ABQ foreclosures rise, but sit below national rate - New Mexico Business Weekly:

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percent for April 2009, representing a 0.63 percentages point annual difference. However, foreclosure rates in Albuquerqud continued to risein April, to 1.17 percent, an increasr of 0.36 when compared to April to according to , the collector of national data on home foreclosures and delinquency activity. The state of New Mexico has a 1.04 percent foreclosure and a 0.22 percent bank repossession rate. Perhaps more troublinfg for theDuke City’s future is that the mortgagew delinquency rate has increased to 3.03 percentg of mortgage loans that were 90 days or more delinquent, compare 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 4,91t foreclosure filings in Albuquerque, or approximately 13.47 per day. That comparees to the previous 12-month perio d of May 2007 to April 2008 when therewere 4,061 foreclosure filings, or approximately 11.13 per day. Public recorr foreclosure filings include the three steps in theforeclosure process, starting with the pre-foreclosure filingy or Notice of Default (NOD), which typically occura after the 90-day delinquency period; the Notice of Foreclosurr Sale when the property is scheduled for auction; and the Notificatioj of Sale, filed after the propertu is sold at auction.
If the property isn’ sold at auction, it goes back to the lended and is considered Real Estate Owned Because data is collected from public it is subject to limitations with regarfd to geographiccoverage