Economic trouble in Indy? (Indianapolis, Hamilton: short sale, foreclosures, mortgages)

[ServoMiff]

https://www.attomdata.com/news/marke...market-report/

2 of the last 3 months of data in the article indicate that foreclosure starts in Indy are nearly 100% higher than that same month last year. Houston and Miami are explained by the delayed impact of Hurricanes Harvey and Irma; the only other city to have one month around 100% is Minneapolis.

Is there some underlying issue in Indy causing this like a major employer leaving or cutting jobs severely?

[sweetana3]

probably due to several manufacturing losses. Carrier is one of the biggest.

[walker1962]

Sounds like you are on to something. Noticed an uptick in the unemployment rate or layoffs announced? Wonder if there are more adjustable rate mortgages in Indy than most other metros and foreclosure are the result of rising rates?

[MortonR]

Other parts of the country are seeing these upticks as well. We're seeing an increase in Tampa despite the local economy being good.

RM

[missik999]

Strong rumor going around Indy is that Amazon HQ2 is going to land at the old Indianapolis airport. I never thought Indianapolis had a chance at HQ2 because we don’t have good public transportation, and none that extends into Hamilton County.

The old airport location would make sense, though. Wait and see.

[rrah]

Originally Posted by missik999

Strong rumor going around Indy is that Amazon HQ2 is going to land at the old Indianapolis airport. I never thought Indianapolis had a chance at HQ2 because we don’t have good public transportation, and none that extends into Hamilton County.

The old airport location would make sense, though. Wait and see.

I read yesterday on another CD forum that there is a strong rumor going around Northern VA that the Amazon HQ2 is going to end up there. At this point all one can do is wait. There were a couple articles online supporting it.

[Toxic Toast]

I have heard from people I consider to be reliable sources say Indy is in the top 3 for the HQ2. I take these things with huge grains of salt, I don't know where that info comes from. However, these same people said Indy was in the top 20 (termed a finalist at the time) before the announcement among other business developments around town.

[Toxic Toast]

As far as foreclosures, I'd be curious the impact of the previously bonkers housing market slowing back to normal on the foreclosure rate. Last summer, you'd have multiple offers on a house before it went live. Houses that may have foreclosed were sold. As that frantic market has returned to normal, foreclosures may have increased as a product of the market getting back to normal.

[MortonR]

I'm working a short sale on a foreclosure right now. The lender is frighteningly slow, even for a foreclosure, as they've pretty well dismantled their internal infrastructure for handling distressed sales.

I'm in no hurry, so it's not a big deal for me. However, it's a killer for the seller, as with the inventory that's readily available for arms length sales no one will look at a short sale as they don't want to wait.

RM

[missik999]

Originally Posted by rrah

I read yesterday on another CD forum that there is a strong rumor going around Northern VA that the Amazon HQ2 is going to end up there. At this point all one can do is wait. There were a couple articles online supporting it.

Right- northern Virginia near Dulles is what I have read on several business sites. Most sites have listed Indy in the top 20 or even top 10.