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Bank and HUD Foreclosure Listings Affect Home Sales in Albuquerque

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By : John Cutts    99 or more times read
Some housing market analysts have asserted that the big number of properties under bank, government and HUD foreclosure listings in Albuquerque, New Mexico has affected home buyers' confidence in the market, resulting in lower sales for the 2010 third quarter.

According to the latest housing data, Albuquerque home foreclosures list continued to scare off buyers, with home sales recording a 23% drop in the third quarter of the current year. For the month of September, the decline is over 27% and pending home sales are 29% lower than previous periods.

Housing experts have also stated that higher sales recorded in the first two quarters of 2010 have a lot to do with the federal tax credit program that helped thousands of home buyers make purchases, even with the huge supplies of properties in New Mexico foreclosure listings. The April 30 deadline however, has also ended the interest of buyers towards home purchasing, they further added.

In addition to the issue of bank and HUD foreclosure listings, home buyers are also worried by the unemployment rate of the state. Consumer confidence has also declined considerably in the area, analysts have added, with potential buyers reluctant to let go of any money they have for fear of losing their jobs and losing a big chunk of their household income.

Meanwhile, housing data also find foreclosure list and existing housing lists in the Albuquerque metro dropping for the third quarter compared with the same 2009 period. However, sales prices for the quarter in focus did increase when compared with the 2009 third quarter. Sales activities in certain areas of Albuquerque, Bernalillo, North Valley and Placitas also exhibited improvements.

However, housing data showed that these increases in selling activities are isolated and can be found only in some pockets of certain counties. Housing industry observers have attributed the isolated cases of increased sales activities to the lower interest rates being offered to consumers.

In terms of dollar equivalents, houses sold during the third quarter are valued at $104.3 million, representing a 25% drop when compared with the 2009 third quarter. Industry observers are expecting sales for both regular dwellings and properties under bank and HUD foreclosure listings to remain low until the first half of 2011.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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