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Daily Real Estate News  |  May 21, 2010  |   North Dakota Has Lowest Rate of Foreclosures
North Dakota is the state with the lowest percentage of foreclosures. There are several reasons, but the primary one is that the state’s economy was relatively unscathed by the recession. The state is heavily engaged in energy and agriculture, which are both thriving.

North Dakota’s unemployment rate is about 4 percent, less than half of the national average.

The state almost totally escaped the housing bubble, said Mark Zandi, chief economist for Moody’s Econom.com. There is lots of open space, Zandi explained. “It is difficult for speculation to infect the North Dakota housing market as there are no supply constraints on home builders, who can quickly put up homes if there is any increase in housing demand and prices.”

Beyond that, Zandi pointed out that subprime lenders avoided North Dakota because the state’s mortgage market is too small for much funny business to go on and both buyers and bankers tend to be conservative about borrowing and lending money.

Source: The Wall Street Journal, James R. Hagerty (05/20/2010)

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