NEW MEXICO FORECLOSURE ACTIVITY UP 9 PERCENT IN OCTOBER

Foreclosure Activity Decreases 45 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – New Mexico reported 264 properties with foreclosure filings in October, a 9 percent increase from the previous month, and 45 below the level reported for October 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.

 

“Foreclosure filings in New Mexico increased significantly between September and October,” said James J. Saccacio, chief executive officer of RealtyTrac. “Compared to the rest of the nation, New Mexico has largely managed to avoid the housing crisis. New Mexico’s housing markets never experienced the excessive boom that other regions saw.”


New Mexico ranked 40th in the country in total foreclosures reported for the month. With one in every 3,220 housing units receiving a foreclosure filing, its foreclosure rate ranked 42nd among the 50 states.

 

Six counties dominate state’s foreclosure activity for October

Six New Mexico counties accounted for 89 percent of all foreclosure activity in the state for October. Bernalillo County posted the highest foreclosure total, reporting 111 properties with foreclosure filings in October. Sandoval County documented the state’s second highest total, reporting 81 properties with foreclosure filings. Third highest were Dona Ana County and Santa Fe County, each reporting 12 properties with foreclosure filings. Chaves County came in fourth place, documenting 10 properties with foreclosure filings, followed by Valencia County with nine properties with foreclosure filings.

 

Sandoval County posts top foreclosure rate for October

Sandoval County tallied the highest county foreclosure rate in the state in October, with one in every 517 housing units receiving a foreclosure filing for the month — 6.2 times the state average. Socorro County posted the state’s second highest rate, with one in every 2,066 housing units receiving a foreclosure filing during the month — 1.6 times the state average. Bernalillo County documented the third highest foreclosure rate, where one in every 2,443 housing units received a foreclosure filing in October.

 

State accounts for less than 1 percent of nation’s foreclosure total in October

New Mexico accounted for less than 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October.

The national total represented an increase of more than 5 percent fromthe previous month and was almost 25 percent ahead of the total reported forOctober 2007. The nation’s foreclosure rate rose to one in every 452 U.S.housing units receiving 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

New Mexico

0

88

0

91

85

264

3,220

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

10

0

59

42

111

2,443

0.18

1.32

Catron

0

0

0

0

0

0

 n/a

0.00

0.00

Chaves

0

7

0

0

3

10

2,595

0.17

1.24

Cibola

0

4

0

0

0

4

2,689

0.17

1.20

Colfax

0

0

0

0

0

0

 n/a

0.00

0.00

Curry

0

0

0

0

2

2

10,061

0.04

0.32

De Baca

0

0

0

0

0

0

 n/a

0.00

0.00

Dona Ana

0

4

0

4

4

12

6,221

0.07

0.52

Eddy

0

2

0

0

0

2

11,366

0.04

0.28

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

0.08

0.60

Los Alamos

0

0

0

0

2

2

4,327

0.10

0.74

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

3

3

6

5,102

0.09

0.63

Quay

0

0

0

0

0

0

 n/a

0.00

0.00

Rio Arriba

0

1

0

0

1

2

9,327

0.05

0.35

Roosevelt

0

0

0

0

0

0

 n/a

0.00

0.00

San Juan

0

0

0

1

0

1

44,938

0.01

0.07

San Miguel

0

0

0

0

0

0

 n/a

0.00

0.00

Sandoval

0

53

0

12

16

81

517

0.87

6.22

Santa Fe

0

2

0

3

7

12

5,121

0.09

0.63

Sierra

0

0

0

0

0

0

 n/a

0.00

0.00

Socorro

0

0

0

1

3

4

2,066

0.22

1.56

Taos

0

1

0

0

1

2

9,332

0.05

0.35

Torrance

0

0

0

0

1

1

7,597

0.06

0.42

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Valencia

0

1

0

8

0

9

2,928

0.15

1.10

 

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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