Metropolitan Statistical Area (MSA):
Elkhart-Goshen, IN is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Elkhart-Goshen, IN metropolitan statistical area (MSA) has been hit hard by the housing market crash of 2008. However, there are signs that the market is beginning to rebound. Home sales in the MSA increased by 9.4% in 2012, and prices have begun to creep up as well.
One of the most encouraging trends is the increasing number of first-time home buyers in the market. In 2012, nearly 30% of all home sales in the MSA were to first-time buyers, up from just 22% in 2011. This suggests that more and more people are feeling confident about their finances and are ready to take on a mortgage.
Another positive trend is the decrease in foreclosures. In 2012, there were just over 1,000 foreclosure filings in Elkhart and Goshen counties, down from a peak of nearly 2,500 in 2010. This decline is likely due to a combination of factors, including an improving economy and stricter lending standards.
Overall, it appears that the housing market in the Elkhart-Goshen MSA is slowly but surely recovering from the devastating effects of the recession. With prices on the rise and foreclosures declining, now may be a good time to consider buying a home in this region.