South Dakota Foreclosures Head Back Down in August

South Dakota foreclosure activity fell in August, down to 118 properties with foreclosure filings for the month, a 28 percent decrease from the previous month but 174 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“After increasing for the past three months, South Dakota foreclosures dropped in August,” said James J. Saccacio chief executive officer of RealtyTrac. “The largest decline was in auctions, which were down 36 percent for the month. The state currently holds the second lowest unemployment rate in the country, and its home sales have picked up significantly during the second quarter. If these trends continue, we may see foreclosures decline further here.”

 

South Dakota ranked 46th in the country in total foreclosures reported for the month. With one in every 3,027 housing units receiving a foreclosure filing, its foreclosure rate ranked 44th among the 50 states.

 

Minnehaha County posts state’s top foreclosure rate in August

Minnehaha County posted the highest county foreclosure rate in the state for August, with one in every 697 housing units receiving a foreclosure filing — 4.3 times the state average. Perkins County had the second highest foreclosure rate, with one in every 1,897 housing units receiving a foreclosure filing during the month – 1.6 times the state average. Lincoln County posted the third highest foreclosure rate, where one in every 3,915 housing units received a foreclosure filing.

 

Three counties accounted for 94 percent of state’s foreclosure activity for August

Minnehaha County led the way, tallying 105 properties with foreclosure filings for the month. Pennington County reported the second highest foreclosure total, documenting four properties with foreclosure filings. Reporting three properties with foreclosure filings for the month, Lincoln County posted the third highest total in the state.

 

State a minor contributor to nation’s foreclosure activity in August

South Dakota accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

South Dakota

0

49

0

36

33

118

3,027

0.12

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

49

0

28

28

105

697

0.51

4.34

Perkins

0

0

0

0

1

1

1,897

0.19

1.60

Lincoln

0

0

0

2

1

3

3,915

0.09

0.77

Turner

0

0

0

0

1

1

4,003

0.09

0.76

Lake

0

0

0

0

1

1

5,662

0.06

0.53

 

 

South Dakota Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

South Dakota

0

49

0

36

33

118

3,027

-28.05

174.42

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

0

16

0

5

105

697

-30.92

183.78

Pennington

0

0

17

0

1

4

10,552

-20.00

33.33

Lincoln

0

0

7

0

9

3

3,915

50.00

200.00

 

 

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