Indiana Ranks #5 in Foreclosures

..for the month of May at least. I received a newsletter today from the Board of Realtors and decided to run the numbers. For several years, Indiana has ranked #1 with the highest number of foreclosures. This article in particular stated that across the nation foreclosures have dropped 17% in May. One website in particular RealtyTrac will give you the results of homes that are pre-foreclosures (properties in the first stage of foreclosure), Auction (Sheriff’s sale), and Bank Owned (properties foreclosed). The results are alarming and I have posted the figures below:

Marion County
4283 Pre-foreclosure
4052 Auction
5047 Bank owned

Hamilton County
9 Pre-foreclosure
5 Auction
29 Bank owned

Boone County
2 Pre-foreclosure
0 Auction
6 Bank owned

Hancock County
1 Pre-foreclosure
79 Auction
24 Bank owned

Hendricks County
3 Pre-foreclosure
2 Auction
25 Bank owned

In 2004, MIBOR (Metropolitan Indianapolis Board of Realtors) conducted a research study outlining the causes of Indiana’s high foreclosure rates. It is pretty informative and I have included a link here for your interest. Since Indiana has the highest home ownership rate, as well as being the hardest hit state in manufacturing job losses; one can only expect the influx of foreclosed homes.