RAPID CITY REAL ESTATE LOWEST IN THE NATION IN MORTGAGE DELINQUINCIES

Mortgage delinquencies nationwide increased for the tenth consecutive quarter, ending July 31. The nationwide average was about 6%, while the famous-five worst states hit about 10%-13%. But South and North Dakota's rate was only 1/3 as bad as nationally, and only about 1/5 as bad as the worst states, according to Transunion today.


Last March I described real estate's own "March madness." At that time nearly 80% of the nation's home foreclosures were coming from 34 counties in five states. It's still concentrated. There is no "national foreclosure crisis." There is a national problem, but the crisis is concentrated in about five states who have managed to pull all of us down toward their misery.

Likewise, the exceptionally solid, best real estate markets are also concentrated. According to today's U.S. Bureau of Labor Statistics report, our state unemployment rate of 4.9% is only about half the national average 9.4%. And, while we can find tnes of thousands of pre-foreclosures on RealtyTrac for Miami, Las Vegas and other areas, they list fewer than ten foreclosures for Pennington and Meade counties here.