New Mexico sees jump in home foreclosures during first half of 2016

Despite Albuquerque's improving housing market, the state as a whole is still grappling with home foreclosures.

RealtyTrac released home foreclosure data for the first six months of the year, which found New Mexico saw 3,738 properties file for foreclosure between January and June.

In this context, foreclosure filings are counted as default notices, scheduled auctions or bank repossessions.

It marked a 13.79 percent increase compared to the first six months of 2015. According to RealtyTrac, it equates to one foreclosure for every 243 housing units in the state, which is close to the national rate.

Nationwide, foreclosures were down 11 percent compared to January through June in 2015.

RealtyTrac said despite the national foreclosure rate decreasing, several states, including New Mexico, saw increases in the number of foreclosures for a number of reasons.

"States with foreclosure activity continuing to run above pre-recession levels tend to be those with protracted foreclosure timelines still working through legacy distress from the last housing bust,” said Daren Blomquist, senior vice president at RealtyTrac.

The top three states with the highest foreclosure rate are Delaware, Maryland and New Jersey.

Earlier this year, New Mexico received $3.3 million from a Bank of America settlement to fight home foreclosures. KRQE News 13 reported the state will give the money to legal aid groups helping homeowners with foreclosures.

Congresswoman Michelle Lujan Grisham will also host a workshop on home foreclosure prevention Saturday in Albuquerque. Her office announced homeowners can meet with several lenders and representatives from the state's Attorney General's office to get legal advice.

The workshop takes place July 30 from 9 a.m. to 3 p.m. at Edward Gonzales Elementary 554 90th Street SW.