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Investors Flipping Houses and People Looking for Homes Push Sales Up

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By : John Cutts    99 or more times read
People who are flipping houses and those who are merely looking for a new home to buy trekked to Albuquerque, New Mexico in December 2010 as pending sale agreements for existing dwellings rose in the metro area. Pending sale activities for these residences surged by 13% for the month compared with year-ago levels, according to the Greater Albuquerque Association of Realtors.

According to housing market analysts, rising interest in Albuquerque distressed homes and other existing residential properties presents a positive outlook for the city's housing market. They revealed that the last time the metro area recorded a year-over-year rise in pending sales was back in December 2005 when figures recorded a surge compared with December 2004.

Local housing data showed that pending sales for both city-based existing properties and also state-based existing homes, like New Mexico distressed homes, have improved during the month. Analysts believe that part of the reason for the rise in pending sales activities is the rise in interest rates. They explained that a rise in interest rates after weeks of decline signifies an improvement in the market and most buyers and investors who knew this are taking advantage of the situation.

In December, investors flipping houses and regular homebuyers got busy in Albuquerque as 450 transactions involving pending sales of existing single family houses were recorded. In the same period, a total of 505 single family residences were sold in the area, representing a 7.58% rise from the previous month, November 2010. In terms of prices, both median and average prices improved in the metro area during December.

Other types of residential properties, like fixer upper homes for sale and multifamily dwellings did well during the period. However, single family homes recorded the most improvements, with both sales numbers and prices showing better figures. Compared with 2009, prices of single family houses rose year-by-year for the fourth month in a row, while average selling prices jumped from year-ago levels for the sixth month in a row.

Housing market analysts are hoping that more homebuyers and investors flipping houses will come to Albuquerque in 2011 and help improve the area's home sales and prices. So far, the outlook for the area for the year has been positive.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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