By Chris Schilling, The Republic
cschilling@therepublic.com
The number of foreclosed Bartholomew County homes sold at public auction increased by more than 20 percent in 2008 over the previous year.
In 2008, Bartholomew County Sheriff's Department registered 301 homes for auctions, up from 249 the previous year.
The increase represents a continued growth of foreclosed homes sold at auction since 2004, when the sheriff's department auctioned 218 homes. Bartholomew County Sheriff Mark Gorbett predicted another increase this year as the economic recession deepens. "We're not immune from what's going on around the country," Gorbett said.
In the first four months of this year, the sheriff's department has listed 98 homes for sale, eight more than the number listed in the first four months of both 2007 and 2008.
Indiana ranked 11th in the nation in foreclosures with filings on 45,937 properties, according to RealtyTrac, a California-based research firm and online marketplace for foreclosed homes. That's a 64 percent increase from 2007 and a 114 percent increase from 2006, according to RealtyTrac.
In Indiana, sheriffs are court-ordered to sell foreclosed homes by auction.
Not all of the homes listed for sheriff's sales each month actually go up for bids.
Owners of foreclosed homes can stop the property from being auctioned any time before the sale by paying debt, interest and costs.
In the first four months of this year, 49 of the 98 homes listed for auction in Bartholomew County were cancelled.
Sheriff's Deputy Randy Clark, who serves as auctioneer at the sales, said banks end up buying the properties they foreclosed on about 90 percent of the time.
Representatives will place the first bid at the amount they want to make back on the loan, and usually no one else bids, he said.