New Mexico Foreclosure Activity Decreases in August

Filings decrease 10 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,158 New Mexico properties in August, down 10 percent from the previous month but a 57 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Foreclosure activity in New Mexico was down in August but still quite high compared to a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which fell 32 percent for the month. The state’s unemployment rate is below the national average and is down from its historical high earlier this year. These factors are contributing to the recent decrease in foreclosure activity the state is experiencing.”

New Mexico ranked 35th in the nation in total foreclosures for the month. Its foreclosure rate of one in every 753 housing units receiving a foreclosure filing during the month ranked 30th among the 50 states.

Sandoval County posts top foreclosure rate in the state for August

One in every 327 housing units in Sandoval County received a foreclosure filing during the month, the highest county foreclosure rate in the state for August. One in every 491 housing units received a foreclosure filing in Bernalillo County, the second highest rate in the state. Coming in third was Chaves County, where one in every 602 housing units received a foreclosure filing in August. Fourth highest was Santa Fe County, where one in every 618 housing units received a foreclosure filing. Valencia County came in fifth, with one in every 629 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August reported in Bernalillo County

Bernalillo County led the state in total foreclosure activity for August, reporting 569 properties with foreclosure filings. Second highest was Sandoval County, where 153 properties with foreclosure filings were reported. Santa Fe County came in third, tallying 104 properties with foreclosure filings. Fourth highest was Dona Ana County, where 92 properties with foreclosure filings were reported. Chaves County came in fifth, reporting 44 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

New Mexico accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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  2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

New Mexico

0

471

0

425

262

1,158

753

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

84

0

42

27

153

327

1.16

2.30

Bernalillo

0

183

0

256

130

569

491

0.78

1.53

Chaves

0

31

0

0

13

44

602

0.63

1.25

Santa Fe

0

61

0

16

27

104

618

0.62

1.22

Valencia

0

27

0

5

11

43

629

0.61

1.20

 

 

New Mexico Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

New Mexico

0

471

0

425

262

1,158

753

-10.37

57.34

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

183

0

256

130

569

491

-20.75

85.95

Sandoval

0

84

0

42

27

153

327

-42.91

47.12

Santa Fe

0

61

0

16

27

104

618

0.00

13.04

Dona Ana

0

60

0

8

24

92

846

22.67

4.55

Chaves

0

31

0

0

13

44

602

4,300.00

300.00

 

 

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