New wave of foreclosures could be at hand for Indiana

[IndianaGreen]

New wave of foreclosures could be at hand for Indiana

Updated: Mar 27, 2010 12:04 PM EDT

Indianapolis - Indiana community and government leaders fear a rising number of delinquent home loans could spark a surge of home foreclosures that could devastate a fledgling housing recovery.

The number of Indiana mortgages that were 90 days or more overdue jumped to its highest level in more than a year in January.

Experts blame a rise in the number of people who were unemployed for long periods and a housing surplus for the increase.

More than 1,500 homes entered foreclosure in the 10-county Indianapolis metro area in February. Fort Wayne and Evansville also saw increases.

Indiana ranked 17th nationally last year in the number of foreclosures.

http://www.wthr.com/global/story.asp?s=12214570

[Roland99]

1. Indiana isn't alone in that.