State foreclosure filings fell 5% in April

By Paul Gores of the Journal Sentinel

New foreclosure filings in Wisconsin fell 5% in April from the previous month, and dropped about 10% in the southeastern part of the state.

But professionals who track foreclosures said Monday not to read too much into the decline. Although many of the subprime and riskier mortgages already are in the foreclosure process, filings will continue to pile up as the poor economy leads to more job losses for people with standard mortgages, they said.

"Now the foreclosures are happening because of economics - people losing their jobs," said Philip Crawford, founder of ForeclosureAlarm.com.

Russell Kashian, a University of Wisconsin-Whitewater economics professor who is monitoring foreclosures in the state, said the more important number to watch for April is the national jobless figure, which is set to be released by the U.S. Labor Department on Friday....READ MORE