Foreclosed properties, including foreclosure tax liens for sale, still pose problems on Indianapolis housing market. Despite this, economists have stated that the outlook for the sector is good. Although they admitted that a full recovery is still several months or even a year away, they stated that the metro area is doing much better than the rest of the region.
According to economists, although demand for homes have been relatively weak and supplies of Indianapolis foreclosures are still high enough to pull down property values, the metro area is still able to ride out the downturn better than most U.S. cities. They stated that the fact that Indianapolis has been considered the most affordable metro area in the country is something positive since it means that majority of buyers can afford the city's median-priced dwellings.
According to market analysts, Indiana foreclosures have contributed heavily to the decline of prices in the metro region. The Metro Indianapolis Board of Realtors (MIBOR) reported that the median price of homes currently stands at around $115,000 and the average selling price is at $152,000. However, prices have improved lately, including in most markets of central Indiana.
Sales prices of residential tax liens for sale and residential properties in general have increased last year from previous year's levels. MIBOR reported that the area of Hancock posted a 7% increase, while Hendricks prices jumped by 4% last year. In Johnson, the rise was 6%, while Marion County posted a 10% rise in prices. Both Montgomery and Shelby posted more than 20% of price gains last year, with the former recording a 25% jump, while the latter posted a 22% increase.
However, some areas were hit harder by the oversupply of foreclosed homes, with housing prices in Morgan, Hamilton, Boone and Madison declining over the same period. According to local realtors, sales are also picking up, with a big percentage of buyers being accounted for by renters who have started to go into homeownership again.
They also added that they expect sales to improve further as the current year goes along, with buyers predicted to take advantage of the low prices and the inventory surplus of houses, including foreclosed tax liens for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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