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Foreclosed and Repossessed Homes Keep Homebuilding at a Low Level

by Clark Raitz on Jan 25, 2011

Foreclosed and repossessed homes in Indianapolis, Indiana, continued to hinder home building activities in the metro area. Last year, permits issued for new houses increased when compared with 2009 levels, but remained way below the level of activities recorded during the early part of the decade.

With huge number of foreclosed homes in Indianapolis competing against new houses, most home builders have stopped building new dwellings and have either closed business or are waiting until the market improves. There was some good news from last year though, as the number of permits for new home construction improved from 2009. The metro area issued a total of 3,720 construction permits last year, up from the 3,625 issued in 2009.

However, the total is still way below the 10,000 average recorded in the earlier part of the decade. The huge amount of foreclosure listings in Indiana remains one of the primary factors hindering house construction in the region....Read More >>

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