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North Dakota Escapes Market Decline

Posted by  on Apr 16, 2009
 
North Dakota, a very steady and stable state economically speaking, has held strong yet again in light of the mortgage crisis afoot. It’s one of 2 states whose housing sales are up for the year and whose average housing prices have increased slightly as recorded by the Bismarck-Mandan Board of Realtors. In these times of economic decline and fallout of the housing market, these statistics are very promising for the North Dakota economy overall. Stats show that North Dakota can fare a solid beating when most of the country is frantically scrambling to find a way to avoid almost inevitable housing market collapse. This means for North Dakota residents that they need not worry about losing their homes or losing large amounts of money if they purchase a home right now. Is it a good idea to invest in homes as a way to turn a profit in North Dakota? Most likely not, due to the overall housing market crash everywhere else. People can probably find real estate elsewhere for much cheaper so purchasing in the strong North Dakota market probably occurs because of necessity as opposed to strategic property investing but that does not matter due to the high amount of houses needed by people who live and work in North Dakota. There is a heavy military presence in North Dakota which helps the housing market due to the high number of service persons that need housing. North Dakota has some very beautiful land that people in the future will want either as a nice relaxing landscape to live on, or as a place to develop as the increasing population size becomes too overwhelming for the current number of places to live in the U.S. So overall buying land in North Dakota is not a bad idea at all.

Now for the real question, will North Dakota begin to decline after it has held so strong? Yes, of course it will. The mortgage market will slightly dip due to the economic recession ahead, the military losing some influence as the wars in the middle ease come to an end, and overall people find other places for cheaper. What does this mean? North Dakota won’t be affected much at all. North Dakota’s property value is not extremely over inflated so prices can’t fall very much. People from the military will find new jobs most likely in North Dakota where they are comfortable, and the economy of course will rebound. The effect of global warming perhaps too will play a big role in the growing housing economy of North Dakota. In upcoming years the country is going to heat up, if you can’t come to grips with that at this point then perhaps you should look into the subject more and actually learn what’s happening to our world. Now the winters in North Dakota quite possibly might be one of the biggest drawbacks to living there. With global warming afoot the winters, although they will still be heavy, should lighten up and make life there more bearable.

Overall North Dakota is going strong with regards to the housing economy and should be looked into if interested in buying solid priced homes that will not depreciate in value because of the impending market collapse and bottoming out of the mortgage economy. A North Dakota mortgage will not be a bad purchase for a family looking to move into a nice home.

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