South Dakota Foreclosure Activity Rises in July

Statewide foreclosure filings up 121 percent from June

 

Foreclosure activity in South Dakota increased 121 percent in July to 217 properties with foreclosure filings, and 32 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“South Dakota saw an uptick in foreclosure activity in July, with more than double the number of filings reported for the previous month and also more than were reported for July 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “With the nation’s second lowest unemployment rate at 4.4 percent, a fairly stable housing market, and an influx of new residents and businesses, it seems South Dakota should see fewer and fewer foreclosure filings in the coming months.”

 

The state reported the 40th highest state foreclosure rate, as one in every 1,666 South Dakota housing units received a foreclosure filing during the month.

 

Minnehaha County posts top county foreclosure rate in July

Minnehaha County posted the top foreclosure rate in South Dakota for the month, with one in every 386 housing units receiving a foreclosure filing in July. Lincoln County posted the second highest foreclosure rate, with one in every 812 housing units receiving a foreclosure filing during the month. Coming in third was McPherson County, where one in every 1,460 housing units received a foreclosure filing in July.

 

Minnehaha County dominates state with top foreclosure total for July

Minnehaha County also posted highest foreclosure activity, reporting 194 properties with foreclosure filings. Lincoln County documented the second highest total foreclosure activity, reporting 15 properties with foreclosure filings. Lawrence County came in third highest, tallying two properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total

South Dakota accounted for less than 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

South Dakota

0

78

0

51

88

217

1,166

0.24

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

75

0

41

78

194

386

1.03

4.32

Lincoln

0

3

0

10

2

15

812

0.49

2.05

McPherson

0

0

0

0

1

1

1,460

0.27

1.14

Potter

0

0

0

0

1

1

1,812

0.22

0.92

Hamlin

0

0

0

0

1

1

2,837

0.14

0.59

 

 

South Dakota Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

South Dakota

0

78

0

51

88

217

1,166

121.43

32.32

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

75

0

41

78

194

386

189.55

27.63

Lincoln

0

3

0

10

2

15

812

114.29

650.00

Lawrence

0

0

0

0

2

2

6,042

 n/a

 n/a

Grant

0

0

0

0

1

1

3,621

 n/a

 n/a

Hamlin

0

0

0

0

1

1

2,837

 n/a

 n/a

Mcpherson

0

0

0

0

1

1

1,460

 n/a

 n/a

Pennington

0

0

0

0

1

1

42,970

-92.31

-80.00

Potter

0

0

0

0

1

1

1,812

 n/a

n/a 

 

 

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