Indiana's slow home price appreciation leads to foreclosures

The Greater Lafayette market is struggling in the area of home price growth-- you'll have to scroll far down on this ranking of MSAs to find Lafayette. The Journal and Courier has been writing a lot about the local building booms and home value busts, and an excellent example was published Sunday:

"Since January 2004, an average of 23 foreclosed homes a month have been scheduled for auction by the sheriff of Tippecanoe County. It's an unprecedented number, officials say, that affects not only the homeowners but the community at large."

The Indiana Association of REALTORS and its partners commissioned a study on foreclosures last year that demonstrated the linkages bewteen slow home price growth and an increased foreclosure rate.