Indiana Leads the Nation in Mortgage Foreclosures

For those that didn't see this article in the Indy Star unfortunately Indiana once again led the nation in foreclosures, hitting an all time high. Here are the highlights from the article.

More than 7,000 Indiana homeowners faced foreclosure in the final three months of last year, a record high for a state that has led the nation in foreclosure proceedings since July 2004. Foreclosures in Indiana are driven by factory layoffs, personal bankruptcies, stagnant home prices and aggressive lending.

During the last quarter of 2005, lenders started foreclosure proceedings on 7,575 Indiana mortgage loans, or 0.98 percent of mortgage loans in service statewide, the Mortgage Bankers Association reported.

That rate was more than double the nation's rate and was Indiana's highest since association records were begun in 1979. "You haven't had a lot of home price appreciation, and you've lost a lot of manufacturing jobs," said Jay Brinkman, vice president for research and economics at the Washington trade group.

Indianapolis lawyers and bankers concur. Home loans are easier to get now than 20 years ago. And builders are willing to put up houses with almost no money down.

But when jobs fade, marriages fail or medical bills pile up on credit cards, homeowners can fall far behind on mortgage payments and wind up bankrupt, said Indianapolis bankruptcy lawyer Mark Zuckerberg.

"In a lot of cases, people were put into the wrong loans for them," Epstein said. "They got loans where the interest rate is adjustable, and that got them into trouble when interest rates went up. You compound the problem when it's a brand-new house and the taxes haven't been assessed. The taxes kick in and the rates are rising and now they're in trouble. They can't get enough equity out of their house to pay all the bills."

Continue reading the article here.

This may seem like simple advice, but make sure you can afford the monthly mortgage payment before completing your real estate purchase. Just because a mortgage company qualifies you for a loan of a certain amount doesn't mean you can afford to make that payment every month.

Indianapolis - Most Affordable Major Housing Market

Most of us that live in Indianapolis probably already know this, but for those that don't (or those considering a move to Indianapolis) the National Association of Home Builders named Indianapolis the nation's most affordable major housing market for a second consecutive quarter at year end 2005. I've included a couple of highlights from the announcement below.

====================================
Indianapolis, Ind., was the nation’s most affordable major housing market for a second consecutive quarter at year-end 2005, according to the National Association of Home Builders’/Wells Fargo Housing Opportunity Index (HOI), released today

In the nation’s most affordable major housing market of Indianapolis, Ind., 88.7 percent of new and existing homes that were sold in the fourth quarter were affordable to households earning the area’s median income of $64,000. The median sales price of all Indianapolis homes sold in that time frame was $120,000. Also near the top of the list for affordable major metros were Youngstown-Warren-Boardman, Ohio-Pa., followed by Detroit-Litonia-Dearborn, Mich.; Grand Rapids-Wyoming, Mich.; and Dayton, Ohio, in that order.

Midwestern metros also dominated the list of the most affordable small housing markets with under 500,000 people. Davenport-Moline-Rock Island, Iowa-Ill. was tops, followed by the metro areas of Cumberland, Md.-W.Va.; Lima, Ohio; Mansfield, Ohio; and Lansing-East Lansing, Mich.

At the bottom of the affordability scale was Los Angeles-Long Beach-Glendale, Calif., where just 2.3 percent of homes sold in the fourth quarter were affordable to families earning the area’s median household income of $54,500. The median price of all homes sold in that area was an even $500,000. And as usual, the bottom of the affordability scale was dominated by large California cities, including Santa Ana-Anaheim-Irvine, San Diego-Carlsbad-San Marcos, and Stockton. New York-White Plains-Wayne, N.Y.-N.J. rounded out the list of the five least-affordable major housing markets.

Continue reading the article here.
====================================

March Hot Picks

If you aren’t ready to begin spring cleaning, here are some ideas to keep you busy

March 2-6/9-12, Women’s/Men’s Big Ten Basketball Championships – If the NBA has left you a little disgruntled, come and watch some real basketball. The Big Ten is back in Indy as our national college team’s fight for the rights to the Final four. This is what basketball is really about.
Tickets: Women’s all session pass: $55 Men’s all session pass: $125-$225 or $25-$75 single session pass Location: Conseco Fieldhouse Info: 317-917-2500

March 6, David Gray – I know where I will be March 6th…do you? If you haven’t heard of David Gray by now, I highly suggest you quickly find out about this amazing artist. This will be my second time seeing David Gary in Indy and I can personally guarantee you will not be disappointed.
Tickets: $35 Location: Murat Centre, 8pm Info: 317-231-0000

March 11-19, 48th Annual Indiana Flower & Patio Show – Desperate for gardening ideas? With spring around the corner, the Indiana Flower and Patio Show is a great opportunity to plan your next outdoor project. Offering 450 exhibits of products and 269,000 square feet of landscaped gardens, the ideas are limitless!
Tickets: $9 Location: Indiana State Fairgrounds Info: 317-927-7500

March 14-19, Peter Pan – Peter Pan and the gang is flying into town. Former Olympic gymnast, Cathy Rigby will be bidding farewell to her role as Peter Pan once the tour ends. This will be a truly memorable family event!
Tickets: $21.50-$63.50 Location: Clowes Memorial Hall, call for times
Info: 317-940-6444

March 16-19, Sesame Street Live “Elmo’s Coloring Book” – Elmo and his friends are back as they travel through ancient Egypt, the days of dinosaurs and their musical junkyard.
Tickets: $12-$25 Location: Murat Theatre, call for times Info: 317-239-5151

March 17, St. Patrick’s Day Parade – If green beer is not up your alley; join the rest of us downtown for the annual St. Patrick’s Day Parade. Just don’t forget to wear your green!
Admission: Free Location: call for details Info: 317-884-3836

March 23-25, Bands of America National Concert Band Festival – Gather the family together and head downtown to watch the 15th annual Band Festival. The crème of the crop high school bands and percussion ensembles come together and perform.
Tickets: call for info Location: Clowes Memorial Hall, Hilbert Circle Theatre,
and Christel DeHaan Fine Arts Center Info: 800-848-BAND

March 31, Harlem Globetrotters – America’s basketball team is back! Now in their 80th season bring both comedy and skill to the court, the Globetrotters will be facing the NABC College All-Stars and Alumni.
Tickets: $15-$100 Location: Conseco Fieldhouse, 6pm Info: 917-2727