Interest Rates Drop to 4.60%

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 30, 2010.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.4 percent compared with the previous week.

Source: Greater Albuquerque Board of Realtors -03 Aug 2010

2nd QTR 2010 Market Recap for the Greater Albuquerque Metro Area

• Homes sales for single-family detached homes in the Greater Albuquerque Market Areas are up 20.55 percent from 2nd Quarter 2009; condo/townhome sales saw an increase of 48.09 percent from the same period.
• 11 MLS areas in the City of Albuquerque and City of Rio Rancho saw positive increases in both home sales and sales prices when compared to 2nd Quarter 2009. 

To View the Complete Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors - 21 July 2010

Monthly Highlights

•723 single-family detached homes were reported sold for June 2010, an increase of 11.40 percent from a year ago.

•The median sale price for single-family detached home sales in June climbed to $181,000, the highest monthly median sales price since Aug. 2009.

•Pending home sales for single-family detached homes in the Greater Albuquerque market areas are up 7.52 percent from the previous month.

To View the Complete June Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors -12 July 2010

"With mortgage rates falling to historic lows, refinance activity has been strong over the past three months," said Frank Nothaft, Freddie Mac's chief economist. The Bureau of Economic Analysis reported that the effective mortgage rate of all loans outstanding was just below six percent in the first quarter of 2010, the lowest since the series began in 1977. Since the start of the second quarter, two out of three mortgage applications on   average were for refinancing, according the Mortgage Bankers Association.

Household balance sheets also improved in other ways over the first three months of the year. The Federal Reserve (Fed) reported household net worth rose by almost $1.1 trillion in the first quarter of 2010. The share of credit card loans that were 30-days or more past due fell to the lowest since first quarter of 2002, according to the American Bankers Association. Finally, the aggregate household debt burdens were at a level not seen since the third quarter of 2000, based on the Fed’s debt service ratio.

Source: Greater Albuquerque Board of Realtors - 08 July 2010

May Monthly Highlights

•731 single-family detached homes were reported sold for May 2010, the highest number of May sales since 2007.

•Compared to May 2009, detached home sales in Albuquerque are up 28.09 percent and Rio Rancho sales rose 37.08 percent from the same period.

•The median sale price for single-family detached home sales stayed at $175,000 for the 3rd consecutive month.

To View the Complete May Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors -10 June 2010

1st QTR 2010 Market Recap for the Greater Albuquerque Metro Area

• Homes sales for single-family detached homes in the Greater Albuquerque Market Areas are up 19.95 percent from 1st Quarter 2009.
• Ten individual MLS areas saw increases in the median and average sales prices when compared to 1st Quarter 2009.

To View the Complete Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors

Monthly Highlights

• March saw signficant increases in single-family detached home sales, up 36.34 percent from March 2009 and up 66.84 percent from the previous month.

• There were 1,077 Pending sales for single-family detached homes in March 2010, rising 43.98 percent from the previous year and up 38.25 percent from the previous month. This is the highest number of Pending sales for single-family homes since June 2007. 

To View the Complete March Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors

Monthly Highlights - February

• February saw 380 single-family detached home sales, up 10.79 percent from February 2009 and up 8.88 percent from the previous month.

• Pending sales for single-family detached homes are up 46.98 percent from the previous year and increased 5.27 percent from the previous month.

• Market activity in the Rio Rancho areas shows significant improvements when compared to February 2009, with a 37.35 percent increase in detached home sales and a 104.11 percent increase in the number of Pending sales.

To View the Complete Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.

• Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
• Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
• Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
• Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

Source: McClatchy Tribune, Kate Forgach (02/07/2010)