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Burden of Indianapolis Bank Owned Homes Might Be Easing

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By : John Cutts    99 or more times read
The burden of foreclosed properties and Indianapolis bank owned homes might be seeing some let up as home buying levels increase in the city, along with the prices of residential properties. According to local real property broker F.C. Tucker Co., the number of homes for sale and the prices of residences have improved in 2010 compared from previous year’s records.

The brokerage firm reported that pending house sales for the month of March have risen by more than 10% as compared with 2009 levels. In addition, a total of 2,509 selling agreements for houses during the month in focus were also reported.

According to the report, pending residential sales in the state, including bank owned homes in Indiana, have shown a steady increase for each of the three months of 2010. The upward trend is expected to continue through the coming months until the deadline for tax credit comes.

The increased number of sales of bank owned foreclosures, existing homes and other residential properties are credited by local market analysts to the tax credit and the continued decline of mortgage rates in the city and the whole state.

The problem of Indianapolis bank owned homes and foreclosures is expected to be somewhat lightened by improved home prices in the city. Improving conditions in the area’s housing market is being buoyed by the tax credit worth $8,000 provided by the federal government to first time home buyers, analysts have reported.

The tax credit covers residences that are under contract until the end of April and those that were purchased not later than April 30. The tax credit program also provided a tax break worth $6,500 to existing residents who have occupied their homes for five years or more.

Among the counties of Indianapolis, Marion County recorded the highest increase in house prices. Prices of homes in Marion rose by more than 17% during the month of March. Overall, residential prices in the city climbed by 12%, creating an average home price of $139,533.

The impact of bank owned homes for sale in Indianapolis and other foreclosed properties on the city’s housing market is expected to lighten following improved home prices and increased number of house sales agreements as shown by March 2010 data.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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