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Foreclosure activity plummeted in New Mexico both in the third quarter and in September, according to RealtyTrac's Q3 2014 Foreclosure Report recently released.
The state called the "Land of Enchantment" reported 1,177 foreclosure filings (which include default notices, scheduled foreclosure auctions, and REO activity/lender repossessions) for the third quarter of 2014, a decline of 16.5 percent from Q2 and a drop of 53.2 percent from the same period in 2013 when more than 2,500 foreclosure filings were reported, according to RealtyTrac.
Overall in Q3, one in every 765 residential housing units had a foreclosure filing in New Mexico, which ranked the state 31st in the nation, according to RealtyTrac. The national average for the quarter was one foreclosure filing for every 415 housing units.
New Mexico's foreclosure rate for the month of September was much lower than it was overall in the third quarter. For September, the state reported one foreclosure filing for every 2,841 residential housing units, which comprised 4 percent of the nearly 900,000 housing units in New Mexico. That ranked the state 36th in the nation in foreclosure rate for September, according to RealtyTrac.
The national average foreclosure rate in September was one for every 1,232 housing units, or 8 percent of all residential housing units in the country. New Mexico's rate was less than half of the national average for September, according to RealtyTrac.
New Mexico totaled only 317 foreclosure filings in September, which was a decline of 33.8 percent from August and a drop of 36.4 percent from September 2013. It was the 15th lowest total of any state in the nation among states that reported data. RealtyTrac reported a total of 106,866 foreclosure filings nationwide in September and 317,171 nationwide for the third quarter.
