Photo: BBC World Service (Flickr)
The foreclosure rate increased nationwide for the first time in two years, but Indiana’s foreclosure rate has already been going up for several months, according to statistics from Realty Trac—a national group that tracks the housing market.
RealtyTrac Vice President Daren Blomquist says Indiana is not necessarily worse off than the rest of the country. It’s just ahead of the trend.
“We believe this trend started in some states like Indiana, Illinois and Florida about five months ago and has been continuing, but now it’s spreading to some other states as well,” he says.
The number of foreclosures has dropped significantly since 2010 because of a freeze that occurred after many banks were accused of improperly signing off on foreclosures—a process commonly known as robosigning.
Now banks are starting their foreclosure processes again, and Blomquist says he expects Indiana’s foreclosures to level off by the end of the year.
“And really at that point, it’s going to be going forward, whether the economy is improved, whether jobs are improving as to whether the foreclosure situation is going to get better or not,” he says.
The number of properties that are beginning foreclosure increased 18 percent in Indiana since May of last year. Foreclosures increased 16 percent nationally.