NEW MEXICO FORECLOSURE ACTIVITY UP 24 PERCENT IN 2008

More than 3,700 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 3,727 New Mexico properties in 2008, an increase of 24 percent from 2007 and an increase of 38 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Cactus State reported 366 properties with foreclosure filings in December, a 66 percent increase from the previous month, and an 11 percent decrease from December 2007.

 

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.

 

New Mexico foreclosures showed only a modest increase in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state has had fewer subprime mortgages than many other states and continues to hold one of the lowest unemployment rates in the country. These factors are undoubtedly insulating the state from a crisis gripping most of the nation.”

 

New Mexico ranked 38th in the country in total foreclosures reported for the year. With one in every 228 housing units receiving a foreclosure filing, its foreclosure rate ranked 37th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five New Mexico counties accounted for 87 percent of all foreclosure activity in the state for 2008. Bernalillo County led all others, reporting 1,774 properties with foreclosure filings for the year. Sandoval County came in second, reporting 714 properties with foreclosure filings. Dona Ana County registered the third highest total, reporting 286 properties with foreclosure filings. Santa Fe County documented the fourth highest foreclosure total, reporting 261 properties with foreclosure filings. Valencia County came in fifth, documenting 198 properties with foreclosure filings.

 

Sandoval County posts top foreclosure rate for 2008

Three New Mexico counties led the state in foreclosure rates for 2008. Sandoval County topped the list, with 1.70 percent of its housing units receiving at least one foreclosure filing during the year. Valencia County came in second, with 0.75 percent of its housing units receiving at least one foreclosure filing. Bernalillo County posted the third highest foreclosure rate, where 0.65 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Chaves County (0.45 percent) and Los Alamos County (0.44 percent).

 

State contributes less than 1 percent to nation’s foreclosure total for 2008

New Mexico accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

New Mexico

3,727

0.44

24.48

 

 

 

 

 

3

Bernalillo

1,774

0.65

3.32

27

Catron

0

0.00

n/a

4

Chaves

116

0.45

-0.85

10

Cibola

23

0.21

-32.35

23

Colfax

2

0.02

n/a

18

Curry

8

0.04

-46.67

27

De Baca

0

0.00

n/a

7

Dona Ana

286

0.38

31.80

8

Eddy

76

0.33

16.92

24

Grant

3

0.02

200.00

16

Guadalupe

1

0.04

n/a

27

Harding

0

0.00

n/a

27

Hidalgo

0

0.00

n/a

25

Lea

3

0.01

-25.00

11

Lincoln

33

0.20

57.14

5

Los Alamos

38

0.44

137.50

13

Luna

11

0.09

1000.00

26

Mckinley

2

0.01

-33.33

21

Mora

1

0.03

0.00

9

Otero

99

0.32

160.53

27

Quay

0

0.00

-100.00

12

Rio Arriba

23

0.12

53.33

20

Roosevelt

3

0.04

200.00

14

San Juan

32

0.07

1500.00

17

San Miguel

6

0.04

100.00

1

Sandoval

714

1.70

132.57

6

Santa Fe

261

0.42

18.10

27

Sierra

0

0.00

n/a

15

Socorro

5

0.06

150.00

19

Taos

7

0.04

n/a

22

Torrance

2

0.03

n/a

27

Union

0

0.00

-100.00

2

Valencia

198

0.75

3.66

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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