While County Executive Scott Walker toys with selling off Milwaukee County's airport and scapegoats the County's retired employees, foreclosures rose 51.5% in Milwaukee County last year, according to data gathered by ForeclosuresWI.com.
Statewide, they were up 27.5% to 20,995.
"Adjustable-rate and exotic/subprime mortgage rate resets continue to result in staggering increases to many homeowners' monthly mortgage payments," said ForeclosuresWI.com President Robert Jansen. "Furthermore, the cooling of the housing market and overall increase in the number of homes on the market has made it more difficult for those facing financial trouble to quickly sell their home to avoid foreclosure. Compounding the issue, many lenders have tightened lending standards in the wake of subprime mortgage crisis and skyrocketing mortgage defaults, which eliminates many refinancing options for those in trouble," he said.
I can't wait to see how Walker tries to blame this on the "pension scandal?"
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