A few years back, a client moved to a suburb of Milwaukee, Wisconsin, and still praises its virtues to me periodically when we check in with each other (I chided her once that she had to stop repeating the phrase “picture perfect” or I’d stop reading her e-mails). When e-mailing me last she was kind of snarky about the housing woes she left behind, writing “I don’t envy you and all those I left behind--you’ve got it tough all right! But things here are great, rosy. We were so smart to invest in a house here in [Smartyville], as the market is very stable and we don’t see any of the problems that are happening in the greedier parts of the country.”
Her snarkiness should be biting her in the butt just about now, if this January 16th article in the Milwaukee Sentinel is any indication:
The number of foreclosed properties headed for sheriff's sales in Milwaukee County jumped 77% last year, the third consecutive year of double-digit increases. And officials said there were no signs that the trend was abating.
Similar percentage increases were seen in Waukesha County, up 73%, and Washington County, up 72%.
Oh, I know there are spots that were immune to price spikes and/or seem impervious to falling price pressure. But I guess I can go another day without recommending Smartyville to clients as a perfect destination.