Total foreclosure filings up 9 percent from Q2; Up 85 percent from Q3 2008.

New Mexico reported 2,183 properties with foreclosure filings in the third quarter of 2009, an increase of 9 percent from the previous quarter and 85 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report. 

Foreclosure activity in New Mexico was up more than 8 percent in September from the previous month to 798 properties with foreclosure filings and up 230 percent from September 2008.

“Foreclosures continued to mount in New Mexico in the third quarter of 2009, even as the state managed a slight improvement in its job market and new businesses moved into New Mexico,” said James J. Saccacio, chief executive officer of RealtyTrac. “Employment matters aside, this recent wave of bank repossessions was likely caused by the processing of foreclosure properties that were held off for the first half of 2009 because of the federal foreclosure prevention program.”

One in every 395 New Mexico housing units received a foreclosure filing during the third quarter, ranking 35^th among the 50 states.

Sandoval County posts state’s top foreclosure rate in third quarter

Sandoval County posted the highest county foreclosure rate in the state for the third quarter, with one in every 122 housing units receiving a foreclosure filing — 3.2 times the state average. Valencia County was a close second, with one in every 154 housing units receiving a foreclosure filing during the quarter — 2.6 times the state average. Santa Fe County posted the third highest foreclosure rate, where one in every 242 housing units received a foreclosure filing — 1.6 times the state average.

Bernalillo County leads state in foreclosure activity in the third quarter

Bernalillo County led the state, reporting 908 properties with foreclosure filings for the quarter. Sandoval County had the second highest foreclosure total, reporting 358 properties with foreclosure filings. Santa Fe County came in third, tallying 257 properties with foreclosure filings. Dona Ana County posted the fourth highest foreclosure total for the quarter, reporting 193 properties with foreclosure filings. Valencia County documented 173 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State a minor contributor to nation’s foreclosure activity for quarter and month

New Mexico accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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.

New Mexico Top Foreclosure Rates By County – Q3 2009

New Mexico Top Foreclosure Totals by County – Q3 2009

New Mexico Top Foreclosure Rates By County – Sept 2009

New Mexico Top Foreclosure Totals by County – Sept 2009