New Mexico Foreclosure Activity Rose in May

Statewide foreclosure filings up 62 percent from April

 

Foreclosure activity in New Mexico rose 62 percent in May to 1,455 properties with foreclosure filings. This latest state total represents an 83 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity soared in New Mexico in May to well above the level reported for last month and nearly double what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to this surge is the state’s high unemployment rate, which recently rose to 8.7 percent – two full points above the level reported for this time last year.”

 

The state’s foreclosure rate ranked 21st in the nation, as one in every 599 New Mexico housing units received a foreclosure filing during the month.

 

Bernalillo County led the state in foreclosure rate for May

Bernalillo County posted the highest foreclosure rate in New Mexico for May, with one in every 303 housing units receiving a foreclosure filing — twice the state average. Valencia County had the second highest foreclosure rate, with one in every 386 housing units receiving a foreclosure filing. Sandoval County had the third highest foreclosure rate, with one in every 410 housing units receiving a foreclosure filing.

 

Bernalillo County also tops in foreclosure total for May

Bernalillo County also led the state in foreclosure activity, reporting 924 properties with foreclosure filings. Sandoval County had the second highest foreclosure total, documenting 122 properties with foreclosure filings. Reporting 90 properties with foreclosure filings for the month, Santa Fe County had the third highest total. Dona Ana County was fourth highest, reporting 78 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total in May

New Mexico accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

New Mexico

0

799

0

286

370

1,455

599

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

518

0

163

243

924

303

1.32

1.98

Valencia

0

51

0

14

5

70

386

1.03

1.55

Sandoval

0

65

0

25

32

122

410

0.97

1.46

Eddy

0

26

0

12

0

38

593

0.67

1.01

Catron

0

0

0

0

4

4

663

0.60

0.90

 

 

New Mexico Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

New Mexico

0

799

0

286

370

1,455

599

62.39

82.79

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

518

0

163

243

924

303

105.33

136.32

Sandoval

0

65

0

25

32

122

410

-20.78

-16.44

Santa Fe

0

58

0

17

15

90

714

1.12

18.42

Dona Ana

0

47

0

4

27

78

998

-1.27

-10.34

Valencia

0

51

0

14

5

70

386

48.94

268.42

 

 

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