RACINE COUNTY - The foreclosure crisis continues to deepen, as March figures prove.

Foreclosure filings have increased from 2005-2006 and from 2006-2007. But, as bad as 2007 was here, this year's first quarter was considerably worse, according to figures released Tuesday by ForeclosuresWI.com. The firm provides Wisconsin foreclosure resources and statistics.

In March, 95 foreclosures were filed in Racine County, compared with 59 the previous March. For the entire first quarter, foreclosure filings were running 49 percent ahead of last year's pace - 269 this year compared with 180 last year at this time.

Statewide, ForeclosuresWI.com reported, 2,069 homes entered foreclosure in March, nearly 30 percent more than in March 2007.

Robert Jansen, president of ForeclosuresWI.com, called the numbers "staggering." He noted that, from 2005-2007, foreclosure filings in the state soared by 70 percent.

This year is running 36.4 percent ahead of last year's pace.

"We expect foreclosures to remain at escalated levels through 2008, with some experts not predicting a housing market recovery until at least 2010," said Jansen.

By now, reasons for the foreclosure crisis - which has also rocked the national economy and even international markets - are well-known.

They include: adjustable-rate and subprime mortgage resets, which drive up monthly mortgage payments; a soft housing market; and the collapse of the subprime mortgage market.

With the deteriorating housing market, Jansen noted, the flood of foreclosures has made it more difficult for those facing financial trouble to quickly sell their home to avoid

foreclosure.

Many lenders have tightened lending standards in the wake of the subprime mortgage crisis and skyrocketing mortgage defaults, which eliminates many refinancing options for those in trouble.

"Amidst this situation, the U.S. government continues to struggle to agree on the proper course of action, although the legislative wheels are in motion," Jansen said. "Proposed solutions include tax credits for people who purchase foreclosed properties and large tax breaks for home builders."

Foreclosures mean opportunity for many people, says Jansen, whose company also provides foreclosure listings to home buyers, investors and real estate professionals.

He said his company's subscribers often work directly with foreclosure victims, helping them save equity and avoid further damage to their credit by selling their property before it goes to auction.

On the Net:

http://www.foreclosureswi.com