As reported in the Indystar, Feb 26, 2009, "The housing market could hit rock bottom in Hamilton County this year before beginning to climb back to the boom of the past decade. .... the turnaround can begin once the inventory of new homes erodes.  It would take 6 months to chew up the 1,213 homes in the county that are either under construction or built but unoccupied.

That doesn't take into account thousands of more homes waiting in the weeds.  The ecounty has 6,937 lots ready for construction - a 4 year supply - and 17,000 lots that have been approved by local governments but are still in undeveloped fields.  Thans an additional 10 year backlog.

"This is one of the most affordable markets around the country... we are in better shape than other markets."