New Mexico Foreclosures Declines in November

Foreclosure filings down slightly from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,215 New Mexico properties in November, down slightly from the previous month, but still a 120 percent increase from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 717 New Mexico housing units received a foreclosure filing in November, the 19th highest state foreclosure rate in the nation.

 

“Foreclosure activity in New Mexico dropped slightly in November, though it remained more than double what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state is slowly making its way out of recession, but even with a recent drop in joblessness, its unemployment rate remains high at 8.5 percent.”

 

Sandoval County has top foreclosure rate in November

Sandoval County posted the highest foreclosure rate in New Mexico for November, with one in every 234 housing units receiving a foreclosure filing — 3.1 times the state average. Bernalillo County had the second highest foreclosure rate, reporting one in every 420 housing units receiving a foreclosure filing — 1.7 times the state average. Valencia County came in third, with one in every 459 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Bernalillo County reports highest foreclosure total in the state

Bernalillo County led the state in foreclosure activity, reporting 665 properties with foreclosure filings. Sandoval County had the second highest total reporting 214 properties with foreclosure filings. Sana Fe County was third highest, tallying 101 properties with foreclosure filings. Dona Ana County reported 89 properties with foreclosure filings for the month, the state’s fourth highest activity level. Valencia County was fifth, reporting 59 properties with foreclosure filings.

 

State a minor contributor to total foreclosure total

New Mexico accounted for less than 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

New Mexico

0

643

0

197

375

1,215

717

0.69

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

105

0

32

77

214

234

2.10

3.07

Bernalillo

0

357

0

117

191

665

420

1.17

1.71

Valencia

0

37

0

14

8

59

459

1.07

1.56

Santa Fe

0

58

0

9

34

101

637

0.77

1.13

Dona Ana

0

51

0

4

34

89

875

0.56

0.82

 

 

New Mexico Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

New Mexico

0

643

0

197

375

1,215

717

-0.25

120.11

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

357

0

117

191

665

420

0.45

158.75

Sandoval

0

105

0

32

77

214

234

-3.17

63.36

Santa Fe

0

58

0

9

34

101

637

6.32

248.28

Dona Ana

0

51

0

4

34

89

875

9.88

187.10

Valencia

0

37

0

14

8

59

459

0.00

353.85

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved