South Dakota Foreclosure Activity Increases in October

Foreclosure filings up 45 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 115 South Dakota properties during October, a 45 percent increase from the previous month and up 9 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

South Dakota foreclosures were up in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 69 percent for the month. Even so, the state still holds one of the lowest foreclosure totals in the nation. Its unemployment rate is nearly half the national average, and home sales here were more than three times that of most states earlier this year. These factors are definitely keeping foreclosures here rare.”

South Dakota ranked 47th in the nation in total foreclosures reported for October. Its foreclosure rate of one in every 3,143 housing units receiving a foreclosure filing during the month ranked it 46th among the 50 states.

Pennington County posts state’s top foreclosure rate for October

Pennington County posted the highest county foreclosure rate in South Dakota for the month, with one in every 955 housing units receiving a foreclosure filing during October — 3.3 times the state average. Minnehaha County registered the second highest foreclosure rate, with one in every 1,291 housing units receiving a foreclosure filing during the month — 2.4 times the state average. Custer County was third highest, with one in every 2,187 housing units receiving a foreclosure filing.

 

Minnehaha County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Minnehaha County, which reported 58 properties with foreclosure filings for the month. Pennington County tallied the second highest foreclosure level, reporting 45 properties with foreclosure filings. Third highest total was in Lincoln County, where four properties with foreclosure filings were reported. Fourth highest was Brookings and Custer Counties, each reporting two properties with foreclosure filings for the month.

 

State contributes less than 1 percent to nation’s monthly foreclosure total

South Dakota accounted for less than 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

South Dakota

0

9

0

71

35

115

3,143

0.12

n/a

 

 

 

 

 

 

 

 

 

 

Pennington

0

0

0

42

3

45

955

0.41

3.29

Minnehaha

0

9

0

27

22

58

1,291

0.30

2.44

Custer

0

0

0

0

2

2

2,187

0.18

1.44

Kingsbury

0

0

0

0

1

1

2,829

0.14

1.11

Lincoln

0

0

0

2

2

4

3,045

0.13

1.03

 

 

South Dakota Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

South Dakota

0

9

0

71

35

115

3,143

45.57

9.52

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

9

0

27

22

58

1,291

45.00

-26.58

Pennington

0

0

0

42

3

45

955

125.00

114.29

Lincoln

0

0

0

2

2

4

3,045

0.00

100.00

Brookings

0

0

0

0

2

2

6,540

n/a

n/a

Custer

0

0

0

0

2

2

2,187

100.00

n/a

 

           

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