South Dakota Foreclosure Activity Rises in April

Statewide foreclosure filings up 113 percent from March

 

Monthly foreclosure activity in South Dakota rose 113 percent from the previous month to 183 properties with foreclosure filings. This latest state total also represents a 976 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“South Dakota foreclosures were up significantly in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 326 percent for the month. Even so, South Dakota continues to hold one of the lowest number of foreclosures nationwide. With the second lowest unemployment rate in the country, it is unlikely that this will change any time soon.”

 

South Dakota ranked 46th in the country in total foreclosures reported for April. With one in every 1,975 housing units receiving a foreclosure filing, its foreclosure rate ranked 43rd among the 50 states.

 

Minnehaha County posts top foreclosure rate for April

Minnehaha County posted the highest county foreclosure rate in South Dakota for April, with one in every 448 housing units receiving a foreclosure filing — 4.4 times the state average. Sanborn County came in second, with one in every 1,273 housing units receiving a foreclosure filing — 1.6 times the state average. Turner County was third, with one in every 4,015 housing units receiving a foreclosure filing.

 

Minnehaha County also led the state in total foreclosures for April

Minnehaha County led the way, reporting 167 properties with foreclosure filings for the month. Pennington County came in second highest, documenting eight properties with foreclosure filings. Reporting three properties with foreclosure filings for the month, Lincoln County ranked third highest.

 

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

South Dakota accounted for less than 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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: DefaultNotice 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

South Dakota

0

42

0

43

98

183

1,975

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

41

0

34

92

167

448

0.86

4.41

Sanborn

0

1

0

0

0

1

1,273

0.30

1.55

Turner

0

0

0

0

1

1

4,015

0.10

0.49

 

 

 

South Dakota Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

South Dakota

0

42

0

43

98

183

1,975

112.79

976.47

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

41

0

34

92

167

448

145.59

1,291.67

Pennington

0

0

0

7

1

8

5,371

-33.33

300.00

Lincoln

0

0

0

2

1

3

4,060

200.00

50.00

 

 

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