New Mexico Foreclosures Head Back Down in August

New Mexico foreclosure activity fell in August, down to 736 properties with foreclosure filings for the month, a 16 percent decrease from the previous month, but still 49 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“After a modest increase in July, New Mexico foreclosures head back downward in August,” said James J. Saccacio, chief executive officer to RealtyTrac. “The biggest drop was in default notices, which decreased 40 percent for the month. This is not surprising as the state’s home sales have picked up significantly during the second quarter and its unemployment rate remains well below the national average. If these trends persist, we may see foreclosures here drop even further.”

 

New Mexico ranked 38th in the country in total foreclosures reported for the month. With one in every 1,171 housing units receiving a foreclosure filing, its foreclosure rate ranked 36th among the 50 states.

 

Valencia County posts state’s top foreclosure rate in August

Valencia County posted the highest county foreclosure rate in the state for August, with one in every 403 housing units receiving a foreclosure filing — 2.9 times the state average. Sandoval County had the second highest foreclosure rate, with one in every 420 housing units receiving a foreclosure filing during the month — 2.8 times the state average. Santa Fe County posted the third highest rate, where one in every 675 housing units received a foreclosure filing — 1.7 times the state average.

 

Five counties accounted for 89 percent of state’s foreclosure activity for August

Bernalillo County led the way, tallying 306 properties with foreclosure filings for the month. Sandoval County reported the second highest foreclosure total, documenting 104 properties with foreclosure filings. Reporting 92 properties with foreclosure filings for the month, Santa Fe County posted the third highest total in the state. Dona Ana County was fourth highest, reporting 88 properties with foreclosure filings, while the fifth highest total was in Valencia County, where 66 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

New Mexico accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 Top Foreclosure Rates by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

New Mexico

0

289

0

327

120

736

1,171

0.30

n/a

 

 

 

 

 

 

 

 

 

 

Valencia

0

46

0

20

0

66

403

0.89

2.91

Sandoval

0

61

0

31

12

104

420

0.85

2.79

Santa Fe

0

71

0

12

9

92

675

0.53

1.74

Dona Ana

0

65

0

6

17

88

873

0.41

1.34

Bernalillo

0

21

0

210

75

306

900

0.40

1.30

 

 

New Mexico Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

New Mexico

0

289

0

327

120

736

1,171

-16.08

49.29

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

21

0

210

75

306

900

-25.73

7.37

Sandoval

0

61

0

31

12

104

420

-30.67

36.84

Santa Fe

0

71

0

12

9

92

675

-14.81

162.86

Dona Ana

0

65

0

6

17

88

873

35.38

166.67

Valencia

0

46

0

20

0

66

403

22.22

6500.00

 

 

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