New housing report puts WI at or near national loan averages

By: Joe Nelson Email
By: Joe Nelson Email

EAU CLAIRE, Wis. (WEAU) - A new housing report shows Wisconsin home owners owe more than the national average, but Eau Claire realtors said it's not a major concern.

A new report from the CoreLogic research group showed Wisconsin’s mortgages borrowed 69.5 percent of the home's value, about eight percent more than the national average. It also listed 13.5 percent of homes with negative equity, meaning they owe more than the home is worth, just two-tenths of a percent away from the country's average.

Kleven Real Estate owner and broker David FitzGerald said those numbers won't necessarily reflect what's happening in Eau Claire.

“Realistically you're selling your house in the local market, so really talking to a realtor and finding out what's happening in the market is real important,” he said.

Both he and realtor Bob Ritsch, a board of directors member with the Realtors of Northwestern Wisconsin said they expect a strong year with higher home values and demand.

“It's a good time maybe to think about getting your house on the market for sure. The inventory was absorbed so the supplies are less than they had been in the past,” Ritsch said.

“I would suspect that this year will be a very good year and it's going to be a lot of good activity relatively quickly as things warm up,” FitzGerald said.

FitzGerald said the beginning and end of each year are slow for home sales, especially this winter, delaying buyers and sellers from making a deal.

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