"Foreclosures Up 48 Percent in Wisconsin in 2006"

A source that tracks foreclosures across the states nation (RealtyTrac) confirms that foreclosures soared 48 percent in Wisconsin last year versus 2005. In total, the state recorded 7,572 foreclosure actions during 2006--which amounted to one per 304 households. On the positive side, Wisconsin's rate was still well below the U.S. average of one for every 92 households. RealtyTrac CEO James Saccacio remarked, "The increase was driven partly by the general slowing of overall housing sales, and partly by the impact of monthly mortgage payments increasing dramatically for homeowners who held some of the riskier types of adjustable rate and sub-prime mortgages." According to RealtyTrac, Colorado led the nation with one foreclosure action for every 33 households in 2006.

Many people simply don't know where to turn for help when they're facing the possibility of foreclosure. For some, getting out of this situation is as easy as refinancing. For others, it may mean selling, negotiation with the bank for a "short sale", or even turning the property over to the bank to save their credit rating. If you or some you know is faced with this situation, talk to your mortgage company, your Realtor or a foreclosure prevention counselor (888-995-HOPE, 800-569-4287 or 800-877-8339) to find help.