| Bank owned homes and foreclosures
in Indiana. Real estate listings from Indiana. Indiana had the highest
foreclosure rate in the country as of the third quarter 2002, with 2.38%
of the loans in foreclosure – more than double the national average. There
are several factors contributing to the high foreclosure rate in Indiana.
Indiana has one of the highest homeownership
rates in the country. Based on 2000 Census data, 75% of residents in the
state were homeowners versus 67% of residents for the country as a whole.
There were only seven states with a higher homeownership rate than Indiana.
Relatively low home prices in combination with a low unemployment rate
helpt to explain Indiana’s high homeownership rate.
Far too many loans in Iniana were
made to people with less than stellar credit records and these bank loans
would typically be offered at a higher rate of interest and/or higher fees
to compensate for the added risk to the lender. Often, these high interest
loans offer a second chance to those with a blemished credit history to
improve their credit record. From
Indianapolis to Fort Wayne, from Evansville, South Bend and Gary Indiana,
a bank owned home at a below market price can make for a wise investment.
| State of Indiana Bank
homes, foreclosures, Bank Owned Real Estate & MLS |
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