With the rates of state foreclosure rising at an unprecedented pace in the U.S., there seems to be no relief whatsoever for any particular city. There has been a rise in the number of properties under foreclosure in Sioux Falls, South Dakota as compared to the 236 number of foreclosing properties in 2009.
While, due to an influx of bank induced foreclosures which includes Wells Fargo foreclosures, most American cities suffer, the real estate market of South Dakota has remained stable. But due to recession the rates of foreclosure has increased in the year 2010, mostly in the metro areas.
In July there are as many as 170 foreclosed properties in Sioux Falls in comparison to the record of 128 noted during the same month in 2009. Wachovia and other banks are starting up a pile of foreclosing procedures in the city which is badly recession-hit. The state was affected by the downturn of the economy at around late 2008, despite the fact that it had started in 2007.
The rates of bank foreclosures rose further in the state during the month of August as every one in 2126 homes got a foreclosing notice. In the terms of the rates of foreclosure in August, South Dakota has been ranked 43rd in the list of other U.S. states.
Despite the rise of the number of foreclosures in the state during the last few months, state records show that compared to states like California, Arizona and Florida, South Dakota is in a fairly good shape. Even the national record is worse than it since in every 381 households, one is in foreclosure.
The fact worrying the local analysts the most is the fact that the vast numbers of foreclosures are harming the income levels of all households, even those who earn a six-figure salary. According to the predictions of the property experts, households with higher incomes will be plagued with more foreclosures, leading to doubling of the total number of last year’s number in 2010.
According to the data produced by the local housing agencies, the highest percentage in foreclosing properties in the state was recorded by the southwest Sioux Falls in July when there were as many as 69 homes in different phases of foreclosure. When compared to last year’ number which was 26, this number appears considerably higher.
Though South Dakota will not be as badly hit as the other states, the market analysts expect a rise in number of foreclosed homes as the rise in the number of foreclosures in the entire nation continues.