Indiana foreclosures offer many housing options

Indiana Foreclosures - A report

Indiana has seen some of the highest foreclosure rates in the recent past with highest being in 2002 when the filings were twice the national average. The higher number of foreclosures means that there are more Indiana foreclosed homes available for purchase by first time homebuyers and investors. Buying a home is like a dream come true for every individual or any family. Everyone looks forward or lives in the anticipation that someday they will be able to buy their own home. Indiana foreclosures for sale help to make this dream come true by offering low priced homes so that people can live the American Dream. Let's take a look at the foreclosure rate history of Indiana.

For most part of history, the foreclosure rate in Indiana has not changed significantly, and has remained stable in the last decade. In the 1990's the foreclosure rate in Indiana was less than the national average. The increase in the rate started since the last two years and in the third quarter of 2002, Indiana saw its highest foreclosure rate ever and this increased the number of Indiana bank foreclosures. It was the highest in the country too. There are many factors responsible for this sudden increase and the primary factor is the job market. When a homeowner loses a job, it becomes difficult to repay the monthly installments in a loan and there comes a time when he/she will default and the home will go into foreclosure. This is why there has been a rise in Indiana bank home foreclosures. In the year 2002, 686,335 loans were provided to people in Indiana and 16,335 loans went into foreclosure due to different reasons.

First-time Home Buyers in Indiana

In spite of the recent spike in the foreclosure rates in Indiana, the state is said to have one of the highest rates of homeownership in the entire nation. According to a Census data taken out in 2000, 74.9% of Indiana residents were homeowners while the national average was 67.4%. Indiana was in the seventh position where homeownership rate was concerned and this is because Indiana has a low unemployment rate and low home price.

Due to the high number of bank foreclosed homes in Indiana in the last two years, an inventory of homes has been created. These homes can be seen as a part of the Indiana foreclosure listings taken out on a regular basis by government agencies, financial institutions, and real estate agents. The list has all the important details of various foreclosure homes in Indiana. So if you are thinking of buying a home in Indiana, then this is the right time because you will be able to find some of the hottest properties selling at bargain prices. Indiana foreclosure homes are being looked at as a post retirement option or as a first time homebuyer option.