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High Foreclosure Rates Shrink Town Populations

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By : John Cutts    99 or more times read
Many small Indiana towns are losing people due to the high foreclosure rates experienced statewide. For instance, Clinton County has been experiencing a decline in population, and walking its street will show you the many homes put up for sale. Abandoned properties are also affecting home values in most neighborhoods, which, in turn, are causing many homeowners and sellers to worry.

And it is not only the foreclosed homes in Indianapolis which are affecting the area’s population, but also the economy. A lot of businesses located in the county square have decided to close down, and only those who have survived the last 10 years are still operating.

Even the industrial area in Frankfort, which used to be bustling, is slowing down due to the lack of customers and available jobs. Of course, when businesses close, it means more jobs lost and eventually more financial problems for a lot of homeowners leading to more foreclosed homes in Indiana.

To make matters worse, the foreclosure rates in the county is showing no signs of declining. In 2010, about 250 homes were put on the foreclosure auction block compared to less than 100 in 2000. Based on the house foreclosures filings, 2011 is on its way of breaking the high record last year.

Another example of how the high foreclosure rates have affected local population is the decline in school attendees. In Frankfort schools, the number of students has dropped from 4, 000 to just 800. It just shows how many individuals and families are moving out of the state.

Advertising sections of high school yearbooks also reflect the local situation. Before, businesses have taken out ad spaces to attract more business, but since most closed and packed up, the yearbooks are noticeably thinner and lighter.

For certain, the story is true for many small towns in other states. Unless the federal government do something about the enduring foreclosure crisis, it is clear that a true housing recovery will not be experienced anytime soon.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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