New Mexico’s Mortgage Market Remains Tight

As the national housing economy continues to recover from the financial crisis caused by “predatory” mortgage lending, mortgage seekers in New Mexico are still finding it hard to secure a loan. The Home Mortgage Disclosure Act records show that in New Mexico last year, 39% of mortgage applications were unsuccessful—a slight drop from the 44% of applications that went unfunded in 2011. New Mexico logged $9.6 billion in funding for mortgages last year, with $6.2 billion in unfunded applications. Nationally, only 34% of mortgage applications did not receive a loan in 2012.

Read more at Albuquerque Business First