South Dakota Foreclosure Activity Down in First Quarter

Foreclosure filings down 34 percent from Q4 2010, up 19 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 272 South Dakota properties during the first quarter of 2011, down 34 percent from the fourth quarter of 2010, but still 19 percent above the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state posted the 47th highest foreclosure rate in the nation, with one in every 1,344 South Dakota housing units receiving a foreclosure filing during the quarter. Foreclosure filings were reported on 112 South Dakota properties in March, an 11 percent increase from February and up 30 percent from March 2010, even as the state’s unemployment rate remained one of the nation’s lowest at 4.9 percent. One in every 3,264 South Dakota housing units received a foreclosure filing in March, the 46th highest state foreclosure rate in the nation.

 

Lincoln County reports state’s top foreclosure rate in the first quarter

Lincoln County posted highest foreclosure rate in South Dakota during the first quarter of 2011, with one in every 391 housing units receiving a foreclosure filing — 3.4 times the state average. Minnehaha County had the second highest foreclosure rate, with one in every 445 housing units receiving a foreclosure filing — three times the state average. One in every 1,058 housing units in Pennington County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter.

 

Minnehaha County leads the state in foreclosure activity for first quarter

Minnehaha County led the way, reporting 171 properties with foreclosure filings during the quarter. Pennington County was second highest in the state, reporting 41 properties with foreclosure filings. Third highest total was tallied in Lincoln County, where 32 properties with foreclosure filings were reported. Reporting four properties with foreclosure filings for the quarter, Codington County registered the fourth highest total in the state. Fifth highest was Meade County, where three properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to nation’s foreclosure total in first quarter

South Dakota accounted for less than 1 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

Report methodology

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 Top Foreclosure Rates By County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

South Dakota

0

39

0

74

159

272

1,344

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Lincoln

0

1

0

12

19

32

391

0.49

3.44

Minnehaha

0

38

0

41

92

171

445

0.43

3.02

Pennington

0

0

0

21

20

41

1,058

0.18

1.27

Aurora

0

0

0

0

1

1

1,356

0.14

0.99

Miner

0

0

0

0

1

1

1,444

0.13

0.93

 

 

 

 

 

South Dakota Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

South Dakota

0

39

0

74

159

272

1,344

-33.82

19.30

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

38

0

41

92

171

445

-17.79

-6.04

Pennington

0

0

0

21

20

41

1,058

-70.71

46.43

Lincoln

0

1

0

12

19

32

391

33.33

966.67

Codington

0

0

0

0

4

4

3,090

100.00

100.00

Meade

0

0

0

0

3

3

3,904

-50.00

0.00

 

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