New Mexico Foreclosure Activity Increases in October

Statewide filings up 56 percent from September

 

New Mexico foreclosure filings rose 56 percent from the previous month to 1,244 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 371 percent ahead of the state foreclosure level reported one year ago.

 

New Mexico foreclosures climbed both in October and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which were up 213 percent for the month and 861 percent from October 2008. The state’s unemployment rate is still below the national average and home sales have begun to pick up this year. The increase we are seeing now is likely being driven by the overall recession.”

 

New Mexico ranked 33rd in the country in total foreclosures for the month. With one in every 693 housing units receiving a foreclosure filing, its foreclosure rate ranked 25th among the 50 states.

 

Sandoval County posts state’s top foreclosure rate in October

With one in every 227 housing units receiving a foreclosure filing — 1.7 times the national average and 3.1 times the state average — Sandoval County posted the highest county foreclosure rate in the state for October. Bernalillo County ranked second highest, reporting one in every 355 housing units receiving a foreclosure filing — 1.1 times the national average and twice the state average. Valencia County had the third highest rate, with one in every 483 housing units receiving a foreclosure filing — 1.4 times the state average. Fourth highest foreclosure rate was in Santa Fe County, where one in every 660 housing units received a foreclosure filing during the month — 1.1 times the state average. Fifth highest rate was reported in Dona Ana County, where one in every 1,536 housing units received a foreclosure filing during the month.

 

Five counties dominate state in foreclosure totals during October

Five counties accounted for 94 percent of all foreclosure activity in the state for October. Bernalillo County led all counties, totaling 775 properties with foreclosure filings for the month. Sandoval County was second highest, documenting 193 properties with foreclosure filings. Reporting 94 properties with foreclosure filings for the month, Santa Fe County was third highest. Valencia County came in fourth, reporting 55 properties with foreclosure filings, while the fifth highest total was in Dona Ana County, where 50 properties with foreclosure filings were reported for the month.

 

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

New Mexico accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received 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 Top Foreclosure Rates by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

New Mexico

0

846

0

283

115

1,244

693

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

139

0

43

11

193

227

1.70

3.06

Bernalillo

0

548

0

158

69

775

355

1.08

1.95

Valencia

0

32

0

19

4

55

483

0.80

1.43

Santa Fe

0

71

0

13

10

94

660

0.58

1.05

Dona Ana

0

34

0

6

10

50

1,536

0.25

0.45

 

 

New Mexico Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

New Mexico

0

846

0

283

115

1,244

693

55.89

371.21

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

548

0

158

69

775

355

157.48

598.20

Sandoval

0

139

0

43

11

193

227

30.41

138.27

Santa Fe

0

71

0

13

10

94

660

27.03

683.33

Valencia

0

32

0

19

4

55

483

-22.54

511.11

Dona Ana

0

34

0

6

10

50

1,536

-10.71

316.67

 

 

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