New Mexico Foreclosure Trends Upward in May

Total foreclosure filings statewide up 12 percent from April

 

New Mexico foreclosure activity rose in May to 796 properties with foreclosure filings, a 12 percent increase from the previous month and 75 percent above the level reported for May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

“Foreclosure activity rose in New Mexico in May, hitting nearly double the amount reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate has been improving slightly, which could lead to fewer foreclosures in coming months should this trend continue.”

 

New Mexico ranked 36th in the country in total properties with foreclosure filings for May. One in every 1,083 New Mexico housing units received a foreclosure filing during the month, ranking 29th among the 50 states.

 

Bernalillo County tops in foreclosure activity for May

Bernalillo County led the state reporting 391 properties with foreclosure filings for the month. Sandoval County posted the second highest total, where 146 properties with foreclosure filings were reported. Dona Ana County had the third highest total, reporting 87 properties with foreclosure filings, followed by Santa Fe County, where 76 properties with foreclosure filings were tallied.

 

Sandoval County posts state’s highest foreclosure rate for May

Sandoval County posted the highest county foreclosure rate in the state, with one in every 299 housing units receiving a foreclosure filing during the month. Bernalillo County had the second highest rate, with one in every 704 housing units receiving a foreclosure filing. Santa Fe County posted the third highest rate, where one in every 817 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in New Mexico represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 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 – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

New Mexico

0

497

0

207

92

796

1,083

11.64

75.33

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

237

0

105

49

391

704

4.83

57.03

Catron

0

0

0

0

0

0

n/a

n/a

n/a

Chaves

0

16

0

1

3

20

1,298

-23.08

53.85

Cibola

0

3

0

0

0

3

3,604

-57.14

200.00

Colfax

0

0

0

0

0

0

n/a

n/a

n/a

Curry

0

0

0

8

0

8

2,545

700.00

n/a

De Baca

0

0

0

0

0

0

n/a

n/a

n/a

Dona Ana

0

67

0

8

12

87

883

74.00

155.88

Eddy

0

6

0

6

1

13

1,752

-13.33

85.71

Grant

0

0

0

1

0

1

14,577

-50.00

n/a

Guadalupe

0

0

0

0

0

0

n/a

n/a

n/a

Harding

0

0

0

0

0

0

n/a

n/a

n/a

Hidalgo

0

0

0

0

0

0

n/a

n/a

n/a

Lea

0

0

0

0

0

0

n/a

n/a

n/a

Lincoln

0

1

0

3

2

6

2,802

-45.45

n/a

Los Alamos

0

4

0

0

0

4

2,170

33.33

100.00

Luna

0

0

0

0

0

0

n/a

-100.00

n/a

McKinley

0

0

0

0

0

0

n/a

n/a

n/a

Mora

0

0

0

0

1

1

3,140

n/a

n/a

Otero

0

0

0

3

1

4

7,731

-55.56

-66.67

Quay

0

0

0

0

0

0

n/a

-100.00

n/a

Rio Arriba

0

3

0

0

0

3

6,242

0.00

n/a

Roosevelt

0

0

0

1

0

1

8,183

-50.00

n/a

San Juan

0

0

0

9

0

9

5,027

28.57

800.00

San Miguel

0

0

0

0

1

1

14,814

n/a

0.00

Sandoval

0

93

0

40

13

146

299

65.91

117.91

Santa Fe

0

66

0

2

8

76

817

-5.00

171.43

Sierra

0

0

0

0

0

0

n/a

-100.00

n/a

Socorro

0

0

0

0

0

0

n/a

-100.00

n/a

Taos

0

0

0

2

0

2

9,452

-50.00

n/a

Torrance

0

0

0

1

0

1

7,632

-50.00

n/a

Union

0

0

0

0

0

0

n/a

n/a

n/a

Valencia

0

1

0

17

1

19

1,399

-20.83

-51.28

 

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