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Foreclosure Homes Investing and Farm Land Selling Stall in Indiana

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By : John Cutts    99 or more times read
Activities related to house buying, including foreclosure homes investing, is almost at a standstill in Indiana. But it is not only residential properties that are experiencing a slowdown, real estate observers have reported that hardly any farmland has been sold in the region in the past few months.

Although Indianapolis foreclosure homes and distressed residential properties all around the state comprise majority of foreclosure numbers, other types of real estate are also suffering from declining property values and oversupply of cheap distressed real estate. One example is farmland properties.

According to latest property reports, farmers all around the central area of the state find it hard to sell their land for what they are worth, which is the same problem faced by sellers of foreclosures in Indiana. This results in most farmland owners opting to wait until the industry improves when they can sell their land for their true worth.

The high number of bank foreclosures and distressed real estate in the region caused farmland prices to also drop. Along with tighter standards in lending and an almost nonexistent demand for real estate development projects, experts are reportedly finding it hard to value properties that, in good market conditions, would have been valuable to both residential and commercial developers.

Farmland selling, just like foreclosure homes investing, has come to an almost standstill in the region, market observers have reported. For the very few who are forced to sell their land, most of them only get a third of the benchmark prices available a few years earlier. In addition, most of these properties were foreclosed, effectively dropping the prices even lower.

Reports have cited examples of how low the selling prices of farmland in Indiana are, with a 159-acre land in Zionsville listing for $3 million but getting sold for only a little over $1 million. Meanwhile, the listing price of a 55-acre farmland in Boone County was recently lowered by around $300,000 from its original rate.

Realtors have reported that the farmland market is undergoing the most significant re-pricing in decades. They also revealed that most buyers are looking for pieces of land that have been foreclosed on or repossessed by lenders since these are offered at bargain prices. Just like foreclosure homes investing, farmland selling is expected to continue to suffer until the job market situation improves.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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