Foreclosure rates low in Central Wisconsin

“Region Insulated From 2009 Foreclosures” Wisconsin Rapids Daily Tribune (12/27/09) Thorn, Meredith

Foreclosure rates in central Wisconsin continue to be low compared to other parts of the country, which could be because of inexpensive housing prices coupled with simple, old-fashioned Midwestern values. In Stevens Point, for instance, just 0.5 percent of the city’s residential properties went into foreclosure this past year, reports James Siebers, the city’s assessor. Randy Cray, director of the Central Wisconsin Economic Research Bureau at the University of Wisconsin-Stevens Point, confirms that a key reason is home prices never “exploded into the stratosphere” in central Wisconsin. With relatively low house prices, residents were not forced to shoulder a huge amount of debt to buy their homes. Cray further observes that the central Wisconsin economy has taken a hit during the recession, but not like the hit experienced nationwide. He concludes, “It’s still not as bad here as what it is in some other parts of the country.” While there is no way to quantify this, Cray’s belief is that the strong Midwestern ethic of paying off debts and responsibility played a role in insulating the region from the foreclosure mess.