Albuquerque Real Estate Blog

Mortgage Rates Down Again; 30-Year Fixed At 4.42% - Freddie

Fri, 20 Aug 2010 22:44:00 GMT

The 30-year fixed-rate mortgage averaged 4.42% for the week ended Thursday, down slightly from the prior week's 4.44% average and 5.12% a year ago. The average for 15-year fixed was 3.9%, down from 3.92% the previous week and 4.56% a year earlier.

The 30 and 15-year fixed mortgage are at their lowest points since Freddie began tracking such rates, in 1971 and 1991, respectively.

Source: Greater Albuquerque Board of Realtors -19 August 2010

MBA: Interest Rates Hit Record LOW!

Wed, 18 Aug 2010 01:00:00 GMT

Mortgage applications to purchase homes rose 0.3 percent on an adjusted basis last week, virtually unchanged from the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases decreased 0.3 percent compared with the previous week and were 34.1 percent lower than they were the same week a year ago.

This trough in purchases comes despite the fact that 30-year fixed rate mortgages are at the lowest level they’ve been since the MBA began keeping track:

30-year fixed-rate mortgages decreased to 4.57 percent from 4.60 percent.
15-year fixed-rate mortgages decreased to 3.95 percent from 4.03 percent.
1-year ARMs decreased to 7 percent from 7.10 percent.

Source: Greater Albuquerque Board of Realtors -11 August 2010

Albuquerque Metro – July 2010 Market Report

Tue, 17 Aug 2010 01:00:00 GMT

Monthly Highlights

• July saw a 14.06 percent decrease in pending sales and 24.22 percent decrease in closed sales, when compared to the previous year.

• The median sale price for single-family detached home sales rose in July to $186,000, up 0.54 percent from the previous year and up 2.76 percent
from the previous month.

• Active listing inventory for single-family, detached homes is at 5,803, up 5.97 percent from the previous year.

To View the Complete July Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors -06 August 2010

CNN: Rio Rancho Among Best Places to Live in U.S.

Mon, 09 Aug 2010 01:09:00 GMT

Is Rio Rancho a Great Town or What.....

WINNER

Top 100 Rank: 51

Population: 82,000

This safe, family-friendly suburb of Albuquerque is home to events like the annual Pork & Brew, a large BBQ festival and competition.

Rio Rancho has a new downtown area that is a developing hub for recreation and business. It currently houses City Hall, HP call center and the Santa Anna Star Center, a sport and concert arena.

Foreclosures have been a problem in New Mexico and Rio Rancho is not an exception. The plus side: House hunters can snap up bargains.

Source: CNN Money.com - 18 July 2010

Interest Rates Drop to 4.60%

Thu, 05 Aug 2010 01:00:00 GMT

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

Albuquerque Metro – 2nd Quarter 2010 Market Report

Fri, 30 Jul 2010 01:00:00 GMT

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

Short Sales Become More Challenging

Fri, 23 Jul 2010 23:22:00 GMT

Foreclosures are on the rise and distressed homeowners are seeking alternatives to losing their homes to foreclosure. But with millions of distressed homeowners, others are deciding to short sell their homes or just walk away from homes that have lost value. And most aren't worrying about the consquences.

Before you make this decision, keep in mind that banks are taking a harder look at everyone's financial situations. You need to make a honest effort to address your financial situation and be prepared to share your finances with the bank to justify your need for a loan modification or short sale. But for those who just want to "walk away" the consequences could be dire.

To learn more view the story below featuring Deanna Dopslaf, The Red Truck Realtor!

Albuquerque Metro – June 2010 Market Report

Wed, 14 Jul 2010 01:00:00 GMT

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

Freddie: 30-year fixed-rate mortgage at Record Low

Sat, 10 Jul 2010 21:30:00 GMT

"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

Should I Buy a Home Now?

Tue, 29 Jun 2010 01:00:00 GMT

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

Albuquerque Metro – May 2010 Market Report

Sat, 12 Jun 2010 01:00:00 GMT

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

May 2010 - This Month in Real Estate

Sun, 23 May 2010 01:00:00 GMT

The Keller Williams Realty - May edition of This Month in Real Estate looks at the effect of the home buyer tax credit, the overall health of the housing economy and what sellers can do to make the most of the market

ALERT! - LOAN MODIFICATION SCAMMERS

Thu, 20 May 2010 01:00:00 GMT

6 Things You Should Know About Loan Modification Scams

Scams aren't always easy to spot – but it helps if you know the warning signs to look for. Here are six red flags to indicate that you may be dealing with a loan modification scammer:

A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. They may pocket your money and do little or nothing to help you save your home from foreclosure.
A company/person guarantees they can stop a foreclosure or get your loan modified. Nobody can make this guarantee to stop foreclosure or modify your loan. Legitimate, trustworthy HUD-approved counseling agencies will only promise they will try their very best to help you.
A company/person advises you to stop paying your mortgage company and pay them instead. Despite what a scammer will tell you, you should never send a mortgage payment to anyone other than your mortgage lender. The minute you have trouble making your monthly payment, contact your mortgage lender.
A company pressures you to sign over the deed to your home or sign any paperwork that you haven't had a chance to read, and you don't fully understand. A legitimate housing counselor would never pressure you to sign a document before you had a chance to read and understand it.
A company claims to offer "government-approved" or "official government" loan modifications. They may be scam artists posing as legitimate organizations approved by, or affiliated with, the government. Contact your mortgage lender first. Your lender can tell you whether you qualify for any government programs to prevent foreclosure. And, remember, you do not have to pay to benefit from government-backed loan modification programs.
A company/person you don’t know asks you to release personal financial information online or over the phone. You should only give this type of information to companies that you know and trust, like your mortgage lender or a HUD-approved counseling agency.

Source: www.loanscamalert.org - 19 May 2010

Albuquerque Metro – April 2010 Market Report

Mon, 10 May 2010 01:00:00 GMT

Monthly Highlights

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

•Pending home sales for single-family detached homes are up 52.03% from the previous year and increased 18.01% from the previous month. April 2010 is the 2nd month this year that pending home sales passed the 1,000 mark.

•The median sale price for single-family detached home sales held steady at $175,000 for the 2nd consecutive month.

To View the Complete April Albuquerque Metro Market Report!

Source: Greater Albuquerque Board of Realtors -10 May 2010

Albuquerque Metro - 1st Quarter 2010 Market Report

Mon, 26 Apr 2010 01:00:00 GMT

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

Foreclosures Up 35%, Loan Modification Program a Bust for 94% of Applicants

Sat, 17 Apr 2010 01:00:00 GMT

Visit msnbc.com for breaking news, world news, and news about the economy

What are your thoughts on the foreclosure crisis? Are you a family in distress? You are not alone and there are options for homeowners. Just contact us here at Red Truck Realtor or visit www.ShortSalesNewMexico.com for more information.

Albuquerque Metro - March 2010 Market Report

Tue, 13 Apr 2010 01:00:00 GMT

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

Assessor’s Office to Release Notice of Values

Sun, 11 Apr 2010 01:00:00 GMT

Bernalillo County Assessor’s Office to Release Notice of Values

Bernalillo County Assessor Karen Montoya has announced that Notices of Values for the following assessments will be mailed out to taxpayers. Notice of Values for Agricultural/Livestock, Business Personal Property and Mobile Homes will be mailed out on March 31, 2010. The protest period for these assessments will be from April 1, 2010 to April 30, 2010. Assessor Montoya encourages the public to review their Notice of Values after they are received.

Assessor Montoya would like to convey to the public that, “the Assessor’s Office will be working with taxpayers during the protest period. Appraisers will be available to help resolve issues and answer questions they may have regarding their assessments.”

In addition, Notice of Values for Real Property (Residential and Non-Residential) will be mailed out on April 20, 2010. The Assessor’s Office will begin its annual protest period for Real Property beginning April 21st. Assessor Montoya adds, “We are here to serve the public and to facilitate the needs of all Bernalillo County taxpayers.”

Source: Greater Albuquerque Association of REALTORS® - 6 April 2010

“Is My House Overpriced?”

Thu, 01 Apr 2010 01:00:00 GMT

4 Ways to Check if it’s Time to Reduce Your Listing Price!

It’s a question that crosses every seller’s mind at some point if they’re attempting to sell their property. Properly pricing a home to sell can be tricky, especially if a seller is trying to sell in a slow market or if their home value has depreciated since they purchased it.

Still, it’s crucial that the listing hits the market with an attractive, and reasonable, price tag. Despite knowing this, some sellers will attempt to list a property above market value with the old “start high, come down later” routine, but this poor practice can leave a home stale on the market with little hope of selling.

So if you’re sitting around wondering, “Is my house overpriced?” then ask yourself these 4 questions first:

1. Is my home priced to compete with neighboring listings?
Before putting your home on the market, your agent should have presented a comparative market analysis – or CMA – to determine what the ideal listing price is for your home. Review all of the recent activity in your area to weigh the likelihood of your home selling at the price in mind. If your house is listed far above what any home in the area has recently sold for, then the answer to the question “Is my house overpriced” is a resounding YES!

2. There has been little or no interest in my home since it hit the market?
Houses fresh on the market generally experience a large amount of showings within the first few weeks of being listed. If your house has had little traffic (and isn’t in shambles) then you may need to reduce the listing price. Don’t get stuck in “we’ll just see what happens” mode – a home sitting on the market for too long makes buyers wonder if there’s something wrong, which will only add to the issue.

3. Have there been showings, but no offers?
This scenario is where sellers may find themselves asking “Is my home overpriced?” on a near-daily basis. If you’re at this point and your home is priced well above comparable homes also for sale in the area, it may be time to reduce the listing price. If you’ve done your homework and priced your home according to the CMA from the start, then it may just be the right buyer hasn’t come along yet.

4. Did you interview multiple agents and pick the one that suggested the highest listing price?
A good real estate agent will present the most comprehensive data in order to build a solid case for the suggested listing price. If you speak to multiple agents, all suggesting listing prices in the same ballpark, then you’re being pointed in the right direction. If you come across an agent that strays from the pack – run. These agents may not be experienced in your area or have your best interest at heart.

Once you’ve answered the questions above, answering your original question of “Is my house overpriced” should be a cinch and your next course of action should be a given.

If your house is overpriced, have a sit-down with your listing agent to determine what the listing price should be reduced to. If it’s not, call a meeting with your agent to see how you can get more exposure for your listing and draw in more buyers.

Source: Rick - ShowingSuite.com - March, 2010

Albuquerque Metro - February 2010 Market Report

Mon, 29 Mar 2010 01:00:00 GMT

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