INDIANA FORECLOSURE ACTIVITY UP 64 PERCENT IN 2008

Almost 46,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 45,937 Indiana properties in 2008, an increase of 64 percent from 2007 and a 114 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.67 percent of all Indiana housing units received at least one foreclosure filing during the year, up from 1.03 percent in 2007.

 

Indiana reported 4,771 properties with foreclosure filings in December, up 6 percent from the previous month and a 29 percent increase over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity increased substantially in Indiana from 2007 to 2008 as the number of unemployment claims rose and the nation began to sink deeper into recession,” said James J. Saccacio, chief executive officer of RealtyTrac. “In addition to the state’s unemployment rate rising by almost 4 percent, home sales and prices were lagging well behind 2007 levels. Taken together these factors indicate the foreclosure crisis is far from over in Indiana.”

 

Top five counties account for bulk of state’s foreclosure activity in 2008

Five Indiana counties accounted for 63 percent of all foreclosure activity in the state during 2008. Marion County led the way, reporting 16,294 properties with foreclosure filings for the year. Lake County came in second, reporting 5,483 properties with foreclosure filings. Allen County registered the third highest total, reporting 3,009 properties with foreclosure filings. St. Joseph County was fourth highest, reporting 2,070 properties with foreclosure filings. Madison County came in fifth, documenting 1,862 properties with foreclosure filings.

 

Marion County posts state’s top foreclosure rate for 2008

With 3.92 percent of its housing units receiving at least one foreclosure filing during the year, Marion County posted the top foreclosure rate in the state for 2008. Madison County had the second highest rate, with 3.14 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Lake County, where 2.64 percent of the housing stock received at least one foreclosure filing during the year.

 

State a minor contributor to nation’s foreclosure total for 2008

Indiana accounted for 2 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                  Indiana Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Indiana

45,937

1.67

64.18

 

 

 

 

 

89

Adams

7

0.05

-80.56

9

Allen

3,009

1.99

18.28

49

Bartholomew

196

0.63

127.91

54

Benton

15

0.39

275.00

18

Blackford

96

1.50

433.33

46

Boone

153

0.72

2,450.00

79

Brown

7

0.09

250.00

45

Carroll

69

0.74

331.25

28

Cass

207

1.20

111.22

55

Clark

172

0.37

77.32

68

Clay

19

0.16

171.43

60

Clinton

36

0.26

414.29

47

Crawford

38

0.70

 n/a

74

Daviess

14

0.11

0.00

71

De Kalb

25

0.14

92.31

40

Dearborn

166

0.84

112.82

27

Decatur

134

1.25

112.70

24

Delaware

714

1.35

2,450.00

69

Dubois

27

0.16

1,250.00

12

Elkhart

1,331

1.74

78.66

7

Fayette

243

2.15

167.03

65

Floyd

74

0.24

27.59

37

Fountain

73

0.92

305.56

64

Franklin

22

0.24

450.00

44

Fulton

72

0.75

278.95

42

Gibson

115

0.76

422.73

57

Grant

97

0.31

83.02

92

Greene

8

0.05

300.00

14

Hamilton

1,499

1.57

310.68

10

Hancock

517

1.92

82.04

86

Harrison

9

0.06

28.57

81

Hendricks

46

0.09

142.11

4

Henry

550

2.56

205.56

8

Howard

786

2.00

23.97

58

Huntington

47

0.29

193.75

84

Jackson

12

0.07

300.00

52

Jasper

58

0.46

5.45

66

Jay

21

0.22

250.00

77

Jefferson

14

0.10

366.67

88

Jennings

7

0.06

-30.00

6

Johnson

1,169

2.17

325.09

78

Knox

16

0.09

433.33

34

Kosciusko

356

1.01

415.94

15

La Porte

733

1.53

890.54

61

Lagrange

37

0.26

146.67

3

Lake

5,483

2.64

101.73

75

Lawrence

24

0.11

242.86

2

Madison

1,862

3.14

182.55

1

Marion

16,294

3.92

21.45

25

Marshall

260

1.35

83.10

85

Martin

3

0.06

 n/a

5

Miami

351

2.22

646.81

53

Monroe

252

0.45

135.51

21

Montgomery

227

1.38

808.00

29

Morgan

321

1.13

165.29

50

Newton

38

0.63

280.00

19

Noble

280

1.43

182.83

70

Ohio

4

0.15

 n/a

35

Orange

87

1.00

770.00

67

Owen

20

0.19

233.33

51

Parke

42

0.54

600.00

72

Perry

12

0.14

200.00

83

Pike

4

0.07

 n/a

43

Porter

491

0.76

45.27

82

Posey

8

0.07

100.00

59

Pulaski

17

0.27

750.00

41

Putnam

110

0.77

59.42

26

Randolph

161

1.34

59.41

56

Ripley

42

0.36

200.00

62

Rush

20

0.26

1,900.00

17

Scott

161

1.50

302.50

33

Shelby

200

1.07

488.24

63

Spencer

23

0.25

360.00

11

St Joseph

2,070

1.83

11.95

76

Starke

11

0.10

266.67

36

Steuben

187

0.98

356.10

80

Sullivan

8

0.09

300.00

87

Switzerland

3

0.06

200.00

22

Tippecanoe

912

1.38

113.58

13

Tipton

117

1.63

303.45

32

Union

36

1.07

300.00

30

Vanderburgh

909

1.12

33.87

90

Vermillion

4

0.05

100.00

16

Vigo

708

1.50

164.18

38

Wabash

128

0.89

326.67

91

Warren

2

0.05

 n/a

48

Warrick

164

0.69

130.99

31

Washington

133

1.11

923.08

20

Wayne

438

1.41

45.03

23

Wells

158

1.36

79.55

73

White

16

0.12

220.00

39

Whitley

120

0.87

344.44

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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