Metros in four states; Arizona, California, Florida and Nevada accounted for 47 percent of the more than 1.6 million households facing foreclosure in the country during the first half of the year, according to DataTrac statistics. The concentration of foreclosure activity in those four states has held true for more than two years.
Residential real estate markets in those four states are the poster children of the housing bubble. Home prices inflated to unrealistic high levels as lax mortgage-lending standards allowed buyers with sketchy credit to close on homes. After the mortgage meltdown of mid-2007 and subsequent economic recession, home prices plunged and foreclosures surged.
From statewide perspective, New Mexico has moved from modest foreclosure activity in 2008, when it ranked 37th among states, to more widespread activity. Ranked at 24th during the first half of 2010, New Mexico saw one out of every 675 households received a foreclosure related notice.