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REO Homes and Distressed Houses Expected to Decline in Allen County



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By : John Cutts    99 or more times read
Housing industry analysts in Allen County, Indiana, are expecting fewer REO homes and distressed residential properties to enter the market this year. According to them, if this projection held true, it will be positive for the economy of the local area and the whole state.

Residential market observers are mostly confident that bank owned homes in Fort Wayne will not be as high this year as it was last year. The Allen County Community Development Corp. seemed to agree to this prediction since the agency is also predicting that the number of distressed houses that will fall under its books will decline this year to around 400 from the 2010 total of over 600. The agency had a total of 1,100 distressed dwellings in its books in 2009.

The agency was created when the number of Indiana bank owned properties started escalating around four years ago. It was tasked to take in abandoned houses and sell them to homebuyers and private owners. Houses fall under the ownership of the county agency following foreclosure or after they have been abandoned by their owners. The organization also handles properties that are not current in their taxes and those that lenders and banks do not want to take.

According to officials from the development agency, the number of REO homes and distressed dwellings in Allen County has been declining in the past few months and the number of abandoned properties owned by the organization is also dwindling. In the past few years, the agency receives an average of a few hundred homes every year.

However, supplies have been dwindling as lists of bank owned property sales also decline in the region. Officials revealed that the nature of homes that come into the county's ownership is also changing. Before, dilapidated and abandoned properties are the most common that fall into the county's hands, but this has recently changed as the corporation reported that majority of the houses they are handling right now are in good condition.

With REO homes and foreclosures expected to decline this year, the county agency also expects its sales revenue to decline. However, officials stated that this is better for the state economy in general. The agency's revenue last year was estimated to be around $575,000.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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