From "Inside Indiana Business" on Tuesday morning:
Indianapolis, Ind., maintained its standing as the most affordable major U.S. housing market for a 10th consecutive time in the fourth quarter of 2007, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.
And... from Tuesday's Indianapolis Star:
Indiana 11th in nation for soaring foreclosures
The number of homes facing foreclosure jumped 57 percent in January compared to a year ago, with lenders increasingly forced to take possession of homes they couldn't unload at auctions, mortgage research firm RealtyTrac Inc. said today. Nationwide, 233,001 homes received at least one notice from lenders related to overdue payments. Nevada, California, Florida led the nation in foreclosures. Indiana ranked No. 11.
WTF, you may ask? Is the obvious not-so-obvious?
The reason housing is so "affordable" in Indiana is that there's virtually zero appreciation across the board. While other parts of the country have seen sharp increases - and oftentimes equally sharp declines - in housing values, Indiana's average appreciation remains at or below inflation.
Sorry, homeowners. If you're hoping to strike it rich by investing in residential real estate in Central Indiana, you're better off going to Vegas.
