Foreclosure Market Looms in New Mexico Reports Benkiran Law

(EstateNewsWire.com, April 06, 2013 ) Orlando, FL -- When it comes to the housing market in New Mexico, signs are looking more positive in recent months. However, there is still a looming shadow market of foreclosures to homes, according to Irvine, a California-based Realty company.

The state has 9,144 homes that are in foreclosure process in one form or another as of the first quarter of 2013. That is a 69% increase from then 5,411 as of the first quarter of 2012, according to the RealtyTrac data. As a comparison, the inventory for foreclosures across the nation rose but 9% over the same period of time.

The wide majority of such foreclosing homes in New Mexico were tied in the state district courts, and foreclosure actions are handled through civil suits filed by lenders against the homeowners. Of the minority, repossession or holding by the banks was occurring, while just under 300 were scheduled foreclosures.

The state is one of 26 that is posting an increase of foreclosure inventory for the first quarter of 12 months of quarter-one of 2012 until that of 2013. Of those 26 states, 19 utilized judicial foreclosures, such as in New Mexico Foreclosures, which tend to become mired in court. That drives the inventory of foreclosure homes in those particular states.

Of the homes that are in the foreclosure process within the first quarter, 41% were not occupied within the state. Compared to that of the national average of 35% it is slightly above average. Half of the 107 within Valencia County were going through the foreclosure while remaining unoccupied, which is the highest percentage amongst counties within the metro area.

Some states, including Indiana, Nevada, and Oregon have over 50% of foreclosed homes remaining unoccupied. Some costs can remained hitched to homeowners in default despite their no longer being physically tied to the house, according to RealtyTrac. “The homeowner is still responsible for maintenance and property taxes,” it says.

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