Amid the worst housing market in decades, Wisconsin real estate isn't doing too badly compared to the majority of the country, and with a drift towards more deflation in 2009 it won't be too dramatic in the state that's best known for its beer and cheese.
In Milwaukee, which is the beer brewing capitol of the world home sales and prices are down. The slip in housing values hit Housing Predictor's projection for 2008 and as sales remain slow with the recessionary economy, the market will be sluggish in 2009. A growing inventory of homes on the market for sale with foreclosures is making damaging inroads into the local economy.
As monthly sales slow through the year, homeowners in Milwaukee are looking to the government for help. Housing Predictor forecasts that Milwaukee will deflate another 11.8% in average home values in 2009.
In Green Bay, foreclosures have made a severe impact on the economy, but oddly enough home prices have remained fairly stable after falling early in the credit crunch. Maybe it's because Green Bay is actually a fairly small housing market in the town better known for their Green Bay Packers football than anything else. Look for Green Bay housing prices to go further south in 2009 at an average rate of 8.9% on homes.
 |
| City |
Forecast |
| Milwaukee |
− 11.8% |
| Green Bay |
− 8.9% |
| Madison |
− 12.4% |
| Kenosha |
− 10.8% |
| Lake Geneva |
− 13.2% |
The median price home has slipped nearly a tenth in Kenosha, where home sales have slowed by nearly half of what they once were. The recessionary economy and lack of buyer confidence are hurting the marketplace, which is projected to have another down year in sales in 2009. Kenosha is forecast to deflate another 10.8% in home values during the year.
Madison isn't immune from the economic downturn, despite the economy being strongly driven by high tech and big government. A lack of consumer spending is producing what could be a long lasting slowdown in the local real estate economy. Home sales are down in Madison and are projected to remain that way through at least most of 2009.
The bleak picture for the state's capitol city has been evident for months as business failures increase due to the tightening credit markets. Home sales are moving slowly as a result and are forecast to be deflationary in 2009 at an average loss in values of 12.4% in Madison.
In Lake Geneva the real estate market has been slow for more than two years and prices have been on the decline. The Lake Geneva vacation market boomed while the national real estate frenzy was on only to fall back to a slower pace, which is forecast to remain that way through 2009 with average housing deflation of 13.2%. Most people like Lake Geneva for its scenic lake and beauty, despite whatever the housing market brings. Some day the values will be headed upward again.
