South Dakota Foreclosure Activity Fell in May

Statewide foreclosure filings down 8 percent from April

 

Foreclosure activity in South Dakota fell 8 percent in May to 168 properties with foreclosure filings. This latest state total still represents a 342 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“South Dakota reported a dip in its number of foreclosure filings in May, though activity remained more than four times the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state continued to improve as well, falling slightly to 4.6 percent, though it is believed that more steady job growth will be needed to bring foreclosure activity back in line with last year.”

 

The state’s foreclosure rate ranked 42nd in the nation, as one in every 2,152 South Dakota housing units received a foreclosure filing during the month.

 

Minnehaha County led the state in foreclosure rate for May

Minnehaha County posted the highest foreclosure rate in South Dakota for May, with one in every 634 housing units receiving a foreclosure filing — 3.4 times the state average. Lincoln County had the second highest foreclosure rate, with one in every 761 housing units receiving a foreclosure filing — 2.8 times the state average. Pennington County had the third highest foreclosure rate in South Dakota, with one in every 1,719 housing units receiving a foreclosure filing.

 

Minnehaha County also tops in foreclosure total for May

Minnehaha County also led the state in foreclosure activity, reporting 118 properties with foreclosure filings for May. Pennington County had the second highest foreclosure total, documenting 25 properties with foreclosure filings. Lincoln County had the third highest foreclosure total, reporting 16 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total in May

South Dakota accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

South Dakota

0

34

0

87

47

168

2,152

0.19

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

29

0

55

34

118

634

0.63

3.39

Lincoln

0

5

0

10

1

16

761

0.53

2.83

Pennington

0

0

0

21

4

25

1,719

0.23

1.25

Deuel

0

0

0

0

1

1

2,317

0.17

0.93

Union

0

0

0

1

1

2

3,093

0.13

0.70

 

 

South Dakota Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

South Dakota

0

34

0

87

47

168

2,152

-8.20

342.11

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

29

0

55

34

118

634

-29.34

237.14

Pennington

0

0

0

21

4

25

1,719

212.50

n/a

Lincoln

0

5

0

10

1

16

761

433.33

1,500.00

Brown

0

0

0

0

2

2

8,303

n/a

n/a

Meade

0

0

0

0

2

2

5,794

100.00

n/a

Union

0

0

0

1

1

2

3,093

 n/a

n/a

 

 

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