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Albuquerque Foreclosure Auctions Occur Amid Economic Growth

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By : John Cutts    99 or more times read
Amid the reality of Albuquerque foreclosure auctions, the city has been performing well economically, based on home sales reports and on the MetroMonitor report of Brookings Institution.

In the Brookings report, which studied the production output, employment and housing conditions in the largest 100 metro areas in the nation, the city of Albuquerque ranked seventh in gross metro product. The total value of products and services coming out of Albuquerque increased by 1.8 percent in the most recent quarter.

The top-performing metro area is the Washington, D.C. region and the second- to sixth-ranking areas posted gross metro product growth rates that ranged from 2 percent to 4 percent. Texas has three metro areas in the top-ten list.

One factor helping Albuquerque recover from the effects of the recession is the continued increase in home sales. The Greater Albuquerque Association of Realtors reported a 20-percent jump in the total sales of pre-owned homes in the first three months of this year.

The total dollar volume of single-family and condo sales in the first quarter spiked to $320.3 million, consisting of $295.7 million in sales of detached single-family properties and $24.6 million in sales condos and townhomes. These sales included residential units repossessed by banks through Albuquerque foreclosure auctions.

First-quarter sales of single-family homes marked a growth rate of 16.6 percent while condo and townhouse sales marked an increase rate of a stunning 40 percent.

Although the pace of entry of properties into foreclosure auctions in New Mexico rose in the first quarter, the increase was only one percent and total foreclosure filings in the state represented only 0.36 percent of the 932,234 nationwide filings during the quarter.

In addition, the total number of units that became real estate foreclosed homes in New Mexico during the quarter accounted for only 0.26 percent of the 257,944 units bought back by banks nationwide in the first quarter.

In the first quarter, New Mexico ranked 28th in foreclosure rate. In March, the state ranking moved down by three places from 25th in February to31st, indicating significant improvements in the foreclosure situation statewide.

Nevertheless, people looking for foreclosed properties in Albuquerque can still find attractively-priced units. Among the counties of New Mexico, Bernalillo, where Albuquerque is the administrative city, posted the highest number of foreclosure filings.

The 365 residential units that became real estate owned during the quarter in the county included a big percentage of properties repossessed through Albuquerque foreclosure auctions.

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