New Mexico Foreclosure Activity Down 56 Percent in November

Statewide foreclosure filings up 151 percent from November 2008

 

New Mexico foreclosure activity fell for the month of November to 552 properties with foreclosure filings, down 56 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is still 151 percent ahead of the level reported in November 2008.

 

“Foreclosure activity in New Mexico declined significantly in November, though it remained at more than double the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remained below the national average, though it will take many months of economic improvement to get foreclosures in line with last year’s numbers.”

 

One in every 1,562 New Mexico housing units received a foreclosure filing in November, the 38th highest foreclosure rate in the nation.

 

Sandoval County posts state’s highest foreclosure rate in November

Sandoval County posted the highest county foreclosure rate in the state for November, with one in every 334 housing units receiving a foreclosure filing — 4.7 times the state average. Eddy County had the second highest foreclosure rate, with one in every 1,035 housing units receiving a foreclosure filing — 1.5 times the state average. Chaves County came in third highest, with one in every 1,038 housing units receiving a foreclosure filing — 1.5 times the state average.

 

Bernalillo County led state in total foreclosure filings for November

Bernalillo County led all counties, totaling 257 properties with foreclosure filings for the month. Sandoval County was second highest, documenting 131 properties with foreclosure filings. Reporting 31 properties with foreclosure filings for the month, Dona Ana County had the third highest total in the state, while Santa Fe County was fourth highest, reporting 29 properties with foreclosure filings for the month.

 

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

New Mexico accounted for less than 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

New Mexico

0

211

0

105

236

552

1,562

0.27

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

92

0

15

24

131

334

1.25

4.68

Eddy

0

21

0

0

1

22

1,035

0.40

1.51

Chaves

0

17

0

2

6

25

1,038

0.40

1.50

Bernalillo

0

69

0

52

136

257

1,072

0.39

1.46

Valencia

0

0

0

9

4

13

2,045

0.20

0.76

 

 

New Mexico Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

New Mexico

0

211

0

105

236

552

1,562

-55.63

150.91

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

69

0

52

136

257

1,072

-66.84

147.12

Sandoval

0

92

0

15

24

131

334

-32.12

191.11

Dona Ana

0

0

0

4

27

31

2,478

-38.00

82.35

Santa Fe

0

0

0

1

28

29

2,140

-69.15

262.50

Chaves

0

17

0

2

6

25

1,038

108.33

150.00

 

 

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