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New foreclosures in state dropped in November

The number of new foreclosure cases in Wisconsin dropped by 18 percent last month compared to October.

Madison tracking specialist Philip Crawford said it was because there were fewer business days in November in which to file those actions.

University of Wisconsin-Whitewater professor Russell Kashian says there's nothing to celebrate until the monthly drop hits 30 percent.

For the first 11 months of this year, foreclosure filings in southeast Wisconsin are 19 percent above a year ago.

Kashian says foreclosures might have peaked in Milwaukee's most distressed areas but we could start seeing more cases in the suburbs as more workers lose their jobs.

Crawford, of, says foreclosures are still going up slowly, despite the November statistical drop.

He says many folks who bought their houses a couple years ago when prices were high now have mortgages higher than their homes' values and it will probably stay that way for awhile.