South Dakota Reports More Than 160 Properties With Foreclosure Filings in July

45 percent increase from June.

 

South Dakota reported 164 properties with foreclosure filings for the month, a 45 percent increase from the previous month and 447 percent above the level reported in July 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

“South Dakota’s foreclosure woes continued in July as the state reported an activity level more than five-times greater than was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains relatively steady at 4.9 percent, though the layoffs from last quarter are still affecting struggling homeowners.”

 

South Dakota ranked 45th in the country in total properties with foreclosure filings for May. One in every 2,178 South Dakota housing units received a foreclosure filing during the month, ranking 42nd among the 50 states.

 

Minnehaha County posts state’s top foreclosure rate in July

Minnehaha County posted the highest county foreclosure rate in the state for July, with one in every 481 housing units receiving a foreclosure filing — 4.5 times the state average. McCook County came in second highest, with one in every 1,282 housing units receiving a foreclosure filing during the month — 1.7 times the state average. Kingsbury County documented the third highest foreclosure rate, where one in every 2,826 housing units received a foreclosure filing.

 

Minnehaha County accounts for nearly all of the state’s foreclosure activity for July

Minnehaha County tallied the highest activity level, reporting 152 properties with foreclosure filings for the month. Pennington County came in second, documenting five properties with foreclosure filings. Lincoln and McCook counties each tallied two properties with foreclosure filings, the third highest totals in the state.

 

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

South Dakota was a minor contributor to the nation’s foreclosure activity. There were 360,149 properties with foreclosure filings reported nationwide in July. Total U.S. activity rose almost 7 percent from the previous month and was more than 32 percent ahead of July 2008. One in every 355 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 – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

n/a

n/a

South Dakota

0

60

0

56

48

164

2,178

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

58

0

50

44

152

481

0.74

4.52

McCook

0

2

0

0

0

2

1,282

0.28

1.70

Kingsbury

0

0

0

0

1

1

2,826

0.13

0.77

Turner

0

0

0

0

1

1

4,003

0.09

0.54

Lincoln

0

0

0

2

0

2

5,873

0.06

0.37

 

 

South Dakota Top Foreclosure Totals by County – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 09

% Chg July 08

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

6.74

32.32

South Dakota

0

60

0

56

48

164

2,178

45.13

446.67

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

58

0

50

44

152

481

42.06

442.86

Pennington

0

0

0

4

1

5

8,442

400.00

400.00

Lincoln

0

0

0

2

0

2

5,873

100.00

n/a

McCook

0

2

0

0

0

2

1,282

n/a

n/a

 

 

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