NEW MEXICO FORECLOSURE ACTIVITY DOWN 16 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 375 New Mexico properties in June, a 16 percent decrease from the previous month, but still a 111 percent increase from June 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

New Mexico’s economy has been steady and there hasn’t been the real estate speculation that occurred in places such as Nevada, California and Florida,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate was higher than most states during the past year, and that its unemployment rate is currently much lower than the national average. If these trends continue, foreclosures here will likely decline further.”

 

New Mexico ranked 39th in the country in total foreclosures reported for June. With one in every 2,267 households receiving a foreclosure filing, its foreclosure rate ranked 37th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five New Mexico counties accounted for 92 percent of all foreclosure activity in the state for June. Bernalillo County registered the highest foreclosure total, reporting 175 properties with foreclosure filings. Sandoval County documented the second highest foreclosure total, reporting 66 properties with foreclosure filings. Santa Fe County posted the third highest foreclosure total, reporting 40 properties with foreclosure filings. Valencia County registered the fourth highest foreclosure total, reporting 36 properties with foreclosure filings. Dona Ana County came in fifth, with 28 properties with foreclosure filings.

 

Sandoval County posts top foreclosure rate for June

Sandoval County tallied the highest foreclosure rate in New Mexico in June, with one in every 635 households receiving a foreclosure filing for the month — 3.6 times the state average. Valencia County posted the second highest foreclosure rate, with one in every 732 households receiving a foreclosure filing during the month — 3.1 times the state average. Santa Fe County registered the third highest foreclosure rate, with one in every 1,536 households receiving a foreclosure filing in June.

 

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

New Mexico accounted for less than 1 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents more than a 3 percent decrease from the previous month and is 53 percent ahead of the total reported for June 2007. The nation’s foreclosure rate decreased to one in every 501 U.S. households receiving a foreclosure filing during the month.

 

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 Foreclosure Market by County – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

New Mexico

0

252

0

56

67

375

2,267

0.22

n/a

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

105

0

37

33

175

1,550

0.32

1.46

Catron

0

0

0

0

0

0

 n/a

0.00

0.00

Chaves

0

4

0

0

1

5

5,191

0.10

0.44

Cibola

0

0

0

0

0

0

 n/a

0.00

0.00

Colfax

0

0

0

0

0

0

 n/a

0.00

0.00

Curry

0

0

0

2

0

2

10,061

0.05

0.23

De Baca

0

0

0

0

0

0

 n/a

0.00

0.00

Dona Ana

0

24

0

1

3

28

2,666

0.19

0.85

Eddy

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

0

0

0

0

0

 n/a

0.00

0.00

Guadalupe

0

0

0

0

0

0

 n/a

0.00

0.00

Harding

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

0

0

0

0

0

0

 n/a

0.00

0.00

Lincoln

0

3

0

0

0

3

5,406

0.09

0.42

Los Alamos

0

4

0

0

0

4

2,163

0.23

1.05

Luna

0

0

0

1

0

1

11,840

0.04

0.19

McKinley

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

Otero

0

10

0

0

2

12

2,551

0.20

0.89

Quay

0

0

0

0

0

0

 n/a

0.00

0.00

Rio Arriba

0

0

0

1

0

1

18,654

0.03

0.12

Roosevelt

0

0

0

0

0

0

 n/a

0.00

0.00

San Juan

0

0

0

0

1

1

44,938

0.01

0.05

San Miguel

0

0

0

0

0

0

 n/a

0.00

0.00

Sandoval

0

43

0

7

16

66

635

0.79

3.57

Santa Fe

0

34

0

1

5

40

1,536

0.33

1.48

Sierra

0

0

0

0

0

0

 n/a

0.00

0.00

Socorro

0

0

0

0

0

0

 n/a

0.00

0.00

Taos

0

0

0

0

1

1

18,663

0.03

0.12

Torrance

0

0

0

0

0

0

 n/a

0.00

0.00

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Valencia

0

25

0

6

5

36

732

0.68

3.10

 

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 homes, 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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