South Dakota Foreclosure Activity Higher in Second Quarter

Activity level rises 82 percent from Q1

Foreclosure filings increase 125 percent mid-year; down 42 percent in June

 

South Dakota reported 415 properties with foreclosure filings for the second quarter of 2010, the 46th highest activity level in the nation. This latest total represents an 82 percent increase from the first quarter of the year and is nearly 159 percent above the level reported for the second quarter of 2009.

 

Activity level in the Mount Rushmore State rose during the first half of 2010, but dropped in June. For the first six months of the year, South Dakota reported 576 properties with foreclosure filings, a 9 percent drop in activity from the second half of 2009, but 125 percent above the level reported mid-year 2009. In June the state tallied 98 properties with foreclosure filings, a decrease of 42 percent from the previous month and down 13 percent from June 2009.

 

“Although South Dakota foreclosures were down during June, they were up significantly during the second quarter and the first half of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate remains among the nation’s lowest, it home sales fell more than twice the national average during the first quarter. This has likely contributed to the overall decline.”

 

One in every 871 South Dakota housing units received a foreclosure filing during the quarter, giving the state the 44th foreclosure rate in the nation.

 

Minnehaha County posts state’s top foreclosure rate for the quarter

Minnehaha County posted the highest county foreclosure rate in South Dakota during the second quarter, with one in every 235 housing units receiving a foreclosure filing — 3.7 times the state average. Lincoln County posted the second highest foreclosure rate, with one in every 487 housing units receiving a foreclosure filing — 1.8 times the state average. Pennington County reported the third highest foreclosure rate, with one in every 934 housing units receiving a foreclosure filing during the second quarter.

 

Minnehaha County leads state in total foreclosures for the second quarter

Minnehaha County reported 319 properties with foreclosure filings for the quarter, while Pennington County posted the second highest foreclosure filings, reporting 46 properties with foreclosure filings. Reporting 25 properties with foreclosure filings for the quarter, Lincoln County came in third. Meade County was fourth, reporting 4 properties with foreclosure filings. Fifth highest total was Codington County, where 3 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in South Dakota represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

South Dakota

0

75

0

181

159

415

871

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

67

0

124

128

319

235

0.61

3.71

Lincoln

0

7

0

16

2

25

487

0.30

1.79

Pennington

0

0

0

40

6

46

934

0.15

0.93

Deuel

0

0

0

0

2

2

1,159

0.12

0.75

Sanborn

0

1

0

0

0

1

1,273

0.11

0.68

 

 

South Dakota Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

South Dakota

0

75

0

181

159

415

871

82.02

159.38

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

67

0

124

128

319

235

75.27

114.09

Pennington

0

0

0

40

6

46

934

64.29

1,433.33

Lincoln

0

7

0

16

2

25

487

733.33

733.33

Meade

0

0

0

0

4

4

2,897

33.33

0.00

Codington

0

0

0

0

3

3

4,091

50.00

0.00

 

 

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