Second Quarter Home Sales Down: Wisconsin is in Decent Shape in Comparison to Other States

August 24, 2007

The Wisconsin Realtors Association reported home sales drops in the state were lower than those in other states during the second quarter of the year.  The National Realtors Association reported a nationwide decline in home sales of 10.8%, which is higher than the Wisconsin figure of 8.5% for the quarter. While other markets continue to experience home sale price drops, Wisconsin’s median sale price rose 1.2%. In Dane County home sale price medians rose 0.9% even though sales slumped 3.8%. Although Realtors are carefully watching the market and breathing a sigh of relief that the subprime fallout has not hit the region hard, bankers are concerned. A Wisconsin Bankers Association survey revealed higher instances of consumer and business bankrupties, more home foreclosures, and increases in the number of past-due mortgages.  Bankers indicated they were concerned about the effects of a real estate slowdown in the region, which could spill over into the construction and durable goods markets.  Paul Brown

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