January 2009 A Quick Review

  • Second highest month ever for Wisconsin Foreclosure Filings
  • A jump of 19% from December 2008, one of the largest monthly jumps ever
  • Continues the trend of more than 100 filings (on average) each business day

Total Statewide Filings
January-09 2,688
December-08 2,242


January is Normally a Big Month
For the last several years, January has had more foreclosure filings than the preceding December. January 2009 is no exception. This chart shows monthly filings since the beginning of 2005.

(Click image to enlarge)


County by County Analysis
  • Some counties such as Iowa county, saw a decline in January from their 2008 monthly average
  • Waukesha and Ozaukee both increased over 50% from their 2008 monthly aveage
  • Door county had the largest percentage increase at 140%

All Counties

County Avg. 2008 January 2009
Change
Adams 19 20 8%
Ashland 5 5 11%
Barron 18 23 31%
Bayfield 4 4 -4%
Brown 84 111 33%
Buffalo 4 4 14%
Burnett 11 11 1%
Calumet 11 11 -1%
Chippewa 19 24 24%
Clark 9 10 14%
Columbia 25 25 0%
Crawford 3 6 106%
Dane 109 154 41%
Dodge 35 38 10%
Door 8 20 140%
Douglas 17 17 -1%
Dunn 16 14 -10%
Eau Claire 24 28 19%
Florence 1 3 112%
Fond du Lac 28 32 15%
Forest 3 3 -3%
Grant 9 10 14%
Green 13 18 36%
Green Lake 8 10 28%
Iowa 9 3 -66%
Jackson 6 4 -31%
Jefferson 27 30 10%
Juneau 11 16 48%
Kenosha 87 131 51%
Kewaunee 7 6 -9%
La Crosse 25 23 -7%
Lafayette 4 7 58%
Langlade 8 8 7%
Lincoln 11 6 -46%
Manitowoc 19 26 39%
Marathon 38 53 39%
Marinette 18 29 57%
Marquette 10 8 -19%
Milwaukee 540 621 15%
Monroe 16 18 11%
Oconto 18 24 36%
Oneida 16 22 36%
Outagamie 50 62 24%
Ozaukee 17 29 67%
Pepin 2 20 728%
Pierce 21 18 -13%
Polk 31 33 7%
Price 4 7 87%
Racine 92 110 19%
Richland 7 4 -39%
Rock 82 122 49%
Rusk 7 9 24%
Sauk 27 43 61%
Sawyer 7 12 69%
Shawano 15 18 19%
Sheboygan 39 53 38%
St Croix 53 88 65%
Taylor 5 4 -13%
Trempealeau 7 9 26%
Vernon 6 5 -20%
Vilas 11 11 -4%
Walworth 49 58 18%
Washburn 8 15 84%
Washington 35 42 20%
Waukesha 88 140 59%
Waupaca 24 32 32%
Waushara 14 19 35%
Winnebago 56 60 7%
Wood 17 28 62%


The trend is still up, however I suspect the reasons for foreclosures are changing in Wisconsin. We are most likely past the sub-prime foreclosure bubble, consistent with trends around the US.

Daily Wisconsin Foreclosure Filings Rate

Monthly Numbers are Problematic
Foreclosure numbers are typically reported by month, quarter, or year. The main problem with monthly reports is that they are dependent on the number of business days in that month. For months with few business days, such as November 2008, you can get a drop in the number of filings, even though the daily number of filings does not drop. For example, read about 23% fall in SE Wisconsin in the month of November.

November of 2008 had only 18 business days, while October 2008 had 23 business days. With an average of roughly 100 filings per day, you'd of course expect November to have significantly less filings. And it did.

Smoothing Functions
So, I've created a chart showing the daily foreclosure filing rate over the last 500+ days. The daily numbers have been smoothed out by using a simple moving average. As you can see from the chart, there is an overall trend line up over the past two years, along with a noticeable increase over the last few months. (click image to enlarge)



I'll try to update this graph every few months as this thing unfolds.