South Dakota Foreclosure Activity Nearly Doubles in 2009

Statewide filings up 90 percent from 2008; Up 19 percent from November

 

South Dakota foreclosures were up in 2009, with 765 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 90 percent increase from the total reported for 2008, and is 3088 percent higher than the level reported for all of 2007.

 

“Although South Dakota foreclosures were up in 2009, they are still lower than most states,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state continues to hold one of the lowest unemployment rates in the nation and home sales are picking up. If these trends continue, we may see foreclosures decline here in 2010.”

 

South Dakota ranked 47th in total foreclosures reported for 2009 when compared to the 50 states. With one in every 467 housing units receiving a foreclosure filing, South Dakota’s foreclosure rate ranked 47th in the nation for the year.

 

Reporting 128 properties with foreclosure filings for December, South Dakota had a 19 percent increase from the previous month, and was 185 percent above December 2008. The state’s foreclosure rate — one in every 2,791 housing units received a foreclosure filing — ranked 45th in the nation for the month.

 

Minnehaha County posts state’s highest foreclosure rate for 2009

Minnehaha County posted the highest county foreclosure rate in South Dakota for the year, with one in every 116 housing units receiving a foreclosure filing in 2009. Lincoln County had the second highest foreclosure rate, with one in every 336 housing units receiving a foreclosure filing. Hanson County came in third highest, with one in every 625 housing units receiving a foreclosure filing. Pennington County was fourth highest, with one in every 844 housing units receiving a foreclosure filing, followed by McCook County, with one in every 854 housing units receiving a foreclosure filing.

 

Minnehaha County also posts state’s highest total foreclosure filings in 2009

Minnehaha County also led the state in total foreclosures in 2009, reporting a total of 631 properties with foreclosure filings for the year. Pennington County came in second, documenting 50 properties with foreclosure filings. Lincoln County had the third highest total in the state, reporting 35 properties with foreclosure filings for the year. Meade County was fourth highest, reporting 11 properties with foreclosure filings, followed by Brown County in fifth place, with four properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

South Dakota accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

South Dakota

765

0.21

467

90.30

3,087.50

 

 

 

 

 

 

Minnehaha

631

0.86

116

95.96

15,675

Lincoln

35

0.30

336

400

1,650

Hanson

2

0.16

625

 

 

Pennington

50

0.12

844

108.33

525

McCook

3

0.12

854

200

 

 

 

South Dakota Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

South Dakota

765

0.21

467

90.30

3,087.50

 

 

 

 

 

 

Minnehaha

631

0.86

116

95.96

15,675

Pennington

50

0.12

844

108.33

525

Lincoln

35

0.30

336

400

1,650

Meade

11

0.10

1,048

83.33

 

Brown

4

0.02

4,120

300

 

 

 

South Dakota Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

South Dakota

0

58

0

38

32

128

2,791

0.13

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

54

0

34

28

116

631

0.58

4.42

Lincoln

0

4

0

3

1

8

1,468

0.25

1.90

Deuel

0

0

0

0

1

1

2,311

0.16

1.21

Turner

0

0

0

0

1

1

4,003

0.09

0.70

Brown

0

0

0

0

1

1

1,6478

0.02

0.17

 

 

South Dakota Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

South Dakota

0

58

0

38

32

128

2,791

18.52

184.44

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

54

0

34

28

116

631

22.11

222.22

Lincoln

0

4

0

3

1

8

1,468

700

166.67

Deuel

0

0

0

0

1

1

2,311

 

 

Turner

0

0

0

0

1

1

4,003

 

 

Brown

0

0

0

0

1

1

16,478

-50

 

 

 

 

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