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Foreclosure vacancies near 25%

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Nearly one out of every four foreclosure homes in both the Albuquerque metro area and New Mexico in general have been vacated by the owners, according to Irvine, Calif.-based RealtyTrac.

In what could be considered housing trivia, as of June there were 1,109 vacant foreclosure homes in the metro, or 24 percent of the 4,599 homes somewhere in the foreclosure process. In most cases, the homeowners in default had moved, leaving a change of address, but 174 of the homes were abandoned.

Albuquerque’s 87121 ZIP code area, which generally covers the West Mesa north and south of Interstate 40, had one of the highest foreclosure home-vacancy rates in the country at 28 percent, RealtyTrac reported.

RealtyTrac data show the Albuquerque metro’s 1,109 vacant homes account for nearly 80 percent of the 1,418 vacant foreclosure homes in New Mexico.

Statewide, 24 percent of foreclosure homes were vacant, the seventh-highest vacancy rate for foreclosure homes in the country. Nationwide, 20 percent of all homes in the foreclosure process were vacant.

The counts of vacant foreclosure homes do not include unoccupied homes that have been repossessed by the lender. On average nationwide, there are roughly three times more unoccupied repossessed homes than there are vacant homes somewhere in the foreclosure process.

Data indicate that lower-priced homes in the foreclosure process are more likely to be vacant than higher-priced homes. In addition, states where the foreclosure process can take a long time tend to have higher vacancy rates.

 

 

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