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Indiana Foreclosures Down, but Likely to Rise Soon

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Photo: Monroe County Assessors Office

The rate will likely rise again once banks catch up with paperwork.

A report released today by Realty Trac indicates Indiana foreclosure filings are down about 30% from the previous quarter — and 37% lower than one year ago. Realtor Greg Cooper however, says the sharp decrease in the first quarter of 2011 is the result of an ongoing backlog following last year‘s halt in activity. He expects the foreclosure rate to head back up once banks are able to process paperwork.

Investigations into the foreclosure process prompted temporary halts from some servicers late last year, creating a bottleneck. Nevada maintains the highest rate with one of every 35 homes under foreclosure. Indiana is ranked 28th — with one of every 335 homes being repossessed.

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