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Albuquerque Distressed Properties for Sale Still Surging

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By : Allana Castro    99 or more times read
Albuquerque distressed properties for sale are still surging in number as more foreclosure cases were filed in April compared to the previous month. The rate of foreclosure in Albuquerque rose from 1.75 percent in April last year to 2.33 percent in March and then rose further to 2.41 percent in April this year.

Job losses, readjustment of flexible rate mortgage loans and the effects of the recession continue to be the major factors of mortgage defaults and repossessions in the city.

Based on data from a major provider of listings of distressed homes, there are currently 4,688 existing homes for sale, 11 new homes and 2,524 units of Albuquerque distressed properties for sale and foreclosed units for sale. The foreclosure inventory makes up 35 percent of all homes for sale in the city.

While the current average listing price increased in the last week of June to $283,788, the median price for all homes sold in May dropped by 2.4 percent to $146,339.

Among the foreclosure homes in Albuquerque currently for sale are a condo priced at $168,717; a single-family home priced at $141,186; a three-bedroom house priced at $128,500; and another three-bedroom two bath home priced at $154,900.

In April, sales of previously-owned homes increased in Albuquerque by almost 28 percent over the year to 477 units, based on sales data from the Greater Albuquerque Association of Realtors. Overall house sales yielded $139.4 million, marking a jump of 25 percent from total sales one year earlier. Just like in other cities, the deadline of the federal tax credit program prompted more buyers to make their home purchases in April.

Similarly, the sales of distressed homes in New Mexico in April were largely driven by efforts of buyers to take advantage of the tax credits.

The number of Albuquerque distressed properties for sale has been rising as more mortgage lenders have been approving short sale proposals from distressed homeowners.
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