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Sales of REO Properties for Sale Up in New Mexico

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By : John Cutts    99 or more times read
Housing unit sales, including REO properties for sale, jumped in New Mexico during December 2010. Although full year total is still lower than 2009 levels, December figures showed a month-over-month increase, according to the Realtors Association of New Mexico.

Non-foreclosed and foreclosed homes in Santa Fe, NM, recorded the best performance among all counties in the state. Not only are December sales higher when compared with the previous month, Santa Fe was also the only county in the state that recorded a year-over-year increase in housing unit sales.

A total of 1,009 housing units, including non-foreclosed and foreclosed homes in New Mexico, was sold in December. This represents a 3% increase from the November 2010 total of 981. However, full year data showed that last year's total sale of 13,372 represented a dip of 3.7% when compared with the 2009 full year total. Counties like Santa Fe, Los Alamos, Dona Ana, and Bernalillo all recorded higher unit sales for December compared with the previous month.

The median price of housing units sold, including REO properties for sale, during the month of December was pegged at $178,000, rising from the $175,000 median price recorded in November of last year and December 2009. For the full year of 2010, median selling price was at $174,900, representing a 0.6% decline when compared with the full year 2009 median rate of $176,000.

Properties under lists of foreclosed homes for sale are commonly sold at prices that are between 10% and 15% lower than ordinary houses. The prices of distressed residential properties in the state remained flat during December compared with the previous month. Another good news for the state was that pending contracts for housing sales also increased in December, marking the fifth month of increase in this segment within a six-month period.

According to state realtors, the positive performance of the housing market has a lot to do with the state's improving economy and a gradually stabilizing job market. The affordability of residences like REO properties for sale is also attracting buyers to the state, particularly with interest rates only rising slightly in the last few months of 2010.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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