NEW MEXICO FORECLOSURES DECREASE 10 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Drops 47 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – New Mexico reported 480 foreclosure filings in February, a 10 percent decrease from the previous month and a 47 percent decrease from February 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“After months of strong job growth exceeding the national average, New Mexico’s foreclosure activity is finally seeing a decline,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity is a lagging indicator of economic performance, so it is possible the state will see further drops in foreclosure activity if its economy continues to improve.”

 

New Mexico ranked 31st in the country in total foreclosures reported for February. The state’s foreclosure rate of one foreclosure filing for every 1,626 households ranked 22nd among the 50 states.

 

Bernalillo County accounts for most of the foreclosure activity

Bernalillo County reported the highest county total, with 334 foreclosure filings for the month. Valencia County came in second, reporting 40 foreclosure filings. Santa Fe had the third highest total, reporting 37 filings.

 

Valencia County reports highest foreclosure rate in state

Valencia County tallied the highest foreclosure rate in New Mexico for February, with one foreclosure filing for every 616 households — 2.6 times the state average and 1.4 times the national average. Bernalillo County had the second highest foreclosure rate for February, with one foreclosure filing for every 716 households — 2.3 times the state average and 1.2 times the national average. Chaves County reported the third highest rate, with one foreclosure filing for every 801 households — 2.0 times the state average and 1.1 times the national average.

 

State makes contribution to national total

The total number of foreclosure filings in New Mexico accounted for over 2 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                    New Mexico Foreclosure Market by County – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

New Mexico

373

73

0

0

34

480

1,626

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Bernalillo

265

54

0

0

15

334

716

1.23

2.27

Catron

0

0

0

0

0

0

n/a

0.00

0.00

Chaves

26

0

0

0

6

32

801

1.10

2.02

Cibola

0

1

0

0

0

1

10,328

0.08

0.15

Colfax

0

0

0

0

0

0

n/a

0.00

0.00

Dona Ana

8

0

0

0

4

12

5,434

0.16

0.29

Eddy

3

0

0

0

0

3

7,416

0.11

0.21

Grant

0

0

0

0

0

0

n/a

0.00

0.00

Hidalgo

0

0

0

0

0

0

n/a

0.00

0.00

Lea

1

1

0

0

0

2

11,703

0.07

0.13

Lincoln

4

0

0

0

0

4

3,825

0.23

0.42

Luna

0

0

0

0

0

0

n/a

0.00

0.00

Mora

0

0

0

0

0

0

n/a

0.00

0.00

Rio Arriba

0

0

0

0

1

1

18,016

0.04

0.09

San Juan

0

1

0

0

0

1

43,221

0.02

0.03

San Miguel

0

0

0

0

0

0

n/a

0.00

0.00

Sandoval

4

8

0

0

0

12

2,906

0.30

0.56

Santa Fe

30

2

0

0

5

37

1,559

0.56

1.04

Socorro

0

0

0

0

0

0

n/a

0.00

0.00

Taos

0

0

0

0

0

0

n/a

0.00

0.00

Torrance

0

1

0

0

0

1

7,257

0.12

0.22

Valencia

32

5

0

0

3

40

616

1.43

2.64

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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