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As per the data of a recently released report, Indiana came at number five, when it came to the nation’s foreclosure inventory percent for last year’s third quarter. Another report showed that in the second quarter, 7.97% of the state’s home loans were past due in excess of 30 days.
When it comes to individual Counties, Porter County saw an increase in its foreclosure rate by 1.4% in Oct ’08 as compared with Oct ‘07’s 1.3%, and Lake County saw an increase from 2.7% to 2.9% for the same period. Indiana on the whole saw an increase from 1.7% to 2%, again, for the same period.
However, when it comes to declining indexes of housing prices, there is good news, as the .02% decline in Indiana is fairly lower than the 4% national decline. This fairly steady value of home prices in the region is prompting many of the region’s prospective buyers to start looking at the market again.
Many of the homes that are being sold are involved in foreclosure. The reason that Indiana foreclosures are finding the home buyers favor is that they normally sell for lesser than their estimated market prices. With substantial discounts on offer, these homes are now finding an increased number of buyers.
Homes involved in Indian foreclosure properties can be put up for sale during pre foreclosure; at foreclosure auctions; or through lenders after they have passed the auction stage.
Home owners who choose to sell their homes during pre foreclosure would mainly do so in an effort to get enough money to repay the lender and stop the foreclosure proceedings. In cases where the homes market value exceeds what the homeowners owe on the mortgage, the lender can agree to a ‘short sale’ wherein the home can be sold for lesser than the amount left on the mortgage, with the lender agreeing to write off the balance of the amount.
In buying a pre foreclosure home, you must ensure that you go through the relevant paperwork to check if the home has any other loans attached to it, or if there are any unpaid property taxes linked to the home.
Irrespective of the foreclosure stage you pick a home from, it is necessary that you inspect the home. This is because it is better to have an idea at the very onset of the money you might have to spend in fixing the home.
HUD Fair Housing Equal Opportunity