New Mexico Foreclosure Activity Falls in April

Statewide foreclosure filings down 12 percent from March

 

Monthly foreclosure activity in New Mexico fell in April, down 12 percent from the previous month to 896 properties with foreclosure filings. This latest state total also represents a 26 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“New Mexico foreclosures fell in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which dropped 44 percent for the month. The state’s unemployment rate still remains below the national average, and home sales have really picked up in recent months. These factors are definitely contributing to the recent decline.”

 

New Mexico ranked 37th in the country in total foreclosures reported for the month. With one in every 973 housing units receiving a foreclosure filing, its foreclosure rate ranked 33rd among the 50 states.

 

Sandoval County posts top foreclosure rate for April

Sandoval County posted the highest county foreclosure rate in New Mexico for April, with one in every 325 housing units receiving a foreclosure filing — three times the state average. Valencia County came in second, with one in every 576 housing units receiving a foreclosure filing — 1.7 times the state average. Bernalillo County was third, with one in every 621 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Bernalillo County led the state in total foreclosures for April

Bernalillo County led the way, reporting 450 properties with foreclosure filings for the month. Sandoval County came in second highest, documenting 154 properties with foreclosure filings. Reporting 89 properties with foreclosure filings for the month, Santa Fe County ranked third highest. Dona Ana County was fourth, reporting 79 properties with foreclosure filings, while Valencia County came in fifth, reporting 47 properties with foreclosure filings.

 

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

New Mexico accounted for less than 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

New Mexico

0

446

0

291

159

896

973

0.40

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

78

0

47

29

154

325

1.19

2.99

Valencia

0

21

0

24

2

47

576

0.67

1.69

Bernalillo

0

238

0

152

60

450

621

0.62

1.57

Santa Fe

0

56

0

6

27

89

722

0.54

1.35

Dona Ana

0

39

0

15

25

79

986

0.69

0.99

 

 

 

New Mexico Top Foreclosure Totals by County – April 2010

 

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

New Mexico

0

446

0

291

159

896

973

-11.81

25.67

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

238

0

152

60

450

621

-13.29

20.64

Sandoval

0

78

0

47

29

154

325

-11.49

75.00

Santa Fe

0

56

0

6

27

89

722

0.00

11.25

Dona Ana

0

39

0

15

25

79

986

46.30

58.00

Valencia

0

21

0

24

2

47

576

-14.55

95.83

 

 

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