South Dakota Foreclosures Rises in November

Foreclosure filings up 23 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 142 South Dakota properties in November, up 23 percent from the previous month and a 31 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 2,546 South Dakota housing units received a foreclosure filing in November, the 44th highest state foreclosure rate in the nation.

 

“While foreclosure activity declined in many parts of the nation, the number of South Dakota filings rose significantly in November to a level well above both the previous month and as compared to November 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “This rise in activity seems unusual amid fallout from the nation-wide ‘robo-signing’ controversy and considering South Dakota’s low unemployment rate of 4.4 percent. However, the state should see some slowdown in activity in the coming months as long as its job market remains stable and lenders continue to have their processes thoroughly checked for accuracy.”

 

Pennington County has top foreclosure rate in November

Pennington County posted the highest foreclosure rate in South Dakota for November, with one in every 641 housing units receiving a foreclosure filing — four times the state average. Lincoln County had the second highest foreclosure rate, reporting one in every 870 housing units receiving a foreclosure filing — 2.9 times the state average. Minnehaha County came in third, with one in every 1,361 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Pennington County also reports highest foreclosure total in November

Pennington County also led the state in foreclosure activity, reporting 67 proprieties with a foreclosure filing. Minnehaha County had the second highest total, reporting 55 properties with foreclosure filings. Lincoln County was third highest, tallying 14 properties with foreclosure filings.

 

State a minor contributor to total foreclosure total

South Dakota accounted for less than 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

South Dakota

0

26

0

88

28

142

2,546

0.19

n/a

 

 

 

 

 

 

 

 

 

 

Pennington

0

0

0

61

6

67

641

0.77

3.97

Lincoln

0

4

0

8

2

14

870

0.57

2.93

Minnehaha

0

22

0

19

14

55

1,361

0.36

1.87

Moody

0

0

0

0

1

1

2,884

0.17

0.88

Butte

0

0

0

0

1

1

4,446

0.11

0.57

 

 

South Dakota Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

South Dakota

0

26

0

88

28

142

2,546

23.48

31.48

 

 

 

 

 

 

 

 

 

 

Pennington

0

0

0

61

6

67

641

48.89

3250.00

Minnehaha

0

22

0

19

14

55

1,361

-5.17

-42.11

Lincoln

0

4

0

8

2

14

870

250.00

1300.00

Butte

0

0

0

0

1

1

4,446

0.00

n/a

Lake

0

0

0

0

1

1

5,702

0.00

n/a

Lawrence

0

0

0

0

1

1

12,083

n/a

n/a

Meade

0

0

0

0

1

1

11,587

n/a

-75.00

Moody

0

0

0

0

1

1

2,884

n/a

n/a

Yankton

0

0

0

0

1

1

9,563

n/a

n/a

 

 

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