South Dakota Foreclosure Activity Decreases in August

Filings decrease 22 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 170 South Dakota properties in August, a 22 percent decrease from the previous month but a 44 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

South Dakota foreclosures were down in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 61 percent for the month. With one of the lowest unemployment rates in the nation and home sales that more than tripled the national average during the second order, it is not surprise that foreclosures are falling even lower here.”

 

South Dakota ranked 46th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 2,126 housing units receiving a foreclosure filing during the month, ranked it 43rd among the 50 states.

 

Minnehaha County dominates the state in foreclosure rate for August

Foreclosure rates for August were led by Minnehaha County, where one in every 599 housing units received a foreclosure filing during the month. One in every 1,302 housing units received a foreclosure filing in Pennington County, for the second highest rate in the state. Coming in third was Lincoln County, where one in every 2,436 housing units received a foreclosure filing in August. Fourth highest was Fall River County, where one in every 3,998 housing units received a foreclosure filing. Turner County came in fifth, with one in every 4,015 housing units receiving a foreclosure filing during the month.

 

Minnehaha County also posts top foreclosure total for August

Minnehaha County also led South Dakota in total foreclosure activity for August, reporting 125 properties with foreclosure filings. Pennington County documented the second highest foreclosure activity, where 33 properties with foreclosure filings were reported. Lincoln County came in third, tallying 5 properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s monthly foreclosure total

South Dakota accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

South Dakota Top Foreclosure Rates By County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

South Dakota

0

67

0

69

34

170

2,126

0.18

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

67

0

36

22

125

599

0.64

3.55

Pennington

0

0

0

29

4

33

1,302

0.29

1.63

Lincoln

0

0

0

4

1

5

2,436

0.16

0.87

Fall River

0

0

0

0

1

1

3,998

0.10

0.53

Turner

0

0

0

0

1

1

4,015

0.09

0.53

 

 

South Dakota Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

South Dakota

0

67

0

69

34

170

2,126

-21.66

44.07

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

67

0

36

22

125

599

-35.57

19.05

Pennington

0

0

0

29

4

33

1,302

3,200.00

725.00

Lincoln

0

0

0

4

1

5

2,436

-66.67

66.67

Brookings

0

0

0

0

1

1

13,080

n/a

n/a

Brown

0

0

0

0

1

1

16,606

n/a

0.00

 

 

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