There are a lot of wide-open spaces in the state of Montana. You can see forever, as the saying goes. In fact, if you are looking at examining the foreclosure market here, you are going to have to look almost as hard as you can and a lot harder than most other states.

December saw the state of Montana with a 0.009 percent foreclosure rate. Yes folks, you read that right 0.009 percent. That means that during the month of December, which was a hard month for the rest of the country a total of – hang on to your hat here – 38 new properties fell into the foreclosure system in the state of Montana.

That is unheard of at a time when neighboring Idaho was getting almost 1,600 new foreclosures over the same period. We can’t say that it was due to unemployment there because the jobless rate for the same period was almost a full five and one half percent,

So what is the state of Montana doing right that the rest of the country is doing wrong?

That’s pretty simple actually. A quick check of the public records reveal that a good portion of the land in Montana is not under mortgage but rather is owned free and clear and have been paid off and privately owned for years. Couple that with the fact that Montana land owners tend to own large amounts of land as ranches and that would explain the secret.

The foreclosure crisis is almost nonexistent in the state of Montana and it is not expected to change much as the crisis continues, even if it is a long and prolonged issue, which is not expected to happen, the numbers in Montana should remain level or even drop a little due to the reasons outlined above.

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Considering that more people were out of work and the per-capita income here is so low and the state is still recovering in some areas from damages caused by hurricanes and other storms. It is amazing that the numbers are as low as they are.

Part of the reason can be traced to the fact that a vast majority of the property in this state has been owned and paid off for quite a while so there are not as many people with homes and property with notes on it so there is obviously not going to be a foreclosure on something that the bank does not hold an interest in.

The few foreclosures that we do see here were mostly a direct result of either job loss or homes that had been recently mortgaged to help cover unforeseen medical expenses and they are almost entirely centered around the outer rims of the major cities in the state of Mississippi and most of it is recent construction.

For the most part you will not see a drastic change in the overall rate of foreclosures in Mississippi unless the crisis that we are facing continues for an extremely long time. The people here are fairly self sufficient and grow their own crops so dependence on retail or lack of retail will not increase the issues as it would in the more developed and urbanized states.

While the other states around Wyoming are at 4, 5 and 6 percent unemployment and some of them are running as high as 0.260 percent foreclosure rates – which are above the national average. The state of Wyoming has managed to be at 3.2 percent unemployment, which is lower than any neighboring state and only 0.033 percent foreclosure rate.

There are not a lot of people here and there are not a lot of super large cities either, so while a good amount of what foreclosures you find will be around those cities, there is plenty of property in the less populated areas of the state.

While the foreclosure rate has increased in the last two years and went up starting in late summer, it is again on the decline and has overall held fairly steady regardless of the current foreclosure issues facing the country.

The economists agree that the state will most likely go down a little in the beginning of the year 2009 and then come back up. Basically the same trend it has had for the last year so they really do not expect any significant change in the foreclosure patterns here in the future.

The foreclosure market here is presenting a fairly diverse cross section of property in type of property, location of property and price of property. And the overall costs of the foreclosures and the taxation rates on the real estate will, for the most part, make Wyoming a great place to consider purchasing since there is so much and so wide a grouping of property and the resale probability is good here.

Foreclosure in the state of Rhode Island is comparatively low when you look at the state’s unemployment levels you have to wonder why. In the month of December the unemployment rate was over 10 recent and the foreclosure rate was only 0.189 percent for the same period, which is 851 new homes in the entire month of December.

Not bad news for the folks in the state as opposed to some of the neighboring states who are in very higher percentage brackets for the same period. The national average is about twice that so they are actually doing fairly well in this bad time.

Even though the percentage is about twice as high as it was here last year, the rates have held pretty much steady since the start of the problems with the mortgages. The experts agree that the state of Rhode Island is going to stay fairly close to level at the current rate for the near future and as long as there are not any other major catastrophes that surface, things here should be pretty much stabile in the foreclosure arena.

A good portion of the land and homes in the state of Rhode Island are family owned and have been in the same name for generations so it is unlikely that there will be any huge increase in the foreclosure numbers because a vast majority of homes here are paid for and there is no mortgage to default on so there is little to no chance of it falling into the system unless an unforeseen problem should arise which would force a family to put a house up for mortgage in exchange for cash, like a medical emergency.

Overall this is good news for the state considering that some of the states on the east coast are in bad trouble and projected to be worse.