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Duplex Foreclosures and Other Home Types Rose in Indianapolis

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By : John Cutts    99 or more times read
Indianapolis, Indiana foreclosures for April 2010 rose by more than 15%. The latest housing market statistics from CoreLogic showed that the increase includes different types of homes, including duplex foreclosures. The rise is being interpreted by real estate analysts as a sign that the housing crisis is not yet over for the city.

Foreclosed homes for sale in Indianapolis, IN climbed by more than three percent compared with the 2.65% recorded in April 2009. Compared with national foreclosure rates of 3.2%, the Indianapolis increase is a bit slower in April. Along with the number of foreclosures, loan delinquency also rose in the city, with almost eight percent of mortgages in the area accounting for a three-month or over delay.

Mortgage delinquency and Indiana foreclosed homes statistics for April 2010 is the highest for the city since January 2009. Real estate observers have blamed the increases on high unemployment rates which were pegged at ten percent for the metro area in April. This translates to a slight increase from 9.9% in March of the current year.

The continuous increase in foreclosure rates affects all types of dwellings, including duplex foreclosures, single family homes and more affluent residential structures. With the high number of city residents losing their jobs or suffering salary cuts, analysts predict that the foreclosure crisis will continue in the metro area for the rest of the year.

According to local employment statistics, laid off employees are finding it hard to get jobs that offer salaries comparable to what they used to receive. This aggravates the problem of house foreclosures for sale even more, market analysts have observed. Finding employment in itself is very difficult, but workers who are aged 45 and over are particularly hard hit by the downturn in the economy.

City employment figures show that older workers are taking much longer to find jobs compared with younger job seekers. The Bureau of Labor Statistics had reported that the rate of joblessness among employees in the age bracket of 55-64 climbed to almost six percent from 2.6% between 2008 and 2009.

The problem of unemployment in general has resulted in a higher number of single family and duplex foreclosures in the city, according to real estate observers. Both unemployment and foreclosure problems are expected to get worse in the coming months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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