The State of Foreclosures in Indiana 2014

Apart from being one of the highly commercialized states in terms real estate sector efficiency, Indiana still trails in the top 15 states in America with high foreclosure rates. This might not be a good news to hear especially from the reputation of the state, this has been a decline when compared to the previous year. In addition, this has been a worry for many residents within state especially after the reports were made public that 3 out of 60 houses were facing foreclosures in the entire state both residential as well as commercial properties.

In market research done by the Indiana government, it was noted that most of the foreclosures were experienced in the second half of last year and this contributed to an increase in the end year rate that was released. By the end of the year 2013, the rate has rose to 4 houses in 60 were facing foreclosures. Moreover, this was even worse in major cities in Indiana such as Indianapolis, Fort Wayne, Evansville, South Bend and Carmel. All these cities has a rate more than 10 percent.

An Increase in Foreclosures

As the rate of foreclosure in Indiana continues to drop from the increased experienced at the end of last year, the rate is now at 10 percent following the adjustments that took place in the market. What has happened? First, the number of cases has dropped from 5 percent to 10 percent in the last 6 months. In addition, the same has occurred in the largest cities in Indiana including Indianapolis, Fort Wayne, Evansville, South Bend and Carmel at 3 percent, 4.4 percent, 4.8 percent, 3.9 percent and 4.5 percent respectively. The rate of foreclosure activities has also gone down by 12 percent thus making the residents that the rate will ultimately go down at the end of the year. Experts has also confirmed that scheduled auctions and repossessions had went up by 25 percent and 28 percent respectively in the last 6 months.

At the beginning of the July this year, the signs that this rate would have gone down by 8 percent that is a good indication in the market. Real estate professionals have also found that a huge percentage of Indiana’s foreclosures were made up of the older cases, which had passed though the repossessing homes stages of the courts. This had led to an increase in the interest rates leading to foreclosures as the only option.

With many of the filed cases have been withdrawn by the residents who filed them, this move is expected to reduce the rate of foreclosures significantly. The rate has also reduced in the major cities of the state that controls its economy by about 10 percent in the last 6 months. Despite the measures taken the government to solve the issues with the collaboration by the US federal government, the residents are still worried. Before the end of the year, the rate of foreclosure should go down to below 10 percent after all the legislation has been made. This will definitely help the economy of Indiana grow by about 10 percent in the remaining times of the year at the same time stabilizing the rate of foreclosure at 8 percent.

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