Indiana Foreclosed Homes Represent a Positive for Families Looking to Become Homeowners
Indiana has seen less of a problem with foreclosures than other surrounding states. Michigan, Illinois and Ohio have a substantially greater number of foreclosed homes on the market than Indiana.
Notwithstanding the relative rates, Indiana foreclosures currently exceed 25,000 and are available throughout the state. The unemployment rate in the state is currently running a full percentage point below the national rate. After a couple of years above the national rate, the state appears to be recovering jobs at a faster rate than the rest of the country. This appears to be having some effect on the number of foreclosed homes.
On the other hand, the cities included in this analysis all show a lower average price for foreclosed homes over the last month. For example, the price of Indianapolis foreclosures fell by 5.70 percent, and there are currently 8,334 foreclosed homes on the market at an average price of $109,900. In Greenwood, located in the greater Indianapolis area, foreclosures fell by 0.57 percent.
There are currently 526 foreclosed homes on the market at an average price of $99,300. The price of Crown Point foreclosures fell by 19.83 percent, where there are currently 266 foreclosed homes on the market at an average price of $130,900.
Crown Point is in the northeastern portion of the state and is in the greater Chicago area. Also, the price of Fishers foreclosures fell by 8.89 percent with 192 current foreclosed homes on the market at an average price of $213,800.
Indiana is known for the Indianapolis 500, a popular racing event, which is run every year on Memorial Day weekend and is the largest single-day sporting event anywhere in the world. It symbolizes the automotive background of the state.
The state also has a significant manufacturing base, which does not appear to have been as hurt as other midwestern states. Many think that this is because the state has a combination of fewer major urban areas and a skilled workforce. This, with a business friendly attitude, has resulted in a stronger economic base.
With Indiana foreclosures forcing prices down, there are some great opportunities for families looking to become homeowners. The availability of foreclosed homes combined with the historically low mortgage interest rates make this a good time to search out a potential home to purchase.
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