Foreclosure rates in Albuquerque grew in February to 1.1 percent, an increase of 0.4 percentage points compared to February 2008 when the rate was 0.7 percent, according to First American CoreLogic, the leading collector of national, state and local data on home prices, foreclosure and delinquency activity.
Foreclosure activity in Albuquerque is lower than the national foreclosure rate, which was 1.7 percent for February 2009. The nation’s repossession rate stood at 0.8 percent that same month, while New Mexico’s was just 0.2 percent.
The mortgage delinquency rate also has increased in the Duke City as 2.8 percent of mortgage loans were 90 days or more delinquent compared to 1.9 percent for the same period last year, representing an increase of 0.9 percentage points. Job losses and the resetting of adjustable rate mortgages have caused foreclosures and delinquency rates to increase.