The delinquency rate for mortgage loans on residential properties in New Mexico was 6.69 percent at the end of the fourth quarter of 2011, an increase of 23 basis points from the third quarter of 2011, according to the Mortgage Bankers Association (MBA). The delinquency rate excludes loans in the process of foreclosure. The percentage of loans in New Mexico on which foreclosure was started during the quarter fell three basis points to 0.83 percent, while the percentage of loans in the foreclosure process at the end of the quarter rose 13 basis points to four percent.
The delinquency rate for prime adjustable-rate mortgages (ARMs) decreased 37 basis points to 8.26 percent and the rate for prime fixed rate mortgage loans decreased six basis points to 3.63 percent. The delinquency rate for sub-prime ARMs decreased 88 basis points to 20.22 percent, while the rate for sub-prime fixed rate loans decreased 22 basis points to 14.81 percent.
The delinquency rates for FHA and VA loans were 11.75 percent and 5.17 percent, respectively—up 98 basis points for FHA loans and up 50 basis points for VA loans.
The foreclosure starts rate for prime ARMs in New Mexico decreased eight basis points to 1.99 percent, while the rate for prime fixed rate loans decreased 12 basis points to 0.62 percent. The foreclosure starts rate for sub-prime ARMs decreased 19 basis points to 3.62 percent, while the rate for sub-prime fixed rate loans decreased 33 basis points to 1.7 percent.
The percentage of prime ARMs in foreclosure increased 30 basis points to 9.07 percent and increased four basis points to 2.84 percent for prime fixed rate loans. The rate for sub-prime ARMs decreased 31 basis points to 18.76 percent, while the rate for sub-prime fixed rate loans increased five basis points to 10.21 percent. The percentage of FHA loans in foreclosure increased 45 basis points to 3.78 percent. The percentage of VA loans in foreclosure increased six basis points to 2.44 percent.
Among the 50 states and the District of Columbia, New Mexico ranked 36th in delinquencies and 30th in foreclosures started. Mississippi ranked first in delinquencies with a rate of 13.13 percent and Florida ranked first in foreclosure starts with a rate of 1.68 percent.
