The rising rates of foreclosures by state continue to hound most areas of the U.S., even cities that are previously considered immune from the housing crisis. In Sioux Falls, South Dakota, the number of foreclosed properties has risen compared with 2009 when foreclosures totaled a mere 236.
While most cities suffer from an oversupply of bank foreclosures, including Wells Fargo foreclosures, the housing market of the biggest city of South Dakota remains stable. However, 2010 saw foreclosure rates hitting the metro area, with analysts blaming the increased number on the nationwide recession.
As of July, 170 households are facing foreclosures in Sioux Falls compared with 128 recorded in the same month of 2009. Wachovia foreclosures and other bank foreclosures are starting to pile up in the city as it starts to get affected by the recession. Although the economic downturn started in 2007, analysts report that it did not really affect the state until late 2008.
In August, bank foreclosure listings in the state rose further, with one household out of every 2,126 getting a foreclosure notice. South Dakota is ranked 43rd among all U.S. states in terms of foreclosure rates during the month of August.
Although foreclosure numbers have risen in the region in the past couple of months, a look at the wider picture of foreclosures by state shows South Dakota still doing a lot better than most regions like California, Arizona and Florida. The state also has a much better record than the national average wherein one household out of 381 is under foreclosure.
According to local analysts, what is more worrying is the fact that foreclosures in the state are affecting all household income levels, including those who have six-figure incomes. Real estate experts are predicting that 2010 foreclosure totals will double previous year's totals, with higher income households experiencing more foreclosures.
Local housing data showed that southwest Sioux Falls accounted for the highest percentage of state foreclosures in July, with 69 houses in some phase of foreclosure or another during the month. The number is considerably higher than the total number of 26 foreclosures recorded in the same 2009 period.
As foreclosures by state continue to rise, market analysts are expecting South Dakota to also experience rising foreclosed property numbers, although the state will not suffer as much as other hard hit states that experience foreclosures by the thousands every month.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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