NEW MEXICO FORECLOSURE ACTIVITY DOWN 51 PERCENT IN SEPTEMBER

Filings Statewide Decrease 28 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – Foreclosure filings were reported on 242 New Mexico properties in September, a decrease of 51 percent from the previous month and 28 percent below the level reported for September 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 unemployment rate dropped to 4 percent in September, though it remains well above the level recorded at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “New Mexico’s jobless rate remains well below the national average and foreclosure activity is down, though its economy is predicted to decline further as job growth slows and the population increases.”

 

New Mexico ranked 42nd in the country in total properties reported with foreclosure filings for September. One in every 3,513 New Mexico households received a foreclosure filing during the month, ranking 42nd among the 50 states.

 

Bernalillo County tops in foreclosure activity for September

Bernalillo County led the state reporting 89 properties with foreclosure filings for the month. Sandoval County came in second highest, reporting 76 properties with foreclosure filings. Dona Ana County ranked third highest, reporting 21 properties with foreclosure filings. Valencia County came in fourth place, documenting 12 properties with foreclosure filings.

 

Sandoval County reports highest foreclosure rate in September

Sandoval County posted the top foreclosure rate in the state, with one in every 552 households receiving a foreclosure filing during the month — 6.4 times the state average. Eddy County reported the second highest rate, where one in every 2,067 households received a foreclosure filing — 1.7 times the state average. Valencia County registered the third highest rate, where one in every 2,196 households received a foreclosure filing — 1.6 times the state average. Los Alamos County was fourth highest, with one in every 2,884 households receiving a foreclosure filing.

 

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

New Mexico accounted for less than 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 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 Data by County – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

New Mexico

0

85

2

67

88

242

3,513

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

4

0

30

55

89

3,047

0.16

1.15

Catron

0

0

0

0

0

0

 n/a

0.00

0.00

Chaves

0

2

0

0

0

2

12,977

0.04

0.27

Cibola

0

2

0

1

0

3

3,585

0.13

0.98

Colfax

0

0

0

1

0

1

9,529

0.05

0.37

Curry

0

0

0

0

0

0

 n/a

0.00

0.00

De Baca

0

0

0

0

0

0

 n/a

0.00

0.00

Dona Ana

0

2

1

9

9

21

3,555

0.13

0.99

Eddy

0

11

0

0

0

11

2,067

0.23

1.70

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

2

0

0

0

2

8,109

0.06

0.43

Los Alamos

0

2

0

0

1

3

2,884

0.16

1.22

Luna

0

0

0

1

0

1

11,840

0.04

0.30

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

0

0

6

1

7

4,373

0.11

0.80

Quay

0

0

0

0

0

0

 n/a

0.00

0.00

Rio Arriba

0

0

1

0

1

2

9,327

0.05

0.38

Roosevelt

0

0

0

0

0

0

 n/a

0.00

0.00

San Juan

0

0

0

3

0

3

14,979

0.03

0.23

San Miguel

0

0

0

0

0

0

 n/a

0.00

0.00

Sandoval

0

57

0

8

11

76

552

0.86

6.37

Santa Fe

0

2

0

0

7

9

6,828

0.07

0.51

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

0

0

 n/a

0.00

0.00

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

1

0

8

3

12

2,196

0.22

1.60

 

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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