NEW MEXICO FORECLOSURE ACTIVITY INCREASES 7 PERCENT IN FIRST QUARTER

State Foreclosure Activity Down 31 Percent From Q1 2008

Monthly Foreclosure Activity Down 7 percent in March, Up 1 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 817 New Mexico properties in the first quarter of 2009, a 7 percent increase from the previous quarter, but 31 percent below the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New Mexico reported 346 properties with foreclosure filings in March, a 7 percent decrease from the previous month, but still 1 percent above its March 2008 total.

 

“Foreclosure activity rose slightly in New Mexico in the first quarter of 2009, though it dropped significantly compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of New Mexico residents filing for unemployment is growing, which could drive foreclosure activity up further in the coming months.”

 

New Mexico ranked 40th in the country in total properties with foreclosure filings for the quarter. One in every 1,055 New Mexico housing units received a foreclosure filing during the month, the 41st highest state foreclosure rate in the nation.

 

Bernalillo County the single largest contributor to state total for the quarter

Bernalillo County led the state reporting 344 properties with foreclosure filings. Sandoval County was second, reporting 258 properties with foreclosure filings for the quarter. Santa Fe County was in third, reporting 52 properties with foreclosure filings. Dona Ana County registered the fourth highest total, documenting 45 properties with foreclosure filings.

 

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

Sandoval County led the state, with one in every 169 housing units receiving a foreclosure filing — 6.2 times the state average and on par with the national average. Chaves County came in second, with one in every 702 housing units receiving a foreclosure filing — 1.5 times the state average. Bernalillo County posted the third highest foreclosure rate, where one in every 801 housing units received a foreclosure filing during the month — 1.3 times the state average.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

New Mexico accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter  — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

New Mexico

0

294

4

266

253

817

1,055

6.80

-30.88

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

22

2

178

142

344

801

11.33%

-49.63%

Catron

0

0

0

0

0

0

Chaves

0

25

0

3

9

37

702

19.35%

2.78%

Cibola

0

4

0

0

0

4

2,703

-55.56%

100.00%

Colfax

0

0

0

0

0

0

Curry

0

0

0

1

1

2

10,179

-60.00%

100.00%

De Baca

0

0

0

0

0

0

Dona Ana

0

2

1

5

37

45

1,707

-8.16%

-49.44%

Eddy

0

11

0

1

0

12

1,898

9.09%

-45.45%

Grant

0

0

0

0

0

0

-100.00%

Guadalupe

0

0

0

0

0

0

Harding

0

0

0

0

0

0

Hidalgo

0

0

0

0

0

0

Lea

0

0

0

0

0

0

-100.00%

-100.00%

Lincoln

0

14

0

2

0

16

1,051

14.29%

166.67%

Los Alamos

0

4

0

0

3

7

1,240

-36.36%

0.00%

Luna

0

0

0

1

0

1

11,955

-75.00%

McKinley

0

0

0

0

0

0

Mora

0

0

0

0

0

0

Otero

0

0

0

3

2

5

6,184

-68.75%

-85.29%

Quay

0

0

0

1

0

1

5,931

Rio Arriba

0

0

0

3

0

3

6,242

50.00%

200.00%

Roosevelt

0

0

0

2

0

2

4,092

0.00%

San Juan

0

0

0

4

0

4

11,312

-20.00%

300.00%

San Miguel

0

0

0

0

1

1

14,814

Sandoval

0

188

0

35

35

258

169

10.73%

56.36%

Santa Fe

0

21

1

7

23

52

1,194

62.50%

-23.53%

Sierra

0

0

0

0

0

0

Socorro

0

0

0

0

0

0

-100.00%

Taos

0

0

0

0

0

0

-100.00%

-100.00%

Torrance

0

0

0

0

0

0

-100.00%

Union

0

0

0

0

0

0

Valencia

0

3

0

20

0

23

1,156

21.05%

-64.62%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

     

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