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

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percent for April 2009, representing a 0.63 percentagd point annual difference. However, foreclosure rates in Albuquerquee continued to risein April, to 1.17 an increase of 0.36 when compared to April to 2008, according to , the collectofr of national data on home prices, foreclosures and delinquency The state of New Mexicl has a 1.04 percent foreclosure and a 0.22 percent bank repossessiojn rate. Perhaps more troubling for theDuke City’s futured is that the mortgags delinquency rate has increased to 3.03 percenr of mortgage loans that were 90 days or more compared to 2.02 percent for the same period last year. Nationally, 5.1 percent of mortgagesa are 90days delinquent.
During the past 12 there were a totalof 4,91 foreclosure filings in Albuquerque, or approximately 13.47 per day. That comparea to the previous 12-month period of May 2007 to Aprilo 2008 when therewere 4,061 foreclosurre filings, or approximately 11.13 per day. Publicc record foreclosure filings includew the three steps in theforeclosure process, starting with the pre-foreclosurwe filing or Notice of Defaul t (NOD), which typically occurs after the 90-day delinquenc y period; the Notice of Foreclosure Sale when the property is scheduledc 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 lendetr and is considered Real Estatwe Owned (REO).
Because data is collected frompublic records, it is subject to limitationsw with regard to geographic coverage