Indianapolis to host Foreclosure summit

The rising foreclosure rate has spread like an epidemic all over the county of United States. The situation is much critical than the property tax debacle that took place this summer. While every state of the county has got affected due to the rising foreclosure rates, there are certain states that are worst hit, and one amongst them is Indianapolis. The state has been in news for having a very high foreclosure rate in the county. The state has acquired a position amongst the nation’s top ten states with high foreclosure rate. In fact Central Indiana ranked third in the country’s foreclosure list during 2006.

The rising foreclosure rate in Indianapolis is certainly a cause of concern. However, compared to the year 2005, the state has certainly shown some reduction in its foreclosure rate. The fact that during the year 2005 the state of Indianapolis ranked at the top, while in 2006 its ranking slipped down to 3^rd position reflects the state’s improvement in its foreclosure situation. Although Indianapolis has shown some improvement, the situation is yet grave. The mounting foreclosure rate has attracted attentions for several economists and real estate experts in this field. In this respect a foreclosure conference titled; The Nation’s Foreclosure Epidemic: Causes, Consequences and Remedies will be held on Aug 28^th 2007 at Crowne Plaza hotel at Union Station.

Sponsored by the Federal Reserve Bank of Chicago in association with the Networks Financial Institute of Indiana State University, this conference is likely to bring various foreclosure issues into forefront. Organizers believe that this summit will highlight issues such as the reasons for rising foreclosure rate in the state of Indianapolis, its current and future position etc. The conference is likely to be attended by several experts, such as John Weicher, a former Federal Housing Commissioner, Yuliya Demyanyk from the Federal Reserve Bank of St. Louis and many more. These experts will share their views regarding foreclosures, such as Weicher will be discussing housing policy and its relation to foreclosures, Demyanyk will throw light on the effect of sub-prime loans on foreclosure rates etc.

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