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Fannie Mae Repos and Bank Foreclosure Numbers Up Again in Indianapolis

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By : John Cutts    99 or more times read
The number of Fannie Mae repos, bank owned homes and other types of distressed properties is up again in Indianapolis, Indiana. Housing statistics for July 2010 showed that the rate of foreclosure in the area has crept back up and is now above the nationwide average. This came after several months of stable residential market performance, housing statistics reveal.

Indianapolis repo homes for sale continue to increase in number, along with other foreclosed residential types. Foreclosure rates among outstanding loan mortgages in the city surged to 3.18% for the month of July compared with the 2.57% rate recorded in July 2009. When compared with previous months for the current year, the rate of foreclosure in the city has either stayed level or risen by a small margin.

The data was provided by foreclosure tracking firm, CoreLogic. The firm also revealed that nationwide, foreclosure rate is at 3.16% for July 2010. Foreclosures and repo homes in Indiana continue to post increasing numbers as reported in local housing statistics, showing that the state has yet to take a pronounced step towards a housing market recovery.

Local housing market analysts have also reported that a big number of homeowners continue to lose their properties to bank foreclosures and Fannie Mae repos, with majority of them unable to fulfill their monthly mortgage obligations due to the economic stress prevalent in the whole country. Unemployment has also been largely blamed for the continuous decline of the state and the whole country's housing markets.

Despite the high number of properties under foreclosed and repossessed property listings, the city of Indianapolis can get some encouragement from the loan delinquency statistics of the city. Latest reports show that the number of borrowers who are at least three months behind in their mortgage payments has declined to 6.96% during the month of July.

Analysts reveal that this marks the first month that the delinquency rate has gone below 7% since August 2009. However, despite the decline, July 2010 delinquency rates are still higher than July of last year's 6.52% rate. Delinquency statistics are considered reliable gauge of how many properties will end as Fannie Mae repos, bank owned or foreclosed in the coming months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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