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Sheriff House Auctions and Existing Houses Failed to Impress Buyers

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By : John Cutts    99 or more times read
Sales of existing residential properties, including those offered at Sheriff house auctions, declined in Indianapolis, Indiana in 2010 compared with previous year's figures. According to housing industry analysts, last year was one of the weakest periods for the city's housing market.

Foreclosures for sale in Indianapolis and sales of other existing residential properties posted a drop of 9.7% in 2010 compared with 2009 totals. There were 21,463 housing units that were sold in the Indianapolis metro area in 2010, down from the 2009 total of 23,770. The number is also behind the 2008 sales figure of 25,817, based on data released by the Metropolitan Indianapolis Board of Realtors.

The foreclosure problem of Indianapolis is not as bad as in most metro areas of the U.S., but any decline in sales or in property values still hurt the metro region, particularly in a period dominated by distressed properties and characterized by an economic downturn. The good news for the metro area is that, despite falling sales figures, the average price of houses actually climbed higher last year.

The average selling price of residential properties in the metro area, including those offered at Sheriff house auctions, climbed by 6.8% in 2010 to $151,832 when compared with 2009 rates. Median selling prices also improved by 3.5%, climbing to $122,000 last year. The inventory of unsold listed dwellings also declined, falling by 8.9% during the last quarter of 2010 and taking a considerable chunk out of the unsold property supplies of the metro.

In terms of statewide sales, the Indiana Association of Realtors reported that the number of foreclosure homes for sale and other residences that were sold last year represented a 6.6% decline compared with 2009 levels. Realtors stated that the decline in housing unit sales in 2010 was largely due to the expiration of the federal government's tax incentive program. Difficulties in acquiring financing and securing credit also hit the home selling market, realtors have added.

Although sales of residences, including those offered at Sheriff house auctions, declined in the region, realtors are optimistic that the market will remain steady for the rest of 2011. According to them, pricing stability has done a lot to keep the market out of another wave of crisis.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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