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Empty Foreclosed Houses and Freddie Mac Homes Increasing in Indiana

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By : John Cutts    99 or more times read
The number of vacant and abandoned properties, including Freddie Mac homes, has increased steadily in several areas of Indiana since the start of the recession and the rise of the unemployment rate. According to housing market observers, majority of the empty structures are foreclosed or repossessed.

As the number of repo homes in Indianapolis and foreclosed houses in various areas of the state rises, the number of vacant premises also increases. According to census reports, there are nearly 12,000 of them that can be found in Fort Wayne alone. Most of the abandoned homes and structures were owned by homeowners who fell into foreclosure and have decided to just walk away from their properties while others have relocated to another place after getting evicted.

Home market analysts have revealed that there have been empty and abandoned properties in the region before, but their number has jumped considerably in the past two or three years as Indiana repo homes and foreclosed property numbers continue to rise. Job losses and declining values of homes have also contributed to more vacant properties in the area, with most homeowners just packing up and leaving their properties behind.

The worst part of having these vacant houses, including unoccupied Freddie Mac homes, is that they pull down the value of the properties that are located near them, analysts have stated. Neighborhood associations have complained about the effects of the abandoned premises on the community and have asked city officials to tear down most of them.

The number of repossessed properties and foreclosures in Fort Wayne and the rest of the state is expected to rise again this year and residents are concerned that more vacant properties will appear and will fall into ruin. Of the more than 113,000 housing units in the city of Fort Wayne, around 10% are empty, according to a census report.

Although the high number of foreclosed properties in the city, including Freddie Mac homes, has created problems for the area, local officials are optimistic that neighborhoods will soon improve as homebuyers are expected to increase this year in Fort Wayne. They stated that the city is a great place to buy homes from, mainly because the median income is high in the area and the place is suitable for family-living.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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