NEW MEXICO FORECLOSURE ACTIVITY UP 45 PERCENT IN JULY

Foreclosure Activity Increases 270 Percent From July 2007

 

IRVINE, Calif. – Aug. 29, 2008 – New Mexico reported 544 properties with foreclosure filings in July, a 45 percent increase from the previous month, and 270 percent ahead of the level reported for July 2007, 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.

 

“Employment is holding relatively steady in New Mexico, though the state could use an increase in new jobs to help its overall economy and to keep foreclosure activity at bay,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

New Mexico ranked 37th in the country in total properties with foreclosure filings reported for July. One in every 1,563 New Mexico households received a foreclosure filing during the month, ranking 36th among the 50 states.

 

Bernalillo County accounts for more than half of foreclosure activity for July

Bernalillo County led the state reporting 291 properties with foreclosure filings. Second highest foreclosure total was in Dona Ana County, reporting 66 properties with foreclosure filings. Sandoval County registered the third highest foreclosure total, reporting 47 properties with foreclosure filings. Santa Fe County came in fourth, reporting 41 properties with foreclosure filings for the month.

 

Sandoval County posts state’s highest foreclosure rate in July

Sandoval County posted the highest county foreclosure rate in New Mexico for in July, with one in every 892 households receiving a foreclosure filing. Bernalillo County posted the second highest foreclosure rate, with one in every 932 households receiving a foreclosure filing. Valencia County had the third highest foreclosure rate, with one in every 1,098 households receiving a foreclosure filing. Fourth highest rate was in Dona Ana County, where one in every 1,131 households received a foreclosure filing during the month.

 

State a minor contributor to the nation’s foreclosure total in July

New Mexico accounted for less than 1 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

New Mexico

0

358

5

105

76

544

1,563

0.30

n/a

 

 

 

 

 

 

 

 

 

Bernalillo

0

206

0

42

43

291

932

0.50

1.68

Catron

0

0

0

0

0

0

n/a

0.00

0.00

Chaves

0

16

0

0

3

19

1,366

0.34

1.14

Cibola

0

2

0

0

0

2

5,377

0.09

0.29

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

43

0

14

9

66

1,131

0.41

1.38

Eddy

0

13

1

0

0

14

1,624

0.29

0.96

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

3

0

0

0

3

5,406

0.09

0.29

Los Alamos

0

4

0

0

0

4

2,163

0.21

0.72

Luna

0

1

0

1

0

2

5,920

0.08

0.26

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

9

2

11

2,783

0.17

0.56

Quay

0

0

0

0

0

0

n/a

0.00

0.00

Rio Arriba

0

1

2

1

0

4

4,664

0.10

0.34

Roosevelt

0

0

0

0

0

0

n/a

0.00

0.00

San Juan

0

0

0

14

0

14

3,210

0.14

0.49

San Miguel

0

0

1

0

0

1

14,752

0.03

0.11

Sandoval

0

29

0

13

5

47

892

0.52

1.75

Santa Fe

0

33

0

3

5

41

1,499

0.31

1.04

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

1

0

0

1

18,663

0.02

0.08

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

7

0

8

9

24

1,098

0.42

1.42

 

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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