ABQ foreclosures rise, but sit below national rate - Minneapolis / St. Paul Business Journal:

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percent for April 2009, representing a 0.63 percentage poinf annual difference. However, foreclosure rates in Albuquerque continuefd to risein April, to 1.17 percent, an increase of 0.36 when comparedc to April to 2008, according to , the collectord of national data on home prices, foreclosures and delinquency activity. The state of New Mexiclo has a 1.04 percent foreclosurr and a 0.22 percent bank repossession Perhaps more troubling for theDuke City’s future is that the mortgage delinquencyy rate has increased to 3.03 percent of mortgaged loans that were 90 days or more compared to 2.02 percent for the same period last Nationally, 5.
1 percent of mortgages are 90 days During the past 12 months, there were a total of 4,9165 foreclosure filings in Albuquerque, or approximately 13.47 per day. That comparez to the previous 12-month period of May 2007 to Apriol 2008 when therewere 4,061 foreclosure or approximately 11.13 per day. Public record foreclosure filings include the three steps in theforeclosurew process, starting with the pre-foreclosure filing or Noticr of Default (NOD), which typicallyt occurs after the 90-day delinquencuy period; the Notice of Foreclosure Sale when the properthy is scheduled for auction; and the Notification of filed after the property is sold at If the property isn’t sold at auction, it goes back to the lendeer and is considered Real Estate Owned (REO).
Because data is collecte d frompublic records, it is subject to limitations with regardf to geographic coverage