Statewide foreclosure filings slide 38 percent from second half of 2010
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported 521 South Dakota properties during the first six months of 2011, a 35 percent drop from the second half of 2010 and 9 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.
Foreclosure filings were reported on 83 South Dakota properties in June, down 10 percent from May and down 15 percent from June 2010. One in every 4,404 South Dakota housing units received a foreclosure filing in June, the 47th highest state foreclosure rate in the nation.
Minnehaha County posts state’s top foreclosure rate in first half of 2011
Minnehaha County posted the highest foreclosure rate of all South Dakota counties, with one in every 220 housing units received a foreclosure filing in the first half of the year — 3.2 times the state average. Lincoln County came in second highest, with a rate of one in every 291 housing units receiving a foreclosure filing up through the midyear period — 2.4 times the state average. Pennington County was third highest for the six-month period, with one in every 505 housing units receiving a foreclosure filing — 1.4 times the state average.
Minnehaha County dominates state foreclosure totals in first half of year
Minnehaha County led all counties, reporting 346 properties with foreclosure filings for the midyear period. Pennington County was second highest, reporting 86 properties with foreclosure filings. Lincoln County came in third, tallying 43 properties with foreclosure filings. Fourth highest was Codington County, where 5 properties with foreclosure filings were reported. Davison County was fifth, reporting 4 properties with foreclosure filings for the first half of the year.
State contributes less than 1 percent to nation’s foreclosure total in first half of 2011
South Dakota accounted for less than 1 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.
“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.
“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”
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 Market Data By County – Midyear 2011
Total Properties with Filings
% Housing Units
1 every X HU
% chg July-Dec 10
% chg Jan-June 2010
South Dakota Market Data by County – June 2011
1/every X HU (rate)
% Chg May 11
% Chg June 10