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Foreclosure rate above average in NM but down in ABQ



New Mexicos foreclosure rate continues to remain above the national average and is one of the highest in the region.

New Mexico’s foreclosure rate continues to remain above the national average and is one of the highest in the region.










Damon Scott
Reporter- Albuquerque Business First

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New Mexico’s foreclosure rate continues to remain above the national average and is one of the highest in the region.

July data was released by CoreLogic (NYSE: CLGX) today. It shows a slight decline in the states inventory, down 0.7 points to 2.7 percent, with 2,825 completed foreclosures from July 2012 to July 2013. Five percent of those were marked as seriously delinquent. The national average was 2.4 percent for July.

New Mexico is one of 24 states with a judicial foreclosure process, requiring that lenders file a civil lawsuit against homeowners that are in default on mortgages. The state, along with Oklahoma, has one of the highest foreclosure rates in the region.

Meanwhile, the Albuquerque area’s foreclosures have decreased. CoreLogic released June data this week on the metro area and the rate of foreclosures was 3.30 percent, a decrease of 0.77 percent as compared to June 2012. Still, foreclosure activity in Albuquerque is also higher than the national foreclosure rate, which was 2.49 percent in June. The mortgage delinquency rate for the metro area also decreased, down from 6.78 percent in June 2012 to 5.86 percent in June 2013.

CoreLogic said there were 49,000 completed foreclosures in the U.S. in July 2013, down from 65,000 in July 2012, a year-over-year decrease of 25 percent. On a month-over-month basis, completed foreclosures decreased 8.6 percent from the 53,000 reported in June.

Among states with a judicial foreclosure process, Florida has the worst rate at 8.1 percent, or 110,001 foreclosures. California is at the top among non-judicial states with a 1 percent rate, or 64,964 foreclosures.

505.348.8315 | damonscott@bizjournals.com

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Article source: http://www.bizjournals.com/albuquerque/news/2013/08/29/foreclosure-rate-above-average-in-nm.html

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