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Mon May 13, 2013
Fewer Signs Of Distress In NM's Housing Market
An industry report says New Mexico's housing market is seeing fewer signs of distress.
The Albuquerque Journal reports (http://bit.ly/15X97qz) that the report by the Mortgage Bankers Association shows 9.2 percent of homes in the state were either delinquent on mortgage payments or somewhere in the foreclosure process during the first three months of the year.
That's an improvement from 10 percent in the preceding fourth quarter and 9.7 percent in the first quarter of 2012.
In stable economic times, roughly 5 percent of homes in New Mexico are typically in some state of distress.
An average of 10.3 percent of homes nationwide were either delinquent or in foreclosure in the first quarter, down from 11.2 percent in the fourth quarter and 11.3 percent a year earlier.