Wisconsin Real Estate Shows Resistance to Cold Winter

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Peoples Home Equity comments on a recent released issued by the Milwaukee Journal Sentinel.

Peoples Home Equity is happy to echo news that housing starts in Wisconsin most populated areas remained on the same pace as last year. The data was reported on February 13th, by the Milwaukee Journal Sentinel and is very interesting since the market is waiting to see national housing start figures being released this upcoming Wednesday.

The release states that, “Despite the harsh winter, permits to construct new homes in Wisconsin's most-populated areas started the new year on exactly the same pace as last year.” 196 building permits were issues in January in the “Milwaukee area, Dane County, Green Bay-Door County market, Fox Valley and Racine-Kenosha area.” This number is the same as the 196 building permits that were issued in January 2013. The news is exciting for Peoples Home equity as the lender mentioned in a recent release today that the announcement of national home sales on “Wednesday will be the most important day of the week.”

Some areas of Wisconsin are not on par from last year but have rather increased greatly in permits. The metro Milwaukee saw a 28% rise in permits from 66 to 85 on a year-over-year basis. For just this year alone, the Green Bay Door Country area experienced a 23.5% rise in permits from 17 to 21. The sentinel concludes that 2013 was “the best year for home construction in six years, but still was 60% lower than the peak building year of 2004.”

Peoples Home Equity definitely sees value in Wisconsin. Corelogics home price index from February 4th shows that Wisconsin home prices remains -14.9% below their peak from September 2006. While prices only rose 0.8% over the past 12 months, Peoples Home Equity sees promise as the number of serious delinquencies in the state (3.1%) remains below the national average.

Contact a Peoples Home Equity Wisconsin branch today for mortgage details at: (414)-321-4631.

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Giorgio Urbano Ferrero
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