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ABQ housing distress slow to improve

ALBUQUERQUE, N.M. — Housing distress continues to recede at a slower pace in the Albuquerque metro area than in the nation as a whole, real-estate data and services provider CoreLogic reported Wednesday.

The foreclosure rate for single-family homes with a mortgage was 2 percent in October, unchanged from a year earlier and well off Albuquerque’s high of 4.2 percent in April 2012.

The average foreclosure rate nationwide was 1.2 percent in October, down from 1.5 percent in October 2014 and well off the high of close to 5 percent.

One factor in Albuquerque’s comparatively high rate is the fact that New Mexico is one of 22 states that uses its court system to handle foreclosure actions. Foreclosures tend to linger in a court process longer than when other, more streamlined methods are used.

Housing distress also includes the 90-day-plus delinquency rate, which dropped to 4.3 percent in Albuquerque during October compared to 4.7 percent a year earlier. The metro area’s delinquency rate peaked at 6.8 percent in June 2012, according to CoreLogic.

The 90-day-plus delinquency rate nationwide fell to 3.3 percent in October from 4.1 percent a year earlier. The pre-2007 delinquency rate nationwide averaged 1.8 percent and, at the depth of the housing downturn, approached 9 percent.