Each quarter MIBOR (Metropolitan Indianapolis Board of Realtors) releases a quarterly regional report on recent foreclosure statistics. The recently release report for the final quarter of 2017 is stocked full of important information for investors or any curious citizen. Each county is identified and the market activity is displayed in easy to decipher graphs.
According to the report, the foreclosure inventory is down a sizable 27.7 percent to 258 units. This major decrease in foreclosed property to great news for the Indianapolis and the surrounding areas and also further evidence of an incredibly active year for buyers. With the exception of a spike to 1500+ foreclosures in 2010, the number of foreclosures has been slowly declining since late 2005 when over 2,000 foreclosures dotted the region.
Market sales of foreclosures constituted 3.6 percent for Q4-2017. New listing and closed sales have both decreased since last year for foreclosures, -31.6% and -48.9% respectively. The traditional sales market has alternatively increased. New listings have grown by 1 percent, and closed sales by 10.1 percent.
It is important to note that the figures above are for the entire region. For instance, within Marion County foreclosure sales have increased 3.8 percent while in Decatur County the have increased an enormous 43.3 percent. Others are much closer to the regional average such as Hamilton County with -1%. Each county’s breakdown of both traditional and foreclosure sales are available within the report as well.
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