
In our area, South Bend and Elkhart have seen the bulk of the foreclosures. This is no suprise since they are highly populated areas. A trend though that I have observed, is that foreclosures are starting to hit more and more in other areas. Mishawaka has had a jump in recent months, Goshen has had a big increase as well. But I am starting to see more and more in Osceola, Granger, Bristol and other outlying areas. Those are the areas to keep an eye on. We'll always have numbers in the higher populated areas, but increases in the less populated and sometimes higher income areas are a sign that this is not over yet, and in fact might be worsening. Jobs are what is needed right now.
With all of that being said, values should not be dropping too much further, and that is good news. Interest rates are fluctuating all over the place, but are still at or near all time lows which makes it a great time to refinance or buy--that is if you do not have a house to sell. So, I see another year of decreases in both value, and in the number of houses being sold, but they should not be at the pace we saw this year. By the end of 2009, we should be close to being stable again which means we'll be close to the level back in 01 or 02 which is where we should actually be anyway.
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