Matador Legal

Just before the credit crunch and after the changes in 2005 in the Bankruptcy laws, foreclosures had risen drastically. It was a precursor to the impending credit crunch and also an indication that foreclosures cannot rise ad infinitum, especially when Bankruptcy exists as its dampener.

So the foreclosures in 2009 are flat and around the 2008 levels, while bankruptcies are rising at a greater pace.

For the Vanderburgh County, foreclosures are down 6.5% in 2009. 679 cases of foreclosures have been scheduled as against 1,243 for the whole of 2008.  At the same time, Bankruptcies are expected to go up by 20-30%.

Source:

http://www.courierpress.com/news/2009/jun/05/foreclosures-run-at-08-pace/