New Mexico Foreclosure Activity Declines in February

Statewide filings decrease 9 percent from January; Up 210 percent from February 2009

 

Foreclosure activity in New Mexico decreased in February to 1,160 properties with foreclosure filings, down 9 percent from the previous month but 211 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“New Mexico foreclosures were down in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 31 percent for the month. The state’s unemployment rate is still well below the national average and home sales really picked up last year. If these trends continue, we may see foreclosures here decline further this year.”

 

New Mexico ranked 33rd in the country in total foreclosures reported for the month. With one in every 751 housing units receiving a foreclosure filing, its foreclosure rate ranked 25th among the 50 states.

 

Valencia County posts top foreclosure rate in the state for February

Valencia County posted the state’s highest county foreclosure rate in February, with one in every 285 housing units receiving a foreclosure filing — 2.6 the state average. Sandoval County was second, with one in every 319 housing units receiving a foreclosure filing — 2.4 times the state average. Bernalillo County came in third highest, with one in every 457 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Bernalillo County reports highest number in total foreclosures in February

Bernalillo County led the way, totaling 611 properties with foreclosure filings for the month. Sandoval County was second, documenting 157 properties with foreclosure filings. Valencia County ranked third highest, reporting 95 properties with foreclosure filings for the month. Dona Ana came in fourth place, reporting 87 properties with foreclosure filings, while the fifth highest total was in Santa Fe County, where 82 properties with foreclosure filings were reported for the month.

 

State contributes less than 1 percent to nation’s month foreclosure total

New Mexico accounted for less than 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

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: DefaultNotice 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.

 

 

New Mexico Top Foreclosure Rates by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

New Mexico

0

581

0

381

198

1,160

751

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Valencia

0

55

0

37

3

95

285

1.47

2.64

Sandoval

0

93

0

56

8

157

319

1.31

2.36

Bernalillo

0

291

0

196

124

611

457

0.91

1.64

Santa Fe

0

56

0

4

22

82

784

0.53

0.96

Dona Ana

0

48

0

18

21

87

895

0.47

0.84

 

 

 

New Mexico Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

New Mexico

0

581

0

381

198

1,160

751

-9.45

210.99

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

291

0

196

124

611

457

-5.56

237.57

Sandoval

0

93

0

56

8

157

319

-44.91

45.37

Valencia

0

55

0

37

3

95

285

137.50

763.64

Dona Ana

0

48

0

18

21

87

895

16.00

690.91

Santa Fe

0

56

0

4

22

82

784

-35.43

290.48

 

 

 

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