreclosures have grown in the city of Madison. We have some interesting data that breaks down the number of foreclosures by zip code.
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