ALBUQUERQUE, NM REAL ESTATE UPDATE

Our news isn't as bad as elsewhere in the US and that's the good news! If activity on our website is any indicator which it usually is, we are seeing up to 3-4 inquiries a day. Granted some are related to out-of-state investors wondering about selling their investment rental homes and others are looking for good deals on foreclosed properties. Our foreclosure rate is still very low at less than 5% although that may get worse.
What we do see are people moving here for one reason or another. HP is starting to ramp up in Rio Rancho in anticipation of their new site there so we are seeing some early movers. People are just wanting to move here and who can blame them.
Our housing market has seen some decline in listings to below 7000 at the end of October so that is increasing the activity on those that are still listed. We still have about a 10 month supply, but compare that to 2-3 years elsewhere. Our median home value has gone down about 6% year to day compared to over 25% elsewhere. What we do expect to decrease is the number of realtors who have to quit by year end or pay large association dues. Many thought real estate was an easy game and rushed in two years ago. Those of us who have been in the business awhile know better and we will still be here. Our business, in fact is up 5% since last year so guess we will be staying. Of course we will!