MORTGAGE RATES AT 3 MONTH LOW

Long term mortgage rates dropped again this week, ending at an average of 5.12% down from 5.29%. The new rates were the lowest in nearly three months. Great time to buy! Just call Judy.

ACT NOW TO GET $8000 TAX CREDIT

Act Now To Get First Time Buyer Tax Credit
The $8,000 tax credit for first time buyers is working, drawing new people into the market and providing a big reason for growing home sales in metro Albuquerque. While the program ends November 30, as a practical matter, it ends in early September. That's because it typically takes from 45 to 60 days from signing a purchase agreement until a sale closes. You must close and fund on your new home by November 30 to quality for the tax credit.
The $8,000 tax credit is only for first-time home buyers. The law-the American Recovery and Reinvestment Act of 2009-defines "first-time home buyer" as someone who has not owned a principal residence during the three-year period before the purchase.
The tax credit is refundable. It could mean cash for you. If you pay less than $8,000 in federal income taxes, the government will write you a check for the difference.
Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross income is less than $75,000. For married couples filing a joint return, the income limit doubles to $150,000.
The tax credit especially appeals to people seeking more affordable homes. Inventories are low in this range. Homes are selling quicker and for higher prices. It's a sellers market for more affordable homes. If "more affordable" describes your home and you are considering selling, it is a good time to move up, to get that extra bedroom..
For higher priced homes, however, it's a buyers market. Inventories remain high for these homes. Plenty of choice exists and you can still get a good deal. For first time buyers, the New Mexico Mortgage Finance Authority created the Tax Credit Loan Program

TAX LIGHTNING STRUCK DOWN

Hurray for my good friend, Stephanie Dzur, who took on the Tax Assessor and won!! She protested the "tax lightning" regulation as unconstitutional. The judge agreed that bumping up the property taxes on properties when a purchase occurs is not fair. For other homeowners, taxes can only go up 3% a year, but for buyers the increase is unlimited. I listed a property yesterday where the taxes were $700 when he bought the home two years ago. The increase was $2200 per year a more than threefold increase which amounted to almost $250 per month. He's selling the house and moving out of State. Shame, as we say in Africa! For more information, check out this link: http://noproposition13innm.blogspot.com/

ABQ LISTED AS TOP CITY AGAIN!

Best Towns 2009America's Best Cities: Albuquerque, New MexicoNo. 6By Justin Nyberg

KEY STATS845,000: Population (metro)$182,000: Median home price B: Multisport grade 278: Average number of sunny days
A few cities in the Southwest enjoy their own versions of Albuquerque's main attractions: a surplus of sunshine, mild weather, and easy access to trails, rivers, and mountains—like the 10,678-foot granite escarpment above town. But what sets the Duke City apart these days is stability. Off the speculators' radar, Albuquerque was relatively unscathed by the circus-tent collapse of the housing market, even as its economy—bolstered by growth in the high-tech, film, and renewable-energy industries—has remained stable. The upshot? It now boasts the fifth-lowest unemployment rate among major U.S. cities. And when all those workers are ready to blow off some steam, the city welcomes them with more green space per capita than any on our list—including easy-access singletrack and the 38,000-acre wilderness just east of the city. Plus three ski areas (including the steeps of Taos), fly-fishing in the Jemez Mountains, and Class IV whitewater are all within day-trip range. Take that, Phoenix. It's also a good place to save: The low cost of living and reasonably high wages in professional fields put Albuquerque fifth on Salary.com's list of the best U.S. cities for building personal net worth—meaning you'll have all the more means to gear up for time off the clock.

So if you are tempted and want to buy a house here check out my listings at: http://judypierson.com/Albuquerque_NM_listings/index.shtml