KOTA Territory NewsPre-foreclosure rate much lower in South Dakota
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KOTA Territory News Team
Nearly six percent of Americans are late on paying their mortgages, and in the process of losing their homes. But, only about two percent of South Dakotans are facing foreclosure according to Broker Associate Lee Alley.
The reasons: In South Dakota, home prices never skyrocketed, and then plummeted. And, unemployment remains low.
But, Alley says a conservative approach to money is what really saved the area from foreclosure fallout.
"It's the character of people we have in South Dakota. It's the old ranching heritage. I think the folks won't walk away from a loan, they don't overextend themselves on their mortgages," Alley said.
Alley says on the RealtyTrac Web site, there are tens of thousands of pre- foreclosures in places like Miami. But, there are only 10 in Pennington and Meade County combined.
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