South Dakota Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 6 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 439 South Dakota properties during the third quarter, a 6 percent increase from the previous quarter and up 21 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, South Dakota reported 79 properties with foreclosure filings, a 54 percent decrease from the previous month and 38 percent below the level reported for the same month last year. One in every 4,576 South Dakota housing units received a foreclosure filing in September, the 47th highest foreclosure rate among the 50 states.

 

South Dakota foreclosure activity heated up in the third quarter of 2010 with more filings than were reported in the previous quarter and for the third quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, foreclosure activity for the month of September fell well below the previous month and the same time last year. The state remains one of the least affected in the country by foreclosures, a distinction that is undoubtedly helped by its low unemployment rate of 4.5 percent — about half the national average.”

 

One in every 823 South Dakota housing units received a foreclosure filing during the quarter, the 44th highest state foreclosure rate in the nation.

 

Minnehaha County led state with top foreclosure rate in third quarter

Minnehaha County posts the highest foreclosure rate in the state during the third quarter of 2010, where one in every 225 housing units received a foreclosure filing — 3.7 times the state average. Lincoln County posted the second highest foreclosure rate, where one in every 507 housing units received a foreclosure filing during the period — 1.6 times the state average. Pennington County documented the third highest foreclosure rate, where one in every 796 housing units received a foreclosure filing.

 

Minnehaha County posts state’s top foreclosure total in third quarter

Minnehaha County also led the state in foreclosure activity, reporting 332 properties with foreclosure filings for the quarter. Pennington County had the second highest total, reporting 54 properties with foreclosure filings. Lincoln County was third, tallying 24 properties with foreclosure filings. Lawrence County was fourth highest, reporting four properties with foreclosure filings. Brown County had the fifth highest total, reporting three properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in South Dakota. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

South Dakota

0

144

0

151

144

439

823

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

140

0

89

103

332

225

0.62

3.65

Lincoln

0

4

0

15

5

24

507

0.27

1.62

Pennington

0

0

0

47

7

54

796

0.17

1.03

McPherson

0

0

0

0

1

1

1,460

0.10

0.56

Walworth

0

0

0

0

2

2

1,614

0.09

0.51

 

 

South Dakota Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

South Dakota

0

144

0

151

144

439

823

5.78

20.60

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

140

0

89

103

332

225

4.08

8.14

Pennington

0

0

0

47

7

54

796

17.39

217.65

Lincoln

0

4

0

15

5

24

507

-4.00

33.33

Lawrence

0

0

0

0

4

4

3,021

300.00

 

Brown

0

0

0

0

3

3

5,535

50.00

200.00

 

 

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