Foreclosure Help in North Dakota
House prices in North Dakota have been experiencing a slow rise over the last few years. With the average median rent coming in at around $785 it does show promise as an affordable place to live. Unfortunately, this is an increase of over 5% in the last five years. This figure is only expected to grow. Let’s take a look at the housing situation in North Dakota and learn about the foreclosure processes.
Slow Growth In Housing
Besides the highest growing areas of Grenora, Williston and Stanley; housing market growth in North Dakota has been slow, but steady. More than half of all houses sold in this state fall between $107,001 and $321,172. Of these, more than 70% sell for less than $213,960 . In the last five years there has been more than a five percent rise in housing prices overall in this area.
13.6% of homes in North Dakota are empty, with home ownership only applicable to 61% of the population. The average interest on a 30-year mortgage here is 3.597%. For a 15-year fixed mortgage this figure changes to 3.163% . Since the average mortgage rate for the whole of the USA is 3.07%, we can see a small increase that is not reflected in worker’s pay.
Have a specific question about Avoiding Foreclosure in Minnesota? Check out our Foreclosure FAQ’s section.
House Prices and Income
Although the median rent is around $12 per month lower than the US average, this does not mean that there are not people struggling to find or pay for affordable housing. The average income in North Dakota is around the $61,000 mark (for a complete household of two or more adults). This means the rental price represents approximately 15% of mean income. Still above the national average.
Although this seems impressive, average income has leveled since 2014, in some instances even going down the way. House prices have not. They are still rising. The 15% increase in house prices is not representative of the leveling or depreciation of salaries. The Federal minimum wage is in place in North Dakota, meaning that $7.25 per hour is an accepted norm for most. At this rate rent would take up fully half of a person’s income.
Foreclosures in North Dakota
Although North Dakota has one of the lowest rates for filing for foreclosures in recent years, it also ended 2018 with an increase in successful foreclosure rates. April and May this year saw a huge spike in pre-foreclosures, however, indicating that this trend is about to plummet .
If you are facing foreclosure in North Dakota there are places you can turn to for help. You can get help and advice from the Department for Housing and Urban Development. Further help can be found with the Home Relief Program. You should also familiarize yourself with the law in your state by following this link.
As a homeowner facing foreclosure you still have rights. Seeking out help early on in the situation is the best way to preserve these rights and prevent foreclosure on your property.