South Dakota Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 128 percent from Q2; up 206 percent from Q3 2008.

 

South Dakota reported 364 properties with foreclosure filings in the third quarter of 2009, an increase of 128 percent from the previous quarter and 206 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in South Dakota was up more than 7 percent in September from the previous month to 127 properties with foreclosure filings and up 149 percent from September 2008.

 

“Foreclosure activity rose sharply in South Dakota in the third quarter of 2009, reaching more than three times the level of activity seen at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though unemployment within the state remains considerably low at 4.8 percent, the change in economy from one year ago indicates that the nation-wide recession is indeed taking a toll.”

 

One in every 981 South Dakota housing units received a foreclosure filing during the third quarter, ranking 44th among the 50 states.

 

Minnehaha County tops state in foreclosure rate in the third quarter

Minnehaha County posted the highest county foreclosure rate in the state for the third quarter, with one in every 238 housing units receiving a foreclosure filing — 4.1 times the state average. Minnehaha County also led the state in activity, reporting 307 properties with foreclosure filings for the quarter. Lincoln County had the second highest foreclosure rate in South Dakota, with one in every 653 housing units receiving a foreclosure filing during the quarter — 1.5 times the state average. McCook County posted the third highest foreclosure rate, where one in every 854 housing units received a foreclosure filing — 1.2 times the state average.

 

Minnehaha County leads state in foreclosure activity in the third quarter

Minnehaha County led the state in foreclosure activity, reporting 307 properties with foreclosure filings for the quarter. Lincoln County had the second highest foreclosure total, reporting 18 properties with foreclosure filings. Pennington County came in third, tallying 17 properties with foreclosure filings. Fourth highest for the quarter was Meade County, reporting six properties with foreclosure filings. McCook County documented three properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a minor contributor to nation’s foreclosure activity for quarter and month

South Dakota accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

South Dakota

0

110

0

105

149

364

981

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

107

0

82

118

307

238

0.57

4.12

Lincoln

0

0

0

14

4

18

653

0.21

1.50

McCook

0

2

0

0

1

3

854

0.16

1.15

Meade

0

0

0

0

6

6

1,921

0.07

0.51

Pennington

0

0

0

7

10

17

2,483

0.05

0.40

 

 

South Dakota Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

South Dakota

0

110

0

105

149

364

981

127.50

205.88

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

107

0

82

118

307

238

106.04

207.00

Lincoln

0

0

0

14

4

18

653

500.00

80.00

Pennington

0

0

0

7

10

17

2,483

466.67

240.00

Meade

0

0

0

0

6

6

1,921

n/a

n/a

McCook

0

2

0

0

1

3

854

n/a

n/a

 

 

South Dakota Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

South Dakota

0

12

0

42

73

127

2,813

0.13

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

11

0

31

47

89

822

0.45

3.42

Lincoln

0

0

0

10

3

13

904

0.41

3.11

Meade

0

0

0

0

6

6

1,921

0.19

1.46

McCook

0

0

0

0

1

1

2,563

0.15

1.10

Hutchinson

0

0

0

0

1

1

3,586

0.10

0.78

 

 

South Dakota Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

South Dakota

0

12

0

42

73

127

2,813

7.63

149.02

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

11

0

31

47

89

822

-15.24

97.78

Lincoln

0

0

0

10

3

13

904

333.33

1200.00

Pennington

0

0

0

1

9

10

4,221

150.00

400.00

Meade

0

0

0

0

6

6

1,921

n/a

n/a

Codington

0

0

0

0

2

2

6,085

n/a

n/a

 

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