South Dakota Foreclosure Activity Level Increases in April

Statewide foreclosure activity up 8 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 121 South Dakota properties in April, up 8 percent from March but 34 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

South Dakota ranked 46th in the nation in total foreclosures reported for April. Its foreclosure rate of one in 3,021 housing units receiving a foreclosure filing during the month, ranked it 44th among the 50 states.

 

Minnehaha County tops in foreclosure rate for April

Minnehaha County posted the highest foreclosure rate of all South Dakota counties in April, with one in every 865 housing units receiving a foreclosure filing — 3.5 times the state average. Lincoln County posted the second highest foreclosure rate, where one in every 1,136 housing units received a foreclosure filing during the month — 2.7 times the state average. Brule County came in third, with one in 2,380 housing units receiving a foreclosure filing during the month.

 

Minnehaha County also led the state in foreclosure activity in April

Minnehaha County also led all South Dakota counties in foreclosure activity, reporting 88 properties with foreclosure filings for the month. Pennington County was second highest, reporting 15 properties with foreclosure filings. Third highest in the state was Lincoln County, where 11 properties with foreclosure filings were reported. Lawrence County was fourth highest, tallying three properties with foreclosure filings. Fifth highest was Bon Homme County, where one property with a foreclosure filing was reported for the month.

 

State contributes less than 1 percent to nation’s foreclosure crisis in April

South Dakota accounted for less than 1 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

South Dakota

0

28

0

44

49

121

3,021

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

28

0

26

34

88

865

0.69

3.49

Lincoln

0

0

0

5

6

11

1,136

0.52

2.66

Brule

0

0

0

0

1

1

2,380

0.25

1.27

Pennington

0

0

0

13

2

15

2,893

0.20

1.04

Bon Homme

0

0

0

0

1

1

3,082

0.19

0.98

 

 

South Dakota Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

South Dakota

0

28

0

44

49

121

3,021

8.04

-33.88

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

28

0

26

34

88

865

17.33

-47.31

Pennington

0

0

0

13

2

15

2,893

25.00

87.50

Lincoln

0

0

0

5

6

11

1,136

-15.38

266.67

Lawrence

0

0

0

0

3

3

4,093

n/a

n/a

Bon Homme

0

0

0

0

1

1

3,082

0.00

n/a

 

 

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