Foreclosures are on the rise in Marion County

INDIANAPOLIS (WISH) — A new report from the Fair Housing Center of Central Indiana (FHCCI) revealed that foreclosures are on the rise in Marion County.

The report shows not only the numbers, but which neighborhoods are most affected. In the first seven months of the year, a larger number of homes in Marion County started the foreclosure process. It’s up 23% from the same time last year.

“In Marion County, we’ve had 899 foreclosures starts,” said Amy Nelson, executive director for FHCCI. “Last year, for the entire year, there were 1,308 foreclosures starts,”

One in every 234 owner-occupied homes is at risk. The neighborhoods hit the hardest are the Crown Hill and Near Northwest-Riverside neighborhoods.

By contrast, six mostly affluent and majority-white neighborhoods had no foreclosures. As Nelson sees it, homeowners facing foreclosure have nothing to be embarrassed about.

“First for them is to not feel like they are alone on this,” Nelson said. “There are counseling programs that can help you with this.”

Nelson says the data doesn’t tell exactly why the number of foreclosures have gone up, but the FHCCI has some ideas.

“Wages are not keeping up with housing costs, property taxes, and particularly homeowners insurance is rising dramatically, and that’s impacting the availability of some people to be able to make monthly payments,” Nelson said.

The report also warns that foreclosure doesn’t just end with a family losing their home. Two-thirds of the homes sold at sheriff’s sales are bought by investors, often turning into rentals instead of being owner-occupied.

The FHCCI is urging lawmakers and lenders to act now, whether it’s progressive property tax policies or easier appeals for over-assessed homes.

“We also need to tackle these issues like the risings costs of homeowners insurance, the lack of home repair programs, particularly for our older homeowners who are on fixed incomes that want to stay in their home,” Nelson said.

Indiana is in the top 10 for state rankings of foreclosure filing rates, ranking 6th in June and July of this year.

About The Author

See author's posts