Top six Walworth County communities for foreclosures
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WALWORTH COUNTY Last year, the top six municipalities for foreclosures in Walworth County were Delavan, Lake Geneva, Elkhorn, Genoa City, East Troy and Whitewater, according to the Keefe Real Estate blog.
As home prices nationally continue to fall, lenders have tempered their foreclosures somewhat as they try to hold down the release of homes into the markets to keep from over saturating the market. (Read the full blog post HERE.)
Prices fell from February to March in 18 of the metro areas tracked by the Standard & Poor's/Case-Shiller 20-city index. And prices in a dozen markets have reached their lowest points since the housing bubble burst in late 2006.
In Chicago, prices have dropped 40 to 60 percent. See the map HERE.
The nationwide index fell for the eighth straight month. Prices have now fallen further since the bubble burst than they did during the Great Depression. It took 19 years for the housing market to regain its losses after the Depression ended.
Prices rose last summer, fueled by a temporary federal home-buying tax credit. But they've plunged since then. This month's report marked a "double dip in home prices across much of the nation," said David Blitzer, chairman of the Index Committee at Standard & Poor's.
After adjusting for inflation, the home-price index has sunk to a level not seen since 1999.
Many economists think prices nationally will drop at least 5 percent more by year's end. They aren't likely to stop falling until the glut of foreclosures for sale is reduced, employers start hiring in greater force, banks ease lending rules and would-be buyers regain confidence that a home purchase is a wise investment.