South Dakota Foreclosures Up in 2010

Foreclosure filings up 63 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,244 South Dakota properties for 2010, up 63 percent from a year ago and 209 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 186 South Dakota properties in December 2010, a 31 percent increase from November, and 45 percent higher than the level reported in December 2009. One in every 1,943 South Dakota housing units received a foreclosure filing during the month.

 

South Dakota foreclosures were up in 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 163 percent for the year. This is likely due to the state’s home sales, which declined about 30 percent further than the national average throughout most of the year. When this trend turns around, it is likely we will see foreclosures come down as well.”

South Dakota ranked 47th in the nation in total foreclosures reported for 2010. Its foreclosure rate of one in every 291 housing units receiving a foreclosure filing during the year, ranked it 46th among the 50 states.

Minnehaha County achieves top foreclosure rate honors in 2010

Minnehaha County posted the highest foreclosure rate in South Dakota for 2010, with one in every 92 housing units receiving a foreclosure filing — 3.2 times the state average. Lincoln County reported the second highest foreclosure rate, with one in every 169 housing units receiving a foreclosure filing for the year — 1.7 times the state average. Pennington County came in third, with one in every 171 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Minnehaha County dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Minnehaha County, which reported 813 properties with foreclosure filings for the year. Pennington County tallied the second highest foreclosure level, reporting 251 properties with foreclosure filings. Third highest total was in Lincoln where 72 properties with foreclosure filings were reported. Fourth highest was Meade County, where 14 properties with foreclosure filings were reported. Lawrence County filled out the state’s top five with 10 properties with foreclosure filings for the year.

 

State contributes less than 1 percent to total foreclosure activity in 2010

South Dakota accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

South Dakota

0

286

0

449

509

1,244

291

0.15

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

269

0

199

345

813

92

0.49

3.16

Lincoln

0

16

0

38

18

72

169

0.27

1.72

Pennington

0

0

0

211

40

251

171

0.26

1.70

Deuel

0

0

0

0

4

4

579

0.08

0.50

Turner

0

0

0

0

6

6

669

0.07

0.43

 

South Dakota Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

South Dakota

0

286

0

449

509

1,244

291

62.61

209.45

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

269

0

199

345

813

92

28.84

152.48

Pennington

0

0

0

211

40

251

171

402.00

945.83

Lincoln

0

16

0

38

18

72

169

105.71

928.57

Meade

0

0

0

0

14

14

828

27.27

133.33

Lawrence

0

0

0

0

10

10

1,208

n/a

900.00

 

 

 

South Dakota Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

South Dakota

0

63

0

39

84

186

1,943

0.26

n/a

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

60

0

19

44

123

609

0.82

3.19

Lincoln

0

3

0

1

6

10

1,218

0.41

1.60

Bennett

0

0

0

0

1

1

1,311

0.38

1.48

Turner

0

0

0

0

3

3

1,338

0.37

1.45

Stanley

0

0

0

0

1

1

1,421

0.35

1.37

 

 

South Dakota Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

South Dakota

0

63

0

39

84

186

1,943

30.99

45.31

 

 

 

 

 

 

 

 

 

 

Minnehaha

0

60

0

19

44

123

609

123.64

6.03

Pennington

0

0

0

19

9

28

1,535

-58.21

2,700.00

Lincoln

0

3

0

1

6

10

1,218

-28.57

25.00

Meade

0

0

0

0

5

5

2,317

400.00

n/a

Lawrence

0

0

0

0

3

3

4,028

200.00

n/a

 

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