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N.M. Sees Big Drop in Foreclosure Activity

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New Mexico posted a big drop in home foreclosure activity last month compared to the same month a year ago.

Foreclosure tracking firm RealtyTrac says the state’s overall foreclosure activity dropped by 35 percent between July 2011 and July 2012. The number of homes entering the foreclosure process dropped by almost 50 percent from a year ago.

RealtyTrac says 298 homes entered the first state of foreclosure last month and another 126 homeowners received notices of foreclosure sales. Lenders actually repossessed 137 homes in July.

California saw the nation’s highest foreclosure rate under RealtyTrac’s method, with one in every 325 homes in some state of foreclosure. Arizona was second, Florida third and foreclosure hotbed Nevada was in 6th place.

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