South Dakota Foreclosure Activity Rises in February

Statewide foreclosure filings up 33 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 101 South Dakota properties in February, a 33 percent rise in foreclosure activity from January but 24 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

South Dakota ranked 46th in the nation in total foreclosures reported for February. Its foreclosure rate of one in 3,619 housing units receiving a foreclosure filing during the month, ranked it 46th among the 50 states.

 

The state’s activity level was up at every stage of the foreclosure process during the month except in the number of auction notices, which dropped by 20 percent. The number of bank repossessed properties (REOs) was up 64 percent from the previous month and default notices rose by 42 percent.

 

South Dakota registered an unemployment rate of 4.7 percent in January. The state has remained at or above the 4 percent unemployment mark since January 2009.

 

Lincoln County posts state’s top foreclosure rate in February

Lincoln County posted the highest foreclosure rate of all South Dakota counties, with one in every 893 housing units receiving a foreclosure filing in February — 4.1 times the state average. Minnehaha County had the second highest foreclosure rate, with one in every 1,119 housing units receiving a foreclosure filing during the month — 3.2 times the state average. Pennington County posted the third highest foreclosure rate, with one in every 2,893 housing units receiving a foreclosure filing.

 

Minnehaha County dominates state foreclosure totals in February

Reporting 68 properties with foreclosure filings, Minnehaha County claimed its status as the statewide leader. Pennington County reported 15 properties with foreclosure filings, the second highest foreclosure total in the state. Lincoln County came in third, reporting 14 properties with foreclosure filings.

 

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

Less than 1 percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in South Dakota. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

South Dakota

0

17

0

20

64

101

3,619

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Lincoln

0

1

0

1

12

14

893

0.65

4.05

Minnehaha

0

16

0

14

38

68

1,119

0.52

3.24

Pennington

0

0

0

5

10

15

2,893

0.20

1.25

Hutchinson

0

0

0

0

1

1

3,605

0.16

1.00

Davison

0

0

0

0

1

1

8,756

0.07

0.41

 

 

South Dakota Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

South Dakota

0

17

0

20

64

101

3,619

32.89

-24.06

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

16

0

14

38

68

1,119

51.11

-42.37

Pennington

0

0

0

5

10

15

2,893

7.14

87.50

Lincoln

0

1

0

1

12

14

893

180.00

1,300.00

 

 

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