South Dakota Foreclosures Decline in October

Statewide filings down 17 percent from September

 

South Dakota reported 105 properties with foreclosure filings in October, down 17 percent from the previous month, but still up 209 percent from the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“South Dakota foreclosures fell in October,” said James J. Saccacio chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which dropped 74 percent for the month. The state currently holds the third lowest unemployment rate in the country. This is undoubtedly helping to keep foreclosures here lower than most states.”

 

South Dakota ranked 46th in the country in total foreclosures reported for October. With one in every 3,402 housing units receiving a foreclosure filing, its foreclosure rate ranked 44th among the 50 states.

 

Minnehaha County posts state’s top foreclosure rate in October

Minnehaha County posted the highest county foreclosure rate in South Dakota for October, with one in every 926 housing units receiving a foreclosure filing — 3.7 times the state average. Pennington County ranked second highest, reporting one in every 2,010 housing units receiving a foreclosure filing — 1.7 the state average. Bon Homme County had the third highest foreclosure rate, with one in every 3,065 housing units receiving a foreclosure filing. Tripp County posted the fourth highest foreclosure rate, where one in every 3,098 housing units received a foreclosure filing during the month and the fifth highest rate was reported in Lake County, where one in every 5,662 housing units received a foreclosure filing during the month.

 

Five counties dominate state in foreclosure totals during October

Minnehaha County led all counties, totaling 79 properties with foreclosure filings for the month. Pennington County was second highest, documenting 21 properties with foreclosure filings. Lincoln County posted the third highest foreclosure total in the state, reporting two properties with foreclosure filings for the month. Bon Homme and Lake Counties followed, with each reporting one property with a foreclosure filing.

 

State responsible for less than 1 percent of nation’s foreclosure activity in October

South Dakota accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

South Dakota

0

40

0

46

19

105

3,402

0.11

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

40

0

24

15

79

926

0.42

3.67

Pennington

0

0

0

20

1

21

2,010

0.19

1.69

Bon Homme

0

0

0

0

1

1

3,065

0.13

1.11

Tripp

0

0

0

0

1

1

3,098

0.12

1.10

Lake

0

0

0

0

1

1

5,662

0.07

0.58

 

 

 

 

South Dakota Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

South Dakota

0

40

0

46

19

105

3,402

-17.32

208.82

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

40

0

24

15

79

926

-11.24

295.00

Pennington

0

0

0

20

1

21

2,010

110.00

425.00

Lincoln

0

0

0

2

0

2

5,873

-84.62

0.00

Bon Homme

0

0

0

0

1

1

3,065

n/a

0.00

Lake

0

0

0

0

1

1

5,662

n/a

n/a

 

 

 

 

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