Foreclosures in Indiana and the Rest of the US
The number of foreclosures in the US is expected to double by the end of 2009, this means we are going to be looking at numbers somewhere around 6 million! There are a number of factors which are playing an active role in the amount of Indiana foreclosures for sale as well as the rest of the US. These include, but are certainly not limited to banks who offered sub-prime loans to borrowers whom they knew could not afford these, as well as the increase in the unemployment rate. As the unemployment rate increases noticeably, so too does the rate of foreclosures taking place. Presently the unemployment rate is at 7.5% but it is also expected to increase by the end of the year to 8.5%. Strangely enough the FBI has also seen that many states experiencing high foreclosure rates are the state in which the most foreclosure frauds take place.
Foreclosures in Indiana are right up there with many of the states in the Great Lakes area (north Central US). These include Michigan, Illinois and Ohio. Presently Illinois is in the lead with one in every 365 homes being in foreclosure meaning the state has 14 000 foreclosed properties which have to be sold. Western states such as Arizona, California, Nevada and Idaho are faring even worse, with Nevada probably being the most hard-hit. Here we find that one in 76 foreclosed properties and in California we see one in 173. Georgia and Florida are also experiencing extremely high rates of foreclosure on properties.
While this information may have the aspect of doom and gloom about it, it is not all bad, someone has to buy these properties and this is where the property investor comes to the fore. Many people would love to get into real estate investment as they know this market is where great wealth lies. You only have to read “Rich Dad, Poor Dad” to know that property investment is the key to wealth.
Investors are picking up foreclosure properties at discounts of as much as 30% on market value, sometimes even more! This is what makes the foreclosure market sound so promising. Picking up a single family home valued at $300 000 at a 30% discount means you would get it for $210 000. However, if you think about this in context, imagine what the discount would be on a $3 million apartment complex? Let me add it up for you, that is $900 000, nearly $1 million in discounts!
If you had though about investing in foreclosures as a means of becoming wealth and had only though about single family homes as an option, perhaps now is the time to take a look at investing in apartments. It is more common for investors to focus on the single family home concept, however apartments present much bigger deals as well as much bigger discounts and there are plenty of these available too.
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