Curious About the Overall Housing Situation

Replies to This Discussion

Permalink Reply by Michelle Morris on February 23, 2008 at 9:05am

I think that the market is going to pick back up this year. If you think of a curve or wave, I think we are currently on the bottom of the wave, poised for a rebound. I'm not the only one who thinks so, as many real estate articles agree. As far as Indiana foreclosures, in previous years we have consistently ranked in the top 3 states for foreclosures, but last year, we came in at number 18!

▶ Reply to This

Permalink Reply by Bruce LaDuke on February 24, 2008 at 2:44pm

Thanks Michelle,

I'm wondering though...did Indiana go down in foreclosures, or did other states go up?

▶ Reply to This

Permalink Reply by Michelle Morris on February 24, 2008 at 2:51pm

Hmm, that I don't know, perhaps a bit of both!

▶ Reply to This

Permalink Reply by Bruce LaDuke on February 24, 2008 at 3:54pm

Thanks!!

▶ Reply to This

Permalink Reply by Phil Lande on February 27, 2008 at 2:20pm

I for one do not believe that the "downward spiral" will last too long. Current market trends are showing that there is a new life to the market. Yes, the home values have diminished to some degree, but with the rates at an all time low in conjunction with this modified prices...more 1st time buyers are finding a meca of possibilities that were not available before.

Indiana was the #1 Forclosure capital of the United States, but we have declined over the past months, and we are not even in the top 10. Indiana's prices were never that of the coasts, and as a result our problems were minimal in comparison.

One thing that must be noted: REAL ESTATE is a Market. Just like stock, oil, and food....prices go up and down in conjunction with the economy of the country and the supply and demand within the area.

▶ Reply to This

Permalink Reply by Kurt Allen on June 19, 2008 at 11:09pm

You have posed a great question that needs to be answered. Unfortunately, the media is not going to provide both sides or bring out the real facts concerning the local market. As a realtor, I find myself completely frustrated with the lack of care in report.

First of all let me report that the Indianapolis Market is in much better shape than the rest of the country. While there are pockets within the community that have been impacted by the sub-prime market, rest assured, most communities have seen little or no effect. If you happen to live in a growing community like Carmel, Zionsville or parts of Fishers, those homes are increasing in value.

For those homes located in Marion County, the property tax situation has created more problems than the national housing slump. The recent changes in the tax law will help these home owners; however, there were many homes significantly under access. The only way to completely clean up the property tax mess is appointing a highly skilled an trained individual that manages the entire county and we move away from elected township accessors.

In summary, home buyers are more cautious about their home purchase these days. Previously, home buyers were willing to take a gamble on a home and new they home would appraise for more. Buyer's are now looking for homes that are in good condition, clean carpet and neutral colored walls. HGTV has helped home owners express their house in color and flair. However, most buyers do not like or have furniture that matches the current home owners color pallete.

An industry report predicted Indianapolis to emerge out of the housing slump in 2009 following Dallas, TX. In addition, the national election is not helping the housing market either. Most home owners are holding off buying another home until after then election.

If I can be of any further assistance, please let me know.

▶ Reply to This