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Indiana rank: 10 90+ Day Foreclosure Unemployment Delinquency Rate RateRate march 2012 3.31%4.71% 8.2% year ago 3.53%4.69% 8.8% percent point change -6.2%0.6%-6.8% Top County SWITZERLAND COUNTY 90+ Day Foreclosure Delinquency Rate Rate march 2012 3.67%9.36% year ago 4.66%6.63% percent point change -21.3%41.3% Top Core-Based Statistical Area 90+ Day Delinquency Rate KOKOMO, IN Foreclosure Rate march 2012 3.62%5.79% year ago 3.74%6.43% percent point change -3.2%-9.9% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Indiana Dzierba Real Estate Linda Dzierba call 800.695.6815 or visit www.dzre.com MEMBER IN THE NEWS NAR Finds Income to Qualify for Mortgage Well Below U.S. Median Interest rates continue to slide alongside the decline in home prices. In addition to these factors improving affordability for homeowners, the National Association of Realtors (NAR) found the amount of income needed to qualify for a mortgage is actually well below the median income in most parts of the United States. The national median family income was $61,000 in the first quarter. If a buyer wanted to purchase a home at the national median price, he or she would need an annual income of $34,700 if making a 5 percent down payment. A 10 percent down payment would lower the requirement to $32,900, while a 20 percent down payment requires about $29,300 in annual income. The information on qualifying incomes to purchase a median-priced single-family home assumes a favorable credit rating and an interest rate of 4 percent with 25 percent of gross income set aside for principal and interest. Lawrence Yun, NAR's chief economist, provided a more specific example and said a buyer in Indianapolis would only need an annual income of $24,000 after a 10 percent down payment to purchase a median-priced home, while in Seattle, the income would be $55,300. "For now, buyers are facing an extraordinarily advantageous situation if they can obtain a mortgage," he said. The NAR report also found that 32 percent of home purchasers paid all cash in the first quarter of 2012, and investors, who make up the bulk of cash purchasers, accounted for 22 percent of all transactions in the first quarter. Inventory has also seen a decline, with the number of existing homes for sale nationwide dropping 21.8 percent in the first quarter of 2012 when compared to a year ago during the same quarter, according to NAR. The number of homes for sale in Q1 was 2.37 million. NAR also reported that the national median existing single-family home price declined to $158,100 in the first quarter. Yun explained that sales transactions were negotiated mostly in the previous quarter, so home prices actually lag sales activity. "Given the steadily dwindling supply of inventory and notably higher listing prices that are being negotiated today, prices are expected to show further improvements in the near future," he said. Distressed homes—foreclosures and short sales which drag prices down— made up 32 percent of first-quarter sales compared to 38 percent a year ago. Iowa rank: 27 90+ Day Foreclosure Unemployment Delinquency Rate RateRate march 2012 1.72%2.98% 5.2% year ago 1.67%3.03% 5.9% percent point change 2.8% -1.9%-11.9% Top County FRANKLIN COUNTY 90+ Day Delinquency Rate march 2012 Foreclosure Rate 2.28%8.05% year ago 2.31%6.27% percent point change -1.2%28.4% Top Core-Based Statistical Area DES MOINES, IA 90+ Day Delinquency Rate Foreclosure Rate march 2012 1.70%3.14% year ago 1.70%3.23% percent point change 0.0%-2.9% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the March 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary March 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. STAT INSIGHT 112 The average number of days a for-sale home sits on the market in Iowa, a single day more than last year's average. Source: Iowa Association of Realtors 95

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