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Prices of REO Properties for Sale Up in 4Q

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By : John Cutts    99 or more times read
Prices of residential properties, including REO properties for sale, improved in the fourth quarter of last year in Albuquerque, New Mexico. Both average and median selling prices recorded increases, according to data released by the Greater Albuquerque Association of Realtors. The rise in housing unit price is being seen by some housing market observers as a positive development for the area's industry.

The average price of non-foreclosed and foreclosed homes in Albuquerque sold during the October-December 2010 period was up by nearly 5% when compared with the same 2009 quarter. Houses sold for an average rate of $220,365 during the three-month period covered by the association report. Meanwhile, median selling rates also jumped during the last quarter of 2010.

The number of foreclosed homes in New Mexico is not as massive as in other U.S. regions, which might be part of the reason for the strong price performance of the area's housing sector. For October-December of last year, median selling rate was up by 2.29% compared with the same 2009 three-month period. Median rate was at $179,000 last quarter. The median price is the middle rate between houses sold above the median price and those sold below that level.

In terms of number of housing units sold for the fourth quarter, Albuquerque was able to unload 1,634 units, including non-foreclosed, distressed and REO properties for sale. Sales for the period reached a total worth of $348.5 million. Local realtors stated that the figure gives the metro area its strongest average selling price for a fourth quarter since 2007.

Although housing industry analysts welcomed news of improvements in home pricing levels, they warned that the market is unlikely to achieve a recovery this year. Majority of market analysts believe that the number of distressed and foreclosed houses will rise again in the coming months, mainly due to unemployment levels remaining high in the whole U.S.

They also stated that foreclosed and REO properties for sale numbers might even be higher this year than the total recorded in 2010 as the foreclosure crisis is expected to peak in 2011. However, analysts admitted that Albuquerque and the rest of New Mexico are still in better positions compared with most of the country's markets.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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