Foreclosures in Town?
Posted by CityBlogIN on May 28th, 2007
Can anyone speak to the issue of foreclosures in Indianapolis, Indiana? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Indianapolis?
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In the last 2 years, we have had 9000 foreclosures in the Indpls area. Sales are slower in 2008 than the couple years prior and sales prices have dipped as well. But Indpls has a midwestern conservativism - that means -we were never riding the bubble that other communities around the country were on and so, we have not experienced the incredible fall in prices that those areas have. Investors are showing up at our brokerage doors and making multiple purchases - some to flip/some to hold and rent. Some communities such as Carmel (my home just north of Indy and voted once again as one of the 10 best places to live in the nation), Zionsville, Fishers have no foreclosure problem. A few foreclosures will not harm a neighborhood, but some brand new, first time home buyer neighborhoods have been hurt by a large number of vacant,foreclosed homes. This too will change as those properties are reabsorbed. Marita Topmiller, Century 21 Realty Group 1, 317-513-4652, marita@maritatopmiller.com, www.thinkrealtygroup.com/maritatopmiller