New Mexico Foreclosure Activity Nearly Doubles in 2009

Statewide filings up 94 percent from 2008; Up 221 percent from November

 

New Mexico foreclosures were up in 2009, with 7,212 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 94 percent increase from the total reported for 2008, and is 141 percent higher than the level reported for all of 2007.

 

New Mexico foreclosures were up significantly in 2009 and for the month of December,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate remained below the national average, its home values declined further than most states. However, home sales have really begun to pick up. If this trend continues, we may see foreclosures start to decline here in 2010.”

 

New Mexico ranked 36th in total foreclosures reported for 2009 when compared to the 50 states. With one in every 120 housing units receiving a foreclosure filing, New Mexico’s foreclosure rate ranked 32nd in the nation for the year.

 

Reporting 1,769 properties with foreclosure filings for December, New Mexico had a 221 percent increase from the previous month, and was 384 percent above December 2008. The state’s foreclosure rate — one in every 487 housing units received a foreclosure filing — ranked 16th in the nation for the month.

 

Sandoval County posts state’s highest foreclosure rate for 2009

Sandoval County posted the highest county foreclosure rate in the state for the year, with one in every 34 housing units receiving a foreclosure filing in 2009. Valencia County had the second highest foreclosure rate, with one in every 67 housing units receiving a foreclosure filing. Bernalillo and Santa Fe Counties came in third highest, each with one in every 84 housing units receiving a foreclosure filing. Dona Ana County was fifth highest with one in every 111 housing units receiving a foreclosure filing.

 

Bernalillo County led state in foreclosure activity in 2009

Bernalillo County led the state in total foreclosures in 2009 reporting 3,281 properties with foreclosure filings. Sandoval County came in second, documenting 1,276 properties with foreclosure filings. Santa Fe County had the third highest total in the state, reporting 737 properties with foreclosure filings for the year. Dona Ana County was fourth highest, reporting 690 properties with foreclosure filings, followed by Valencia County in fifth place, tallying 399 properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

New Mexico accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

New Mexico

7,212

0.84

120

93.51

140.88

 

 

 

 

 

 

Sandoval

1,276

2.92

34

78.71

315.64

Valencia

399

1.50

67

101.52

108.90

Bernalillo

3,281

1.19

84

84.95

91.09

Santa Fe

737

1.19

84

182.38

233.48

Dona Ana

690

0.90

111

141.26

217.97

 

 

New Mexico Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

New Mexico

7,212

0.84

120

93.51

140.88

 

 

 

 

 

 

Bernalillo

3,281

1.19

84

84.95

91.09

Sandoval

1,276

2.92

34

78.71

315.64

Santa Fe

737

1.19

84

182.38

233.48

Dona Ana

690

0.90

111

141.26

217.97

Valencia

399

1.50

67

101.52

108.90

 

 

New Mexico Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

New Mexico

0

1,204

0

338

227

1,769

487

0.75

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

175

0

52

37

264

166

2.21

2.94

Valencia

0

89

0

23

9

121

220

1.67

2.22

Bernalillo

0

585

0

194

110

889

310

1.18

1.57

Dona Ana

0

198

0

13

18

229

335

1.09

1.45

Santa Fe

0

132

0

11

27

170

365

1.00

1.33

 

 

New Mexico Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

New Mexico

0

1,204

0

338

227

1,769

487

220.47

383.33

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

585

0

194

110

889

310

245.91

526.06

Sandoval

0

175

0

52

37

264

166

101.53

104.65

Dona Ana

0

198

0

13

18

229

335

638.71

895.65

Santa Fe

0

132

0

11

27

170

365

486.21

1207.69

Valencia

0

89

0

23

9

121

220

830.77

1916.67

 

 

 

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