Sales Of Government Foreclosed Homes Fell In Indianapolis

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Housing unit sales figures in Indianapolis, Indiana, declined in November 2010. The number of existing houses that were sold during the month, including bank and government foreclosed homes, dropped by 31% when compared with November 2009. According to industry observers, home buying is still at its lowest level in the city and has failed to regain the pace seen during months when the government's tax credit program was in effect.

At total of 1,267 existing houses as well as Indianapolis foreclosed homes were sold by realtors in the region during the month. According to housing industry experts, sales figures for 2009 were artificially inflated by first time homebuyers who took advantage of the credit offered by the U.S. government.

Realtors reported that, upon the expiration of the tax credit in the spring, sales of existing dwellings like bank and government foreclosed homes recorded considerable declines, with monthly figures not showing any improvement since the middle of the last year until November. Most analysts believe that the sales decline will continue until 2011, which will be much the same as 2010.

Housing industry analysts also asserted that although Indiana's housing market is doing much better than other regions, it will require at least two years to get it back to its normal condition. They also stated that the tax credit program will continue to impact housing sales figures for months to come. For the whole state of Indiana, housing unit sales plummeted by 29% in November compared with the same 2009 month.

Despite lack of buyer interest in Indianapolis foreclosed homes and other existing dwellings, median prices did show some improvement. For the Central Indiana region, prices rose by 1.7% compared with November 2009. Median price for the month is pegged at $120,000 in the central part of the state. In terms of statewide prices, median rate is pegged at $112,000 in November, representing a 1.9% improvement from the same month of 2009.

According to analysts, the rise in median prices demonstrates that values of properties are starting to recover despite the huge supplies of bank and government foreclosed homes that are competing with non-foreclosure dwellings in the market. In Indianapolis, the biggest drop in sales for November was posted in Marion County at 37%.

About the Author:
For more helpful information on government foreclosed homes, visit ForeclosureDataBank.com. Find great deals on Indianapolis foreclosed homes and in any other location across the country. Check it out and find your next home today! Article Source: EzineArticles.com



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