New Mexico Foreclosure Activity Declines in January

Statewide filings down 28 percent from December; Up 681 percent from year ago

 

Foreclosure activity in New Mexico decreased in January to 1,281 properties with foreclosure filings, a 28 percent decline from December 2009, but 681 percent above the level reported in January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“New Mexico reported a significant drop in foreclosure filings in January, though activity remains grossly elevated compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline in activity was documented in defaults, which declined 31 percent from December 2009. Spikes in both default and auction notices were responsible for the yearly increase, up 1,148 percent and 996 percent respectively.”

 

Foreclosure activity in New Mexico ranked 33rd highest among the 50 states. One in every 680 New Mexico housing units received a foreclosure filing in January, the 23rd highest foreclosure rate in the nation.

 

Sandoval County posts top foreclosure rate in the state for January

With one in every 176 housing units receiving a foreclosure filing — 2.3 times the national average and 3.9 percent times the state average — Sandoval County posted the state’s highest county foreclosure rate in January. Bernalillo County had the second highest rate, with one in every 432 housing units receiving a foreclosure filing — 1.6 times the state average. Santa Fe County was third, with one in every 506 housing units receiving a foreclosure filing — 1.3 times the state average. Chaves County came in fourth highest, with one in every 631 housing units receiving a foreclosure filing — 1.1 times the state average. Fifth highest rate was in Valencia County, where one in every 676 housing units received a foreclosure filing during the month — on par with the state average.

 

Bernalillo County accounted for half of the state’s foreclosure filings for January

Bernalillo County led all counties, totaling 647 properties with foreclosure filings for the month. Sandoval County was second highest, documenting 285 properties with foreclosure filings. Reporting 127 properties with foreclosure filings for the month, Santa Fe County had the third highest total. Dona Ana County came in fourth highest, reporting 75 properties with foreclosure filings, followed by Chaves County where 42 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure total in January

New Mexico accounted for less than 1 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: 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 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

New Mexico

0

836

0

263

182

1,281

680

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

202

0

40

43

285

176

2.31

3.88

Bernalillo

0

426

0

144

77

647

432

0.94

1.58

Santa Fe

0

85

0

20

22

127

506

0.80

1.34

Chaves

0

33

0

4

5

42

631

0.64

1.08

Valencia

0

24

0

15

1

40

676

0.60

1.01

 

 

New Mexico Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

New Mexico

0

836

0

263

182

1,281

680

-27.59

681.10

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

426

0

144

77

647

432

-27.22

910.94

Sandoval

0

202

0

40

43

285

176

7.95

427.78

Santa Fe

0

85

0

20

22

127

506

-25.29

2016.67

Dona Ana

0

50

0

5

20

75

1,038

-67.25

581.82

Chaves

0

33

0

4

5

42

631

1,300.00

281.82

 

 

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