Foreclosure activity in the U.S. during the third quarter of 2017 fell 13 percent from the second quarter of the year and 35 percent below the third quarter of last year, according to an October 12 report from Attom Data Solutions. Attom is a multi-sourced national property data warehouse that collects foreclosure and other property characteristic data on 150 million homes in 217 metro areas in the U.S.
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The report also revealed that “Third quarter foreclosure activity was below pre-recession averages in 123 of the 217 metro areas analyzed in the report (57 percent), including Los Angeles (55 percent below), Chicago (20 percent below), Dallas (77 percent below), Houston (63 percent below), and Miami (51 percent below)”. Last quarter’s foreclosure activity was the lowest reported since the second quarter of 2006.
Just 63 foreclosure starts were reported in the Las Cruces metropolitan statistical area during the third quarter of this year. In comparison, El Paso, Texas saw 312 starts; Albuquerque recorded 545 starts, and Tucson, Arizona experienced 394 new foreclosure filings. The numbers for all cities were at or below the number of filings that were reported during the third quarter of last year.
A total of 157 Dona Ana County properties were reported to be in some stage of the foreclosure process during the third quarter of this year, which was an 18.65 percent reduction from the 193 properties in-process one year ago. That equates to one-in-every 532 properties in some stage of foreclosure. Sandoval County (Rio Rancho) reported the highest number of foreclosures in the state, with one-in-every 164 properties in-process, followed closely by Valencia County (Los Lunas), with one-in-every 274 properties in foreclosure.
Closer to home, foreclosures were down in most Las Cruces-area zip codes. Q-3 2017 foreclosure activity was down 37.84 percent from one year ago in the 88001 zip code, down 24.14 percent in zip code 88005, and down 52.94 percent in the 88007 zip. Foreclosure activity was up 40 percent in the 88011 zip, and down 26.3 percent in zip code 88012. Foreclosure activity was also down in Anthony and Santa Teresa, falling by 36.36 percent and 33.33 percent, respectively.
Sales of Las Cruces-area homes in some stage of foreclosure remained steady during the third-quarter of this year when compared to Q-3 of 2016. A total of 51, or 10.9 percent, of the 469 homes, townhomes and condominiums sold during the third quarter of 2016 were either short sales or sales of bank-owned properties, according to statistics pulled from the archives of the Las Cruces Association of Realtors on October 17. A short sale is where the lender accepts a payoff that’s less than the balance owed on the loan.
Fifty-six, or 11.3 percent, of the 494 properties sold during the third quarter of this year were sold for less than what was owed on them or were owned by banks. At the height of the recession, distress sales accounted for almost one-third of all Las Cruces-area used-home sales.
See you at closing.
Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at (575) 642-2292 or Gary@GarySandler.com