New Mexico Foreclosure Activity Down in Third Quarter

Total foreclosure filings fell 8 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,235 New Mexico properties during the third quarter, an 8 percent decrease from the previous quarter, but up 48 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, New Mexico reported 879 properties with foreclosure filings, a 24 percent decrease from the previous month, but 10 percent above the level reported for the same month last year. One in every 992 New Mexico housing units received a foreclosure filing in September, the 34th highest foreclosure rate among the 50 states.

 

“New Mexico reported a welcome drop in foreclosure activity in the third quarter of 2010, though activity remained high compared to the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment, which is now well above 8 percent, continues to be a problem and is a contributing factor concerning the state’s foreclosure struggles.”

 

One in every 269 New Mexico housing units received a foreclosure filing during the quarter, the 29th highest state foreclosure rate in the nation.

 

Sandoval County led state with top foreclosure rate in third quarter

Sandoval County posted the highest foreclosure rate in the state during the third quarter of 2010, where one in every 105 housing units received a foreclosure filing. Bernalillo County posted the second highest foreclosure rate, where one in every 161 housing units received a foreclosure filing during the period. Valencia County documented the third highest foreclosure rate, where one in every 200 housing units received a foreclosure filing.

 

Bernalillo County posts state’s top foreclosure total in third quarter

Bernalillo County led the state, reporting 1,735 properties with foreclosure filings for the quarter. Sandoval County was second, reporting 475 properties with foreclosure filings. Santa Fe County was third, tallying 293 properties with foreclosure filings. Dona Ana County was fourth highest, reporting 236 properties with foreclosure filings. Valencia County had the fifth highest total, reporting 135 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in New Mexico. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

New Mexico

0

1,516

0

980

739

3,235

269

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

249

0

140

86

475

105

1.32

2.56

Bernalillo

0

809

0

553

373

1,735

161

0.86

1.67

Valencia

0

82

0

27

26

135

200

0.69

1.34

Santa Fe

0

153

0

66

74

293

219

0.63

1.23

Dona Ana

0

151

0

17

68

236

330

0.42

0.82

 

 

New Mexico Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

New Mexico

0

1,516

0

980

739

3,235

269

-8.15

48.19

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

809

0

553

373

1,735

161

-9.40

91.08

Sandoval

0

249

0

140

86

475

105

7.47

32.68

Santa Fe

0

153

0

66

74

293

219

-12.54

14.01

Dona Ana

0

151

0

17

68

236

330

-5.60

22.28

Valencia

0

82

0

27

26

135

200

-14.56

-21.97

 

 

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