Indiana has always had larger than average foreclosure rates; it's not surprising that it was due to lower than average qualifications for becoming a mortgage broker. Their real estate licensing laws are a little more stringent, but still an easy barrier to overcome.

In my part of Indiana (NW), it seems there are a lot more boarded up windows and "For Sale" signs that have been aging in front yards for at least a year now. But this is also one of the more economically depressed areas, with industry moving out and being replaced by gambling boats and casinos.