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News 06.03.2010 0 Comments

Santa Fe Foreclosure Rates Increase

But remain below the national average

By Corey Pein

The national real estate tracking service CoreLogic put out a press release today with its latest numbers on home foreclosure rates in Santa Fe County.

From April 2009 to April 2010, the foreclosure rate increased by .61 percentage points to 1.77 percent.

The worst-hit areas appear to be surrounding Cerrillos and Madrid to the southwest and approaching Española to the north, per the map above.

The chart below has more figures comparing Santa Fe to New Mexico to the US average:

And here's what some of that jargon means:

90 Day Delinquency Rate: This measures the percentage of loans that are more than 90 days delinquent including those in foreclosure and REO (real estate owned).

Foreclosure Rate: This measures the percentage of loans in some stage of foreclosure including 90 delinquencies through properties sold at auction. This does not represent the number of new foreclosure filings as provided by other data companies, but rather the current stock, or inventory, of loans in the foreclosure process which offers a comprehensive view of foreclosure trends.

REO (Real Estate Owned) Rate: This measures the percentage of loans not sold at auction which are then returned to the lender. Foreclosure data for CoreLogic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which provides more accurate results by removing paid-in-full mortgages from the equation.

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