NORTH DAKOTA (KXNET) — The nation has seen a major increase in foreclosures, however, North Dakota remains at a steady rate.
Looking at foreclosure rates in North Dakota, the Peace Garden State remains among one of the lowest in the country.
From January through June, North Dakota sat at roughly 83 foreclosures putting us 48th in the country,
“It’s pretty average for the state. We’re seeing nationally, part of the reason deals with the increasing mortgage rates and the supply of homes available is seeing an uptick in the foreclosures across the country,” said North Dakota Bankers Association CEO, Rick Clayburgh.
North Dakota Bankers Association says that there are many contributing factors that keep North Dakota’s foreclosure rates as low as they are.
The main reason, our state economy is still very good, and so far, it’s remaining good throughout the nation’s recession.
“We’re a commodity-driven state, both from an energy production and agricultural production, commodity prices have been higher and that is certainly beneficial to the state’s economy as a whole,” added Clayburgh.
As far as the days to come, North Dakota Bankers Association believes that North Dakota will remain on the positive side and remain in the top four of the United States.
All thanks to the people of North Dakota and the nature of our economy.
“I think there are lots of reasons to be optimistic about where our state’s economy is going, we have lots of very interesting activities occurring throughout the whole state on value-added and changes in what’s going on in North Dakota, from our economy standpoint,” said Clayburgh
Clayburgh says that if you are experiencing issues paying your mortgage, reach out to your bank or whoever may be servicing your mortgage.
There are options to help.
Clayburgh also says that reaching out for help can apply to those renting an apartment as well.
For a list of rental and mortgage assistance programs, visit the North Dakota Help for Homeowners Website.