Is New Mexicos Foreclosure Fallout Turning The Land of Enchantment into the Land of Discontent?
It was recently reported that foreclosures in New Mexico experienced a sharp increase this past May. What no one is willing to say however is whether the bottom is truly falling out or whether government officials have doubts about the reported data itself? One surprising statistic is that for a state with one of the lowest population densities New Mexico leads all other states with a rate of one property foreclosure for every 554 households. With the national average of one foreclosure for every 1,853 households New Mexico is checking in at three times this average. Needless to say there is a growing concern among lenders and officials that the worst may be yet to come with thousands of adjustable rate mortgage loans yet to hit their reset periods, which many borrowers took advantage of and leveraged themselves to the hilt when they purchased or refinanced their homes. The Numbers Don’t Lie This May there were a reported 1,409 properties in foreclosure. This is a blistering pace since
