A couple was arrested by authorities after they have been caught committing a bank foreclosures-related scam. They advertised on Craigslist, acted as landlords and rented the property to a family of ten.
Home sales in the Albuquerque spiked by almost 20 percent in the first quarter as Albuquerque foreclosures drove down house prices. The average and median prices dropped to $209,283 and $172,000, respectively, in the first quarter.
Foreclosures in Albuquerque surged in January, as mortgages reset to higher rates and as the unemployment rate rose. The percentage of foreclosures rose to 2.4 percent of all residential properties in January.
Albuquerque foreclosure homes pushed down house prices and drove more sales in February. Foreclosures surged to 2.4 percent in January and pushed down the average house price from $226,343 to $206,600 in February.
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