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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