NEW MEXICO FORECLOSURE ACTIVITY UP 127 PERCENT IN FEBRUARY

Foreclosure Activity Decreases 26 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – New Mexico reported 373 properties with foreclosure filings in February, a 127 percent increase from the previous month, but 26 percent below the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although New Mexico foreclosures soared in February, they are still down from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate has remained well below the national average and that its home prices did not fall as far as most states last year. These factors are likely driving the year-over decline.”

 

New Mexico ranked 39th in the country in total foreclosures reported for the month. With one in every 2,311 housing units receiving a foreclosure filing, its foreclosure rate ranked 38th among the 50 states.

 

Seven counties account for bulk of state foreclosure activity in February

Seven New Mexico counties accounted for 97 percent of all foreclosure activity in the state during February. Bernalillo County led the way, reporting 181 properties with foreclosure filings for the month. Sandoval County was second highest, reporting 108 properties with foreclosure filings. Third highest were Chaves County and Santa Fe County, each reporting 21 properties with foreclosure filings. Dona Ana County and Valencia County both came in fourth place, each documenting 11 properties with foreclosure filings. Fifth highest total was tallied in Eddy County, where nine properties with foreclosure filings were reported.

 

Sandoval County posts highest foreclosure rate for February

Sandoval County reported the highest county foreclosure rate in the state for February, with one in every 405 housing units receiving a foreclosure filing — 5.7 times the state average and equaling the national average. Chaves County came in second, with one in every 1,236 housing units receiving a foreclosure filing — 1.9 times the state average. Bernalillo County posted the third highest foreclosure rate, where one in every 1,522 housing units received a foreclosure filing during the month.

 

State contributes less than 1 percent to nation’s foreclosure total in February

New Mexico accounted for less than 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 Foreclosure Market Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

New Mexico

0

133

0

140

100

373

2,311

0.19

n/a

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

19

0

112

50

181

1,522

0.29

1.52

Catron

0

0

0

0

0

0

 n/a

0.00

0.00

Chaves

0

15

0

0

6

21

1,236

0.36

1.87

Cibola

0

1

0

0

0

1

10,812

0.04

0.21

Colfax

0

0

0

0

0

0

 n/a

0.00

0.00

Curry

0

0

0

0

0

0

 n/a

0.00

0.00

De Baca

0

0

0

0

0

0

 n/a

0.00

0.00

Dona Ana

0

0

0

0

11

11

6,982

0.06

0.33

Eddy

0

9

0

0

0

9

2,530

0.17

0.91

Grant

0

0

0

0

0

0

 n/a

0.00

0.00

Guadalupe

0

0

0

0

0

0

 n/a

0.00

0.00

Harding

0

0

0

0

0

0

 n/a

0.00

0.00

Hidalgo

0

0

0

0

0

0

 n/a

0.00

0.00

Lea

0

0

0

0

0

0

 n/a

0.00

0.00

Lincoln

0

5

0

0

0

5

3,363

0.13

0.69

Los Alamos

0

2

0

0

0

2

4,340

0.10

0.53

Luna

0

0

0

0

0

0

 n/a

0.00

0.00

McKinley

0

0

0

0

0

0

 n/a

0.00

0.00

Mora

0

0

0

0

0

0

 n/a

0.00

0.00

Otero

0

0

0

0

2

2

15,461

0.03

0.15

Quay

0

0

0

0

0

0

 n/a

0.00

0.00

Rio Arriba

0

0

0

0

0

0

 n/a

0.00

0.00

Roosevelt

0

0

0

0

0

0

 n/a

0.00

0.00

San Juan

0

0

0

0

0

0

 n/a

0.00

0.00

San Miguel

0

0

0

0

1

1

14,814

0.03

0.16

Sandoval

0

80

0

14

14

108

405

1.09

5.71

Santa Fe

0

1

0

4

16

21

2,956

0.15

0.78

Sierra

0

0

0

0

0

0

 n/a

0.00

0.00

Socorro

0

0

0

0

0

0

 n/a

0.00

0.00

Taos

0

0

0

0

0

0

 n/a

0.00

0.00

Torrance

0

0

0

0

0

0

 n/a

0.00

0.00

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Valencia

0

1

0

10

0

11

2,417

0.18

0.96

 

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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