Recently, I was asked to provide some data about the state of foreclosures in Indianapolis and how it is affecting the economy. It was an eye-opening excercise, but certainly not surprising.
While the data reveals the state of foreclosures in Indianapolis (Marion County), the depth of what the statistics doesn’t reveal is mind boggling. The far reaching effect of foreclosures in many areas of Marion County will probably not be known for several years. I certainly have opinions about how we reached this point, which I’ll write about next; first I’ll show you the statistics.
*2009 data through 6/30/2009 *YonY = year on year % increase
Although I’m not a big gambler, I’m willing to bet the % of foreclosures in Indianapolis was less than 2003 or close to the same percentage. Back then we ranked in the top 10 states for % of foreclosures, often in the top three. Right now, we rank #13. Staggering………….
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Those statistics are staggering. in your opinion, do you see any rebounds from the new tax credit programs, or other similar programs out there?
I agree with Jeff Ellis. I would be interested in hearing your thoughts on how the tax credit programs may affect your market.
Amazing, I did’t know it has been so bad for so long. I have not been to Indianapolis for 40 years, I was there as a teen ager. I remember it always as a clean nice place. Is it the job market there that has caused the damage?
I have another post coming with my personal opinion about why the foreclosure rate is so high in Indianapolis. I don’t see the tax benefit helping most people. Stay tuned…….
It is amazing how high a percentage of foreclosures you have.
Ouch!
These are looking similar to ours down here in Arizona.
Good luck with your short sales!
Where did you find your statistics? I have been trying to find foreclosure numbers for the state of Indiana by mo nth for the past three years with no luck. I am doing a project for a Statistics class. Thanks for any help you can provide.