South Dakota Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers down from a month earlier; up from a year ago

 

Foreclosure activity in South Dakota fell 28 percent during the first quarter of 2010, but was still up 138 percent from the same period last year. In all, the state reported 228 properties with foreclosure filings during the quarter.

 

In March the state reported 86 properties with foreclosure filings, a 35 percent decrease from the previous month, but still 244 percent above the level reported in March 2009. One in every 4,203 South Dakota housing units received a foreclosure filing during the month, the 47th highest state foreclosure rate.

 

“Foreclosure activity dropped significantly in South Dakota in the first quarter of 2010, though it remained more than double the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state also reported a decrease in foreclosure filings between February and March. Though activity remains high compared to last year, South Dakota is still fairing better than much of the country and now has one of the lowest unemployment rates in the nation — 4.8 percent.”

 

One in every 1,585 South Dakota housing units received a foreclosure filing during the quarter — the 46th highest state foreclosure rate in the nation.

 

Minnehaha County tops state in foreclosure rate and total for the first quarter

Minnehaha County had the highest county foreclosure rate in South Dakota during the first quarter, with one in every 411 housing units receiving a foreclosure filing — 3.9 times the state average. Pennington County had the second highest foreclosure rate, with one in every 1,535 housing units receiving a foreclosure filing. Deuel County came in third, with one in every 2,317 housing units receiving a foreclosure filing. Brule County had the fourth highest rate, with one in every 2,361 housing units receiving a foreclosure filing. 

 

Minnehaha County led state in total foreclosures for the first quarter

Minnehaha County also led South Dakota in total foreclosures Dakota during the first quarter, reporting 182 properties with foreclosure filings. Pennington County had the second highest foreclosure total, reporting 28 properties with foreclosure filings. Reporting three properties with foreclosure filings for the quarter, Lincoln and Meade counties came in third.

 

State a minor contributor to quarterly foreclosure total

South Dakota represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

South Dakota

0

65

0

103

60

228

1,585

0.09

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

65

0

82

35

182

411

0.34

3.85

Pennington

0

0

0

19

9

28

1,535

0.09

1.03

Deuel

0

0

0

0

1

1

2,317

0.06

0.68

Brule

0

0

0

0

1

1

2,361

0.06

0.67

Walworth

0

0

0

0

1

1

3,228

0.04

0.49

 

 

South Dakota Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

South Dakota

0

65

0

103

60

228

1,585

-27.62

137.50

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

65

0

82

35

182

411

-31.32

130.38

Pennington

0

0

0

19

9

28

1,535

21.74

300.00

Lincoln

0

0

0

2

1

3

4,060

-72.73

-25.00

Meade

0

0

0

0

3

3

3,862

-25.00

200.00

Codington

0

0

0

0

2

2

6,137

n/a

100.00

 

 

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