Sigman Janssen Legal Blog
Wisconsin Reporting a Strong and Growing Real Estate Market
February 20, 2014
A strong real estate market is a sign of a strong economy. And while much of the United States is struggling to recover from a recession, Wisconsin is seeing signs of economic improvement through increasing real estate sales over the past year.
The Wisconsin Realtors Association recently reported that both sales and prices for homes and property in the state were strong in 2013, with a 10.8 percent rise in sales over the previous year. The average price of Wisconsin homes on the market also rose to $143,000, which was a 7.2 percent increase form 2012’s number.
One of the reasons being cited for the market’s turnaround in the state is a dramatic decrease in the number of home foreclosures. Residences being repossessed declined from 22,852 foreclosures being reported in 2012 to 15,563 last year. This was an almost 32 percent decrease in homes being taken by banks due to delinquent mortgage payments.
Numbers are continuing to improve into the 2014 as well, with Milwaukee-Wisconsin Journal Sentinel reporting building permits for new home construction increased this past January when compared to the number from the same month the previous year.
The Wisconsin Real Estate Lawyers with Sigman, Janssen, Stack, Sewall & Pitz recognize how confusing the laws surrounding a real estate transaction can be for those who are not in the industry. That is why the firm suggests anyone seeking to purchase property discuss the transaction with a reputable attorney.