Lisa Simpson
Jul 22,2008
In: Bank Foreclosures

Indiana Bank Foreclosures

Indiana State is in the Midwest of USA. Indianapolis is its capital. Indiana is full of diversity with a sprinkling of urban cities and towns. Indiana is located south of Lake Michigan and Michigan State. Ohio lies to the East, while Kentucky is to the South divided by the River Ohio. Illinois is to the West. Indiana is included in the Great Lake State category. Its focus is mainly is on sports. But lately Indiana bank foreclosures have taken on the centre stage. The people of Indiana are referred to as Hoosiers and basketball mania is in their blood. Today the race is about Indiana bank foreclosures. Indiana simply means Land of the Indians. But of late it can be called the land of Indiana bank foreclosures. Ancient pre-historic sites are rubbing shoulders with houses marking Indiana bank foreclosures.

Although the national foreclosure rates are climbing the number of Indiana bank foreclosures is decreasing from previous niches. Foreclosures increased by over 4% in April 2008 but in Indiana bank foreclosures dropped by 3% according to online data collecting firm RealtyTrac. In the country foreclosure postings spiked to 243,353 in April calculating to a rate of 1:519. In March the number was 233,089. The number of Indiana bank foreclosures made the state rank 11th while Illinois ranked 13th. In March also the number of Indiana bank foreclosures ranked her 11th but Illinois was 14th. The changes in percentage readings show that there is a slowing down in Indiana bank foreclosures as well as Illinois foreclosures commented Darn Blomquist of RealtyTrac.

In the two states the main point is that the prices of houses had not skyrocketed for the local buyers. This is especially so in comparison to other states. It prevented an influx of people coming from outside the state to speculate and invest. This in turn has kept the foreclosure numbers in control to some extent.

In USA foreclosure numbers increased by 65% in April. In the previous year there had been 147,708 foreclosure postings. Compared to April of the previous year there was a jump of 26% in Indiana. The foreclosure picture in Indiana is slightly worse than Illinois because of the latter’s closeness to the faltering automobile industry of Detroit. According to Joel Epstein of Greater Indianapolis Mortgage Bankers Association the main reasons for foreclosures in Indiana are unemployment, health problems as well as floating interest, increasing property taxes and predatory mortgage lending.