Regardless of where in Iowa, from De Moines the state capital to Davenport, from Cedar City to Sioux City, Iowa City or Waterloo the mortgage meltdown and the economic collapse of the early 21st century has left a trail of Iowa foreclosure listings across the state. In every major metropolitan area and farming community banks have reposed homes once owned by the families of the Hawkeye State.
The economy of Iowa is more diverse than most would think illustrated with a Gross State Product breaks the $120 billion mark. This incredible economic output is largely due to the diversity of the economy in Iowa. Where it was once a purely agrarian culture Iowa now generates only a small percentage of its annual production directly from farming. While manufacturing makes up over 20% of the states gross production and only 5% of the states revenue is directly related to agriculture.
Iowa has become a manufacturing and service based economy with companies such as ConArga Foods, Wonder Bread, General Mills and Quaker Oats all investing heavily in the state manufacturing business. In the financial sector the Nationwide Group, Aviva USA, ING, Metlife and others have either made Iowa their home base of operations or have a major stake in the employment of the citizens of Iowa.
Iowa home ownership percentage is among the highest in the nation at 72.3% and foreclosures rank among the lowest, coming in 35th out of 50. Unemployment is also very low in Iowa with a reported 6.6% unemployment compared to the national average of 9.7 percent. For these reasons and others Iowa has been determined to be a better than average state to invest in real estate and especially Iowa foreclosure real estate. Recently Iowa passed the 3 million residence barrier as more people move into Iowa from other states to take advantage of the employment opportunities there. This influx of new citizens does and will need homes in order to continue to live in Iowa and this is where the next real estate opportunity is for the savvy investor. Iowa has seen a small decrease in native Iowans staying in state but the out of state migrants more than make up for this number with a better than 3 to 1 differential.
Having a very diverse economy with a well educated and skilled work force gives Iowa an edge on other states when it comes to weathering an economic down turn. This is made all the more evident when considering that Standard and Poor's issued a triple A credit rating to Iowa which only 12 other states have received.
The above statistics and data all point to a greater and swifter economic recovery for Iowa as the foreclosure increase in the state is directly attributable to the mortgage meltdown and not to do with anything the citizens or the state of Iowa have contributed to.
This is good news for a real estate investor in Iowa as the opportunities have never been more abundant than they are currently for the average person or investor to purchase foreclosures at well below market value. Taking into consideration the depressed prices of homes in Iowa, the savings are multiplied and merely await the sub-prime mortgages to purge from the system and the real estate industry to bottom out. Before the bottom is felt which most professionals agree will be later in the year 2012 there will be more and more foreclosures coming on the market for the savvy investor to take advantage of.Search Iowa foreclosure listings.