• Aug 25, 2017 Sales of distressed properties down 50 percent
    Gary Sandler
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    Published 25 August 2017

    LAS CRUCES – The percentage of distressed Las Cruces-area properties sold by local Realtors through the first seven-plus months of 2017 was just under half of what it was when the when the number of problem properties peaked in 2011, according to statistics pulled from the archives of the Las Cruces Association of Realtors on August 22.

    A total of 138, or 12 percent, of the 1,150 new and existing homes, townhomes and condominiums sold through August 22 of this year represented a 50 percent decline from 2011, when distressed properties accounted for 25 percent of all sales. Foreclosure rates have also been on the decline.

    The national average for foreclosure activity in July was one in every 1,997 housing units, according to a recent report from RealtyTrac, a real estate information company and an online marketplace for foreclosed and defaulted properties in the U.S. New Mexico was ranked at #13, with one foreclosure action for every 1,337 properties. New Jersey posted the worst rate in the nation with one action for every 661 properties. South Dakota ranked best, with one foreclosure for every 24,583 properties.

    With one exception, foreclosure rates in Las Cruces-area zip codes are lower than New Mexico’s average as a whole. At the same time, the state is still worse off than 33 other states and the District of Columbia. Unfortunately for zip code 88012, which lies east of I-25 and north of Hwy 70, the rate of one foreclosure or delinquency action for every 558 properties is worse than New Jersey’s worst-in-the-nation foreclosure rate.

    The area still ranks as one of the most popular in Las Cruces, however, so it will be just a matter of time until the remaining distress sales are absorbed and activity in the area returns to normal.

    See you at closing!

    Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at 575-642-2292 or Gary@GarySandler.com

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      Gary Sandler