Delinquencies and foreclosures
The percentage of all mortgages in South Dakota that were 30 days or
more past due as of this past November stood at 2.7 percent, well below
the 5.1 percent rate nationally and down from 3.0 percent a year earlier,
according to a report by CoreLogic. The housing-foreclosure rate for the
state as of this past November stood at 0.5 percent, compared to the
national mark of 0.8 percent.
South Dakota is a small state in terms of population, with only 384,000
housing units as of 2016. Consequently, foreclosure activity in the state totals in the hundreds, not thousands, of filings. Even so, foreclosure filings
(as measured by auctions and real estate owned) are down significantly
in the state since first-quarter 2013, when there were some 302 filings,
according to Attom Data Solutions. Foreclosure activity has trended
downward since then, with only 57 filings recorded in fourth-quarter 2017.
The U.S. unemployment rate peaked at 10 percent during the Great
Recession while South Dakota’s high mark during the period was about
half that level, according to data from the U.S. Bureau of Labor Statistics.
That gap has narrowed considerably since that time as the overall U.S.
economy has improved, with South Dakota reporting an unemployment
rate of 3. 5 percent as of this past December, compared with the national
unemployment rate of 4.1 percent.
South Dakota’s nonfarm employment-growth rate exceeded the U.S.
employment-growth rate during the last downturn. It has run consistently
below the national figure since 2012, however, coming in at an anemic
0.2 percent for the 12 months ending November 2017, according to the
South Dakota Bureau of Finance & Management. By comparison, U.S.
employment growth for the same period registered at nearly 1.5 percent.
Sources: CoreLogic, Dakota Farm Show, Forbes, history.com, Pierre.org, Realtor
Association of the Sioux Empire Inc., South Dakota Bureau of Finance & Management,
South Dakota Department of Agriculture, South Dakota Department of Tourism, South
Dakota Governor’s Office of Economic Development, Tourism Economics, U. S. Bureau
of Economic Analysis, U.S. Bureau of Labor Statistics, U. S. Census Bureau, University of
South Dakota, Vermillion Economic Development, Wall Street Journal
Bill Conroy is editor in chief of Scotsman Guide Media.
Reach him at (800) 297-6061 or email@example.com.
With some 174,000 residents, Sioux Falls is the largest city and business
center in South Dakota. The community was a farming town driven by
a slaughterhouse, grain elevators and a livestock auction for decades.
That all changed in the early 1980s, however, when Citibank moved its
credit card operations to Sioux Falls, and other lenders then followed
suit, including Wells Fargo. The city also enjoys a strong health care
sector and one of the lowest unemployment rates in the nation.
Located near the first permanent settlement in South Dakota, which
dates back to 1817, Pierre has been the capital of South Dakota since
the late 1890s. The city of some 14,000 offers residents and visitors alike
plenty of outdoor sporting activities, including hunting and fishing in
and around the many nearby lakes, ponds and prairies of the Fort Pierre
National Grassland. The city also is home to a number of attractions,
including Casey Tibbs South Dakota Rodeo Center, the Lewis & Clark
Family Center and the architecturally unique state capitol building, which
was completed in 1910.
Home to the University of South Dakota, which includes the state’s only
law school and medical center, this city of some 11,000 people offers a
mix of academic and rural flavor. For the past 35 years, Vermillion has
hosted the Dakota Farm Show, which draws some 25,000 ag producers
from a four-state region and features nearly 300 exhibitors specializing
in various farm technology, products and services. Companies with
operations in Vermillion include Alleviant LLC, part of Navigant
Healthcare; Polaris Industries, which operates a distribution center in
the city; and Masaba Inc., a maker of mining equipment.
3 Cities to Watch
South Dakota Foreclosure Filings
Source: Attom Data Solutions