NEW MEXICO FORECLOSURE RATES STABILIZE AFTER ONE-MONTH SPIKEACCORDING TO REALTYTRAC™ JUNE U.S. FORECLOSURE MARKET REPORT
State Foreclosure Rate Drops Below National Average in June After Recording Unusually High May Numbers
Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – A month after recording the highest foreclosure rate in the country, New Mexico’s foreclosure rate dropped back below the national average, according to the RealtyTrac™ June 2005 Monthly U.S. Foreclosure Market Report™. While 1,409 properties entered some stage of foreclosure in May, just 322 properties were recorded in June.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the exclusive foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
With one new foreclosure for every 2,424 households, New Mexico’s foreclosure rate fell below the national average of one foreclosure in every 1,726 households in June. Bernalillo County reported 193 foreclosures in June, more than any other New Mexico county. The county’s foreclosure rate was almost two times the state average and 1.4 times the national average, with one foreclosure for every 1,239 households.
“We believe June represents a more accurate snapshot of normal monthly foreclosure activity in New Mexico than either May or April,” said James J. Saccacio, RealtyTrac chief executive officer. “It appears that prior to May, we may have been under-reporting the actual number of properties in the state that were in one of the three phases of the foreclosure process. We’ll be watching to see how the numbers trend in coming months.” As evidence of this, Saccacio noted that while the number of new foreclosure properties had dropped significantly from May to June, the number of total properties in foreclosure in New Mexico stayed largely consistent from month to month.
The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005, and caused a 7.4 percent increase in the nation’s foreclosure rate, with one new foreclosure for every 1,726 households.
RealtyTrac’s June report also includes data from 73 new counties, representing an additional 8,417 properties entering foreclosure in June. These new properties bring the nationwide total to 75,441, and will be used as the basis for future month-to-month comparison.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
|District of Columbia 6/2005||0||4||0||0||28||32||29.41|
|New Hampshire 6/2005||0||7||0||0||6||13||9.80|
|New Jersey 6/2005||1699||1400||0||0||97||3196||89.22|
|New Mexico 6/2005||270||24||0||0||76||370||64.71|
|New York 6/2005||0||0||622||2223||69||2914||51.96|
|North Carolina 6/2005||19||207||0||0||1233||1459||56.86|
|North Dakota 6/2005||0||2||0||0||17||19||12.75|
|Rhode Island 6/2005||1||5||0||0||0||6||5.88|
|South Carolina 6/2005||55||73||0||0||532||660||51.96|
|South Dakota 6/2005||0||2||0||0||2||4||5.88|
|West Virginia 6/2005||0||41||0||0||21||62||15.69|
About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, 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 and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations