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Most of the investors I know are flipping the homes. Many times they are fixing up the homes and selling them to first time home buyers. The property tax rates make it harder for the smaller investors to hold properties for rentals.
I do agree there are still alot of foreclosures on the way. I actively look at Lake and Porter County sheriff sale websites. I showed a home the other day that had sat vacant for four years and only now became an active listing. The foreclosures have not really varied much in statistics. I also thought they may have been going up but ran stats for a blog a few months ago and found that wasn't the case.
People coming from Illinois do think the taxes are a great deal here, even in Doubletree Estates. They may pay $12,000 in taxes in Illinois so $4,000 doesn't sound bad to them. School District makes up slightly over half of the tax assessment valuation. I am a life long resident and I complain about the property taxes like most people from the region.
Investment properties are tougher than they used to be as they are now taxed at a 2% rate. Investors take that into consideration and it doesn't seem to be a problem.
There has been a migration from Lake to Porter County due to tax prices for years. We moved from Lake to Porter County 25 years ago because of the cheaper taxes.
Home prices will never be what they were around 2005 because they never should have gone that high to begin with. There was a correction that should have happened around 2004 that didn't. Diana Olick had posted an article and chart referencing this, was quite interesting.
Problem is many people who bought homes around 2005 do not have enough equity in the home to sell and break even. That was when they had 100% financing. Homes that are sitting on the market a long time are the overpriced ones. The market is starting to turn. Homes are selling quicker and multiple offers are common if the home is not over priced.