MADISON (WRN) Wisconsin property values dropped for a fourth straight year. Preliminary figures show total state property values are down 3.2-percent for 2010. Wisconsin Taxpayers Alliance President Todd Berry says the biggest drop was for residential properties, which are down four-percent.
Several of the biggest drops were in southeastern Wisconsin, where some counties saw values fall by as much as 7.7 percent. Berry suggests it might be the result of residual foreclosure activity in that region, which continues to impact the housing market. Of the state’s 72 counties, only seven saw an increase.
Personal and manufacturing property values did go up statewide, but only by about one percent. Berry says that’s normally not something to celebrate, but it shows at least that sector is “shaking off” the recession with some activity.
Berry expects the trend to continue until the economic recovery picks up a little and “gets its sea legs.” He says that could restore some confidence and maybe help increase home buying.