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South Dakota rank: 45 90+ Day Delinquency Rate Foreclosure Rate december 2012 1.02% Unemployment Rate 1.26% 4.4% year ago 1.03% 1.72% 4.3% percent point change -1.6% -26.4% 2.3% Top County MCCook CounTy 90+ Day Delinquency Rate december 2012 3.13% Foreclosure Rate 3.05% year ago 2.55% 3.11% percent point change 22.8% -2.0% Top Core-Based Statistical Area VerMillion, SD 90+ Day Delinquency Rate Foreclosure Rate december 2012 0.67% 1.90% year ago 0.43% 2.69% percent point change 53.7% -29.2% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. IN THE NEWS South Dakota Mortgages ���Qualify��� Under New Rules South Dakota will be the least impacted by the Qualified Mortgage (QM) rule, according to CoreLogic. The Consumer Financial Protection Bureau (CFPB) released its final version of the highly anticipated QM definition in late January. QM requires lenders to ascertain a borrower���s ability to repay. The rule does away with ���no doc��� and ���low doc��� mortgages, requiring all borrowers��� pertinent financial information be supplied and verified, including employment status, credit history, debt obligations, etc. The rule also stipulates that lenders base their evaluation of a consumer���s ability to pay on long-term views, discounting ���teaser��� or ���starter��� rates. In order to meet QM requirements, a mortgage loan must limit points and fees (including compensating originators) and must have no toxic or risky loan features, such as interest-only payments or terms that exceed 30 years. There is also a 43 percent cap on the acceptable debt-to-income ratio. 104 CoreLogic says the immediate impacts of the QM rule will be minimal because for the next seven years, loans that meet the underwriting requirements of the GSEs and the Federal Housing Administration are exempt from the new guidelines. Currently, about 90 percent of newly originated loans are backed by the government. While the qualifying rules will be the same across the nation, their impact will vary by region and state, CoreLogic says. South Dakota will be the least impacted state, as 67 percent of its loans already adhere to QM guidelines, CoreLogic found. The QM rule will be felt most in Nevada, where only 42 percent of loans currently qualify. CoreLogic analyzed 2.2 million loans written in 2010 to determine what percentage would meet the QM guidelines. The firm concluded that at the national level, the QM rule would eliminate about 48 percent of today���s mortgage originations. KNOW THIS There were 18,502 total home sales in New Hampshire from December 2011 to December 2012, according to CoreLogic. Tennessee rank: 39 90+ Day Delinquency Rate Foreclosure Rate december 2012 3.90% Unemployment Rate 1.47% 7.6% year ago 4.15% 2.34% 8.5% percent point change -5.9% -37.3% -10.6% Top County Morgan CounTy 90+ Day Delinquency Rate december 2012 4.69% Foreclosure Rate 4.28% year ago 6.37% 4.49% percent point change -26.3% MarTin, Tn 90+ Day Delinquency Rate Foreclosure Rate december 2012 3.30% 2.48% year ago 3.60% 2.47% percent point change note: Homeownership Foundation and Tennessee AG Offer Statewide Hotline The Homeownership Preservation Foundation (HPF) and Tennessee Attorney General Bob Cooper forged a partnership to offer a statewide hotline specifically for distressed homeowners in Tennessee. The hotline for state residents is 855.876.7283. It offers free information and referrals to foreclosure prevention and mortgage counseling. HPF���s HUDapproved counselors are available through the hotline from Monday through Friday, 8 a.m. to 6 p.m. Borrowers can also receive referrals to a local nonprofit counseling agency if they wish to meet a counselor in person at no cost. ���HPF is a well-respected, reliable nonprofit organization that we are confident will serve our people well on this vital initiative,��� Cooper said. ���This heightened statewide effort by the Attorney General���s Office to connect Tennessee homeowners with the housing counseling and financial assistance they need truly sets the bar for other states to emulate,��� said Colleen Hernandez, CEO and president of HPF. ���We are excited to partner with Attorney General Bob Cooper and his staff on this important outreach campaign and, of course, to help more people in Tennessee tackle their personal mortgage challenges.��� HPF is an independent, national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure. For the past five years, the organization has successfully operated the national Homeowner���s HOPE Hotline, which provides 24/7 telephonic counseling to homeowners in need. -4.8% Top Core-Based Statistical area -8.4% IN THE NEWS 0.2% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. STAT INSIGHT 3.5% The annual growth Nashville saw in residential prices from Q4 2011 to Q4 2012. Source: FNC