New Mexico Foreclosure Activity Higher in Second Quarter

Activity level rises 6 percent from Q1

Foreclosure filings increase 141 percent mid-year; down 10 percent in June

 

New Mexico reported 3,522 properties with foreclosure filings for the second quarter of 2010, the 34th highest activity level in the nation. This latest total represents a 6 percent increase from the first quarter of the year and is nearly 76 percent above the level reported for the second quarter of 2009.

 

Activity level in the Cactus State rose during the first half of 2010, but fell in June. For the first six months of the year, New Mexico reported 6,338 properties with foreclosure filings, a 20 percent rise in activity from the second half of 2009, and 141 percent above the level reported mid-year 2009. In June the state tallied 1,304 properties with foreclosure filings, a decrease of 10 percent from the previous month but up 84 percent from June 2009.

 

“Although New Mexico foreclosures were up during the second quarter and first half of the year, the numbers did come down during the month of June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains well below the national average and its home prices did not fall as far as most states during the past year. These factors are likely driving the most recent decline.”

 

One in every 248 New Mexico housing units received a foreclosure filing during the quarter, giving the state the 25th highest foreclosure rate in the nation.

 

Sandoval County posts state’s top foreclosure rate for the quarter

Sandoval County posted the highest county foreclosure rate in New Mexico during the second quarter, with one in every 113 housing units receiving a foreclosure filing in the county — 2.2 times the state average. Bernalillo County posted the second highest foreclosure rate, with one in every 146 housing units receiving a foreclosure filing — 1.7 times the state average. Valencia County reported the third highest foreclosure rate, with one in every 171 housing units receiving a foreclosure filing during the second quarter — 1.5 times the state average.

 

Bernalillo County leads state in total foreclosures for the second quarter

Bernalillo County led the state foreclosure activity, reporting 1,915 properties with foreclosure filings for the quarter, while Sandoval County documented the second highest foreclosure total, reporting 442 properties with foreclosure filings. Reporting 335 properties with foreclosure filings for the quarter, Santa Fe County came in third. Dona Ana County was fourth, reporting 250 properties with foreclosure filings. Fifth highest total was Valencia County where 158 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in New Mexico represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

New Mexico

0

1,703

0

967

852

3,522

248

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

229

0

129

84

442

113

1.27

2.19

Bernalillo

0

921

0

531

463

1,915

146

0.99

1.70

Valencia

0

98

0

51

9

158

171

0.84

1.45

Santa Fe

0

194

0

36

105

335

192

0.75

1.29

Dona Ana

0

132

0

18

100

250

311

0.46

0.79

 

 

New Mexico Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

New Mexico

0

1,703

0

967

852

3,522

248

5.51

76.19

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

921

0

531

463

1,915

146

12.32

117.12

Sandoval

0

229

0

129

84

442

113

-25.96

18.50

Santa Fe

0

194

0

36

105

335

192

16.32

52.27

Dona Ana

0

132

0

18

100

250

311

18.48

17.92

Valencia

0

98

0

51

9

171

171

-14.59

159.02

 

 

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