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Dakotas Riding Out Housing Storm Better Than Other States

Posted on: September 13, 2010
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Although only few people are interested in wanting to live in North and South Dakota, new data suggest that the region is one of the most ideal places to find a new home in the U.S.

According to data compiled by the Associated Press (AP), the Dakotas are more economically stable as compared to other states. Local housing markets are also more secure than in most part of the country. It was said that the Dakotas have the “least stressed counties.” North Dakota’s Ward and Burleigh counties were first and second on the AP’s list of least stressed counties with a population of more than 25,000, respectively. South Dakota’s Brown Country, on the other hand, was in third place.

Experts attributed the sparsely populated region’s financial prosperity to its economic diversity, with the agriculture and tourism sectors considered as the region’s top financial contributors. And despite the economic downtrend in the country, the locals are enjoying low unemployment and foreclosure rates, data showed.

Another factor that reportedly made it possible for North and South Dakota to avoid major economic difficulties is that they were able to avoid problems concerning subprime mortgage loans, unlike other states like Arizona or California.

“Good loan underwriting never really went out of style. You didn’t have people issuing mortgage loans without verifying employment, income and those kinds of things. There were none of these ‘no documentation’ loans being made,” said Curt Everson, president of the South Dakota Bankers Association.

If given the chance, would you consider relocation to North or South Dakota? Tell us what you think by joining our forums. Log in or type in your email address below to register.

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