IAR Economic Digest
Foreclosure Study
Predatory Lending Law Review
Trademark Information
Mold
RESPA
2006 Profile of Home Buyers and
Sellers - Central Indiana Report
Foreclosure Study
- CLICK HERE TO DOWNLOAD a PDF version of Steve Sullivan's August 28, 2007 presentation to the Networks Financial Institute.
Nationwide, foreclosure is a big problem—for individual homeowners, the housing market and the economy as a whole.
The Web site Foreclosure.com maintains a database of residential foreclosure properties across the country. It reported that the inventory of residential foreclosure properties available for sale in 2004 reached an annual peak in December. Indiana was among the states with the highest total inventory of properties, along with Texas, Ohio, Georgia, Michigan and North Carolina. But sadly, it is Indiana that has one of the highest foreclosure rates in the nation.
In response to this problem, economic development organizations and leaders in the housing industry are teaming to attack the foreclosure rate at the individual level.
MIBOR and the Builders Association of Greater Indianapolis (BAGI) have joined in this effort by producing an educational piece, "Homeownership: Protecting Your Investment." The free brochure is geared towards REALTORS® and builders to share with their clients, to help educate them about the responsibilities of owning a home.
The brochure is the latest step in MIBOR and BAGI's joint examination of Indiana's high property foreclosure rate. In 2003, both organizations along with both state associations and the Indianapolis Neighborhood Housing Partnership (INHP) commissioned a study to look at the reasons behind our area's foreclosures. In 2004, the study was repeated.
The piece includes practical tips on saving, budgeting and loan products, so that central Indiana residents can avoid the devastating option of foreclosure, Smith explained.
This information is important for all buyers in all price ranges. Whereas foreclosures in the past have hit mostly low and very-low income homeowners, there is now a trend toward more middle-class homeowners falling into foreclosure processes.
CLICK HERE TO DOWNLOAD a PDF version of the Homeownership Protection Brochure.
Indiana Foreclosure Facts
The foreclosure studies pointed to several factors that have contributed significantly to Indiana's foreclosure rate, including:- Indiana's early entrance into the recession, particularly in the manufacturing sector, which led to a 4.4 percent of 131,000 job decrease in two years
- A high homeownership rate with growth surpassing the national average
- A high percentage of Indiana mortgages being obtained through government backed loans, particularly FHA loans which foreclosed at a rate nearly four times greater than conventional loans—3.83 percent vs. .99 percent respectively, and
- A high percentage of loans with loan-to-value ratios more than 90 percent.
CLICK HERE TO DOWNLOAD a PDF version of the 2004 Foreclosure Study in its entirety.
