New Mexico Reports Nearly 900 Properties With Foreclosure Filings in July

Statewide filings increase 24 percent from June; up 61 percent from year ago.

 

New Mexico reported 877 properties with foreclosure filings for July, a 24 percent increase from the previous month and 61 percent above the level reported in July 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

New Mexico reported a significant increase in foreclosure activity between June and July, as home prices continue to fall around the state,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment level is also on the rise, although it remains below the national average.”

 

New Mexico ranked 36th in the country in total properties with foreclosure filings for July. One in every 983 New Mexico housing units received a foreclosure filing during the month, ranking 32nd among the 50 states.

 

Sandoval County posts state’s top foreclosure rate in July

With one in every 291 housing units receiving a foreclosure filing — 1.2 times the national average and 3.4 times the state average — Sandoval County posted the highest county foreclosure rate in the state for July. Valencia County came in second highest, with one in every 492 housing units receiving a foreclosure filing during the month — twice the state average. Third highest rate was documented in Santa Fe County, where one in every 575 housing units received a foreclosure filing — 1.7 times the state average.

 

Bernalillo County leads state in foreclosure activity for July

Bernalillo County tallied the highest county activity level in July, reporting 412 properties with foreclosure filings. Sandoval County came in second, documenting 150 properties with foreclosure filings. Santa Fe County tallied 108 properties with foreclosure filings, the third highest total in the state. Dona Ana County was fourth, reporting 65 properties with foreclosure filings, followed by fifth place Valencia County, where 54 properties with foreclosure filings were reported for the month.

 

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

New Mexico contributed less than 1 percent to the 360,149 properties with foreclosure filings reported nationwide in July. Total U.S. activity rose almost 7 percent from the previous month and was more than 32 percent ahead of July 2008. One in every 355 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 – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

n/a

n/a

New Mexico

0

479

0

270

128

877

983

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

102

0

37

11

150

291

1.22

3.37

Valencia

0

34

0

19

1

54

492

0.72

2.00

Santa Fe

0

77

0

18

13

108

575

0.62

1.71

Bernalillo

0

185

0

152

75

412

669

0.53

1.47

Chaves

0

18

0

3

2

23

1,129

0.31

0.87

 

 

New Mexico Top Foreclosure Totals by County – July 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 09

% Chg July 08

 

 

 

 

 

 

 

 

 

 

United States

62,939

71,565

104,830

33,557

87,258

360,149

355

6.74

32.32

New Mexico

0

479

0

270

128

877

983

23.52

61.21

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

185

0

152

75

412

669

68.16

41.58

Sandoval

0

102

0

37

11

150

291

-16.67

219.15

Santa Fe

0

77

0

18

13

108

575

42.11

163.41

Dona Ana

0

46

0

3

16

65

1,182

-29.35

-1.52

Valencia

0

34

0

19

1

54

492

157.14

125.00

 

 

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