New Mexico Foreclosure Activity Rises in First Quarter

Statewide foreclosurefilings up from last year

March numbers down from a month earlier; up from a year ago

 

Foreclosure activity in New Mexico rose 1 percent during the first quarter of 2010 and was up 309 percent from the same period last year. In all, the state reported 3,338 properties with foreclosure filings during the quarter.

 

In March the state reported 1,016 properties with foreclosure filings, a 12 percent decrease from the previous month, but still 194 percent above the level reported in March 2009. One in every 858 New Mexico housing units received a foreclosure filing during the month, the 31st highest state foreclosure rate.

 

“Though New Mexico reported a significant drop in foreclosure filings in March, activity remained high for the first quarter of 2010 and grossly elevated compared to March 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains below the national average, but months of economic improvement are likely needed to bring foreclosure filings back in line with what was reported one year ago.”  

 

One in every 261 New Mexico housing units received a foreclosure filing during the quarter — the 28th highest state foreclosure rate in the nation.

 

Sandoval County tops in foreclosure rate for the first quarter

Sandoval County had the highest county foreclosure rate in New Mexico during the first quarter, with one in every 84 housing units receiving a foreclosure filing — 3.1 times the state average. Valencia County had the second highest foreclosure rate, with one in every 146 housing units receiving a foreclosure filing — 1.8 times the state average. Bernalillo County came in third, with one in every 164 housing units receiving a foreclosure filing — 1.6 times the state average. Santa Fe County had the fourth highest foreclosure rate, with one in every 223 housing units receiving a foreclosure filing.

 

Bernalillo County led the state in total foreclosures for the first quarter

Bernalillo County led the state, totaling 1,705 properties with foreclosure filings for the quarter. Sandoval County was second, reporting 597 properties with foreclosure filings. Reporting 288 properties with foreclosure filings for the quarter, Santa Fe County came in third. Dona Ana County was fourth, reporting 211 properties with foreclosure filings. Fifth highest total was Valencia County, where 185 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to quarterly foreclosure total

New Mexico represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

New Mexico

0

1,826

0

847

665

3,338

261

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

370

0

143

84

597

84

1.65

3.12

Valencia

0

108

0

70

7

185

146

0.95

1.79

Bernalillo

0

924

0

416

365

1,705

164

0.84

1.59

Santa Fe

0

184

0

35

69

288

223

0.62

1.17

Chaves

0

69

0

10

25

104

255

0.54

1.03

 

 

New Mexico Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

New Mexico

0

1,826

0

847

665

3,338

261

1.12

308.57

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

924

0

416

365

1,705

164

-1.84

395.64

Sandoval

0

370

0

143

84

597

84

8.15

131.40

Santa Fe

0

184

0

35

69

288

223

1.77

453.85

Dona Ana

0

116

0

24

71

211

369

-28.47

368.89

Valencia

0

108

0

70

7

185

146

3.35

704.35

 

 

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