Sustainable TV series in NM

So with "crash" filming finished, it looks like season two is on its way. And with "In Plain Sight" and that bad boy "Breaking Bad", NM is on a roll. About time we see some home buying here!! What more can I say?? Look at "Crash" and know that this is a much better place to live! I will never go back to LA! Give me a call and we'll go look at houses. Great time to buy.

LET'S TALK FORECLOSURES

So I have had a couple of friends who have quietly admitted that the bank may foreclose on their homes. Now, this is happening in low priced homes all the way up to those over a million. Financial troubles these days are blind to socio-economic status or original home value. Not being able to make house payments or going bankrupt can happen to anyone. So let's talk about what you can do with your home. Unfortunately, I have gained some expertise and success in implementing options to losing your home.
Why not let your home go? Big one, other than the emotional toll, is that your credit will not recover for quite a while unless it can be documented that it was a hardship event like an illness or death.
So what else can you do? There are two good alternatives. The first is to TELL, don't ask, the lender that you want to re-negotiate your loan to a lower payment. They have to consider it and the process will take 3-6 months so in the meantime you can try to sell it unless they come up with a new rate that you can afford even if it is just for a year or two until you get back on your feet. If you have already missed payments, make this call!
If you have missed up to three payments, call and tell them you want to sell your home as a short sale and to send you the package. A short sale is where the current value plus seller closing costs is greater than the mortgage. In a short sale, you are asking the lender to swallow the difference, not you. So if it will cost $120,000 to sell your home and you owe $100,000, then they agree to absorb the difference. There is no real negative to you although they can file with the IRS so that you might have to pay taxes on the $20,000, but they are so busy that they rarely do that. This option will not negatively affect your credit especially if you get the bank not to report the late payments or short sale. It's worth a try.
When the bank sends you a foreclosure notice, you will have 3-4 months before they get proactive. It is important for you to get the home on the market ASAP at a price that will sell, and to call and ask for the loan re-negotiation so their clock stops ticking. That will give you time to sell for sure.
So what is the first step? Call me. I will have you get information from the lender or lenders and then we will do a realistic market analysis on your home. Then we can make a plan. Don't be embarrassed. It can happen to anyone. I can help and will support you every step of the way.

ASTONISHING REAL ESTATE VALUES

Lest anyone think that ABQ has had the same issues as California and other real estate distressed states, our appreciation before the declines was 12% compared to an average of 6% a years. So here's what happened in Calif:

"- After spending most of the 1990s in the $250,000 range, the median-priced home that was sold in the seven-county San Francisco area rose to a staggering $850,000 by its May 2007 peak. It since fell to a low of $399,000 in February - a 53% drop in just 21 months - before posting its first monthly gain in March, albeit a 1% uptick. The median is expected to continue rising at a healthy clip in months ahead since it’s now at the level of nine years ago, before the bubble began inflating.
- California’s statewide inventory of unsold homes - based on the number on the market divided by the present monthly sales rate - stood at a 15.2 months supply in February, 2008. That figure was down to 5.8 months in March, near the historic average."

ABQ Ranks High as Place to Live

US News and World Report has ranked ABQ in its top ten most liveable cities with Kiplinger's Personal Finance magazine ranking it as the second best city. Both of these considered the economy, weather, natural beauty and recreational and work opportunities. ABQ is HOT!

JOB PICTURE IMPROVES

Friday's Jobs Report showed that 345,000 jobs were lost in May, far better than expectations for 520,000 jobs lost. And adding to the positive tone were revisions to the two prior months, showing 82,000 fewer jobs lost than previously reported. So all in all, about 260,000 fewer jobs lost than had been forecast.

New Mexico's real gross domestic product rose 2% in 2008, making the state the ninth highest for inflation adjusted economic growth in the country. We are beginning to see more real estate activity as confidence is gained. The big barrier is the tight control lenders have on credit. It certainly doesn't seem like anyone wants to lend money and the appraisers are coming in with ridiculously low values. Realtors are earning their keep trying to find willing lenders and fighting unwilling appraisers, that's for sure!!!

Housing Sales up for 3 Months

Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7% to 90.3 from a reading of 84.6 in March, and is 3.2% above April 2008 when it was 87.5.
Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”
The Pending Home Sales Index in the Northeast shot up 32.6% to 78.9 in April and is 0.8% above a year ago. In the Midwest the index rose 9.8% to 90.4 and is 11.1% above April 2008. The index in the South slipped 0.2% to 93.0 in April but is 3.5% higher than a year ago. In the West the index rose 1.8% to 94.8 but is 2.9% below April 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are numerous buyer assistance programs around the country. “Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,” he said.
“Just last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger downpayment. Buyers who are wondering about their options should contact a Realtor®, who can advise consumers on the housing assistance programs and resources available in a given area.”Read more: "Pending Home Sales Up for Three Months in a Row RISMedia" - http://rismedia.com/2009-06-02/pending-home-sales-up-for-three-months-in-a-row/#ixzz0HNbSYHWN&A

Cool Video on ABQ

What Albuquerque wants, Albuquerque gets -- and the city and state crave high-tech jobs, especially in the renewable-energy industry.http://link.brightcove.com/services/player/bcpid271539280?bctid=23941075001

Albuquerque #2 Of Nation’s Best Cities

Kiplinger’s Personal Finance analyzed 258 metropolitan areas, including visits to the top ten finalists, before ranking Albuquerque as the nation’s second best city for living and work. Huntsville, Alabama, with a large aerospace and missile-defense industry, ranked first. In researching Kiplinger’s Best Cities this year, the authors kept the focus on best places to live. But they wanted to emphasize the best cities for work, too. So they selected those that have stable employment rates in key job areas as well as provide new career opportunities. A premium was put on places that will lead the country in employment growth when the recovery takes off.” Albuquerque is “a beautiful, wonderful place.”
In a Time magazine article in May in an article on where jobs are going and how they are changing, New Mexico was ranked #2 for job growth at a rate of increase of 2% new jobs a year. For both surveys, the rating was influenced by the growth in the movie industry jobs as well as continued technology growth, especially in the solar energy sector. CNN last week in their “Bottom Line” show, reinforced this observations saying we are attracting creative class type jobs --- movie related, engineering, design, etc. So much for being known as a call center mecca. ABQ has evolved to a whole new level of trained professionals.
All of this bodes well for our real estate. With continued high employment, low foreclosures and steady job growth, ABQ is a good place to invest in housing. Our decline in home values seems to have leveled off as sales pick up.