New Mexico Foreclosures Up in 2010

Foreclosure filings rise 54 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,133 New Mexico properties for 2010, up 54 percent from a year ago and 199 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,140 New Mexico properties in December 2010, a 6 percent decrease from November, and 36 percent lower than the level reported in December 2009. One in every 765 New Mexico housing units received a foreclosure filing during the month.

 

New Mexico foreclosures were up significantly in 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 87 percent for the year. While unemployment here is still below the national average, it did increase during the year while most state’s declined. Home prices and sales dropped further than most other states as well. These factors are all contributing to the overall rise.”

New Mexico ranked 36th in the nation in total foreclosures reported for 2010. Its foreclosure rate of one in every 78 housing units receiving a foreclosure filing during the year, ranked it 27th among the 50 states.

Sandoval County achieves top foreclosure rate honors in 2010

Sandoval County posted the highest foreclosure rate in New Mexico for 2010, with one in every 29 housing units receiving a foreclosure filing — 2.7 times the state average. Valencia County reported the second highest foreclosure rate, with one in every 47 housing units receiving a foreclosure filing for the year — 1.7 times the state average. Bernalillo County came in third, with one in every 49 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Bernalillo County dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Bernalillo County, which reported 5,665 properties with foreclosure filings for the year. Sandoval County tallied the second highest foreclosure level, reporting 1,700 properties with foreclosure filings. Third highest total was in Santa Fe County where 1,039 properties with foreclosure filings were reported. Fourth highest was Dona Ana County, where 854 properties with foreclosure filings were reported. Valencia County filled out the state’s top five with 579 properties with foreclosure filings for the year.

 

State contributes less than 1 percent to total foreclosure activity in 2010

New Mexico accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

New Mexico

0

5,664

0

2,099

3,370

11,133

78

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

1,014

0

273

413

1,700

29

1.53

2.66

Valencia

0

339

0

160

80

579

47

0.96

1.68

Bernalillo

0

2,873

0

1,009

1,783

5,665

49

0.91

1.59

Santa Fe

0

596

0

87

356

1,039

62

0.73

1.27

Dona Ana

0

478

0

37

339

854

91

0.49

0.86

 

 

New Mexico Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

New Mexico

0

5,664

0

2,099

3,370

11,133

78

54.37

198.71

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

2,873

0

1,009

1,783

5,665

49

72.66

219.33

Sandoval

0

1,014

0

273

413

1,700

29

33.23

138.10

Santa Fe

0

596

0

87

356

1,039

62

40.98

298.08

Dona Ana

0

478

0

37

339

854

91

23.77

198.60

Valencia

0

339

0

160

80

579

47

45.11

192.42

 

 

 

New Mexico Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

New Mexico

0

484

0

231

425

1,140

765

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Sandoval

0

103

0

27

54

184

272

1.84

2.81

Valencia

0

42

0

16

13

71

381

1.31

2.01

Bernalillo

0

175

0

136

246

557

502

1.00

1.52

Chaves

0

22

0

6

11

39

679

0.74

1.13

Santa Fe

0

62

0

10

24

92

699

0.72

1.09

 

 

New Mexico Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

New Mexico

0

484

0

231

425

1,140

765

-6.17

-35.56

 

 

 

 

 

 

 

 

 

 

Bernalillo

0

175

0

136

246

557

502

-16.24

-37.35

Sandoval

0

103

0

27

54

184

272

-14.02

-30.30

Dona Ana

0

62

0

10

24

96

811

7.87

-58.08

Santa Fe

0

62

0

10

24

92

699

-8.91

-45.88

Valencia

0

42

0

16

13

71

381

20.34

-41.32

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