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Property Trax: Dane County Distressed Property Index for April edges past 31 percent, for second highest on record

Property Trax: Dane County Distressed Property Index for April edges past 31 percent, for second highest on record

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April distressed props

Dane County's Distressed Property Index in April was higher than both the previous month and the same month one year ago.

At 31.2 percent, the April reading also ranked as the second highest on record and the sixth month in a row topping 30 percent.

Indicating that many homes in the Dane County housing market remain in or near foreclosure, April's index was a bit higher than the March reading of 31 percent.

It also was considerably higher than the 25.6 percent distress index posted in April 2010.

"Although foreclosure filings are decreasing, they remain at historically high levels," index co-creator Dan Miller said in a report about the April reading here.

"Also, there are a tremendous number of foreclosures already in the pipeline and on their way to the open market," Miller added.

The index is produced from court filings and data from the South Central Wisconsin MLS analyzed DaneCountyMarket.com. It charts the prevalence of of distressed properties as a proportion of overall monthly home sales.

The April reading suggests just over 31 percent of all home sales in the county were distressed properties.

In January 2006, the index was 5 percent.

Miller, a Keller Williams real estate agent, said index values will likely remain "well above 25 percent" over the next 12 months.

You can read a short blog post by Miller about the April index here.

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