By
Journal Staff Report
The Albuquerque metro area had one foreclosure for every 880 households in the third quarter, a 31 percent drop from a year earlier.
Because of its low rate, Albuquerque ranked 89th out of the country's 100 largest metros tracked by RealtyTrac.
Cities in California, Ohio and Florida accounted for two-thirds of the 25 metros with the highest foreclosure rates, RealtyTrac reported. Stockton, Calif., which is east of San Francisco, had the highest rate of one for every 31 households.
Albuquerque's low rate of foreclosures has been attributed to its comparatively steady residential real estate market.
Although home sales have dropped this year, the median price of homes that sell continues to rise. As a result, homeowners can avoid foreclosure by selling their houses and paying off their mortgages.
In cities with high foreclosure rates, such as those in California and Florida, home values inflated during the housing boom. When the boom ended in 2006, home values plummeted.
As a result, homeowners facing foreclosure often owe more on their mortgage than their house is currently worth.
New Mexico as a whole showed one foreclosure for every 1,348 households in the third quarter, a decrease of just more than 12 percent from a year earlier, RealtyTrac reported.
New Mexico ranked 42nd among states for having a low rate of houses in some stage of foreclosure. The Albuquerque metro saw 387 of the 622 foreclosures statewide, or 62 percent, between July and September.
The surrounding states of Arizona, Colorado and Texas are all in the top 10 for having high foreclosure rates. Nevada was No. 1 with one foreclosure for every 61 households, followed by California with one for every 88.
The national average was one foreclosure for every 196 households in the third quarter, a 100 percent jump from a year earlier.
Based in Irvine, Calif., RealtyTrac bases its report on researching houses in some formal stage of the foreclosure process. The number of households is based on 2005 U.S. Census estimates.
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