The rate of foreclosure of foreclosed homes has risen across the United States for the last several years and Evansville, IN has been hit hard. In fact, the state of Indiana, since the year 2006, has experienced a lot of foreclosure auction sales to anyone who has the funds to bid the highest. Anyone who has fallen behind in their mortgage payments has become a victim to the foreclosure market. Foreclosures in Evansville, Indiana have spoken volumes to how many people have suffered at the hands of the recession through job loss and economical duress.
Evansville is known for its farming, but in past years, it has diverted to retail and other industries other than farming. As family farms began to crumble, the city fought back and decided to add more to their profit portfolio, so that they city would not feel the economic pressure as others were feeling it. Only the smaller towns still indulge in farming because of its necessity in times of need like what the country is undergoing right now.
This does not mean that there are no foreclosures in Evansville, Indiana. Of course, they too, are feeling the effects of the recession and economy. However, the city is known for its resilience and they are fighting to keep their families in the homes that they have known for so long.
There are families who had to move out of Evansville in order to save face and get their families out before the shame and guilt felt due to foreclosure. It is not easy for a family to have lived in a home for years only to be pushed out by the bank due to default in payment because they have lost their job or suffered at the hand of this recession. This is truly a problem that no one wants to endure, but it is happening. Foreclosures in Evansville, Indiana are taking a toll on the community as many try to stay “above water,” and against all odds, try to stay in their homes.
Like the rest of the United States, foreclosures in Evansville, Indiana are on the up and up. The residents that live there are in a repossession bank operation as lenders try to get back their property due to no loan payment. This is happening to people who own older homes and those who bought new constructed homes. The newly constructed homes felt it hard as builders were racing to build those homes to accommodate the new retail and industrial trade that the state was embracing. They knew that this new trade would catch the eyes of people who wanted to find work in a new location and those who wanted to create new retail businesses.
The builders got caught in the real estate trap when the bubble burst. Some were not even able to finish building because they ran out of money and the credit crunch did not allow them to do so. The layoffs also contributed as the economy slowed down.
However, there are still some who refuse to give up and have resorted back to their farming to substitute their income and remain in their home to avoid foreclosures in Evansville, Indiana.