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Wisconsin
Wisconsin hasn’t exactly been known for its booming real estate markets. In fact, the state is better known for its great cheese. The real estate market in Wisconsin has been slowing down for slightly more than two years. But the prices on homes and condos have just really begun to depreciate.
The state’s housing markets, however, should fare much better than the majority of the country. Sales should remain at a fairly consistent pace, although slower in 2008, mainly because the state’s markets didn’t get out of hand with booming appreciation like more urban areas of the nation.
With a worsening national economy the state’s real estate markets will eventually be effected more substantially, but that shouldn’t be until later in the year, according to the Housing Predictor forecast.
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| City |
Forecast |
| Milwaukee |
− 4.2% |
| Green Bay |
− 6.3% |
| Eau Claire |
− 6.1% |
| Kenosha |
− 4.3% |
| Lake Geneva |
− 4.6% |
Wisconsin has one of the lowest foreclosures rates in the country, but the subprime mortgage mess and conventional mortgage foreclosures are just beginning to have an impact.
In Milwaukee home sales have just really begun to slow, and as they do prices will begin to weaken. The community after all is known for producing great beer, not really real estate. But as the Milwaukee housing market softens prices are projected by Housing Predictor to deflate 4.2% in 2008, a modest drop compared to many other places.
In western Wisconsin housing sales have already softened in Eau Claire, where prices are forecast to drop another 6.1% by year’s end. The market just doesn’t have the volume of sales to keep prices moving upward. It’s been effected by Minnesota’s ailing real estate markets.
In Green Bay, which is best known for the Green Bay Packers football team, home sales have already dropped by a fifth, and the market is beginning to show further weakening with increasing foreclosures. Green Bay is the third largest metro area in Wisconsin. Green Bay will see further weakening through 2008 and is forecast to see average prices on homes fall 6.3%.
In the resort town of Lake Geneva the market has seen real estate sales slow and prices decline from record highs. But Lake Geneva’s market is mainly composed of second home and vacation buyers, who are able to afford second homes to enjoy for entertaining and vacations.
Lake Geneva saw record high prices during the real estate boom. Values will average a slight decline of 4.6% in 2008 before bottoming out.
Kenosha is more of a working town and the market has already begun to suffer on the way to a deflating cycle. Housing Predictor forecasts Kenosha housing will fall 4.3% in 2008.
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