The Greater Albuquerque Association of Realtors has made its Home Sales Report available for the month of October, 2008.

The report shows that the Albuquerque Area continues to see market conditions that favor home Buyers. Listing inventory remains close to 6,000 listings. This is approximatly where it has been for most of the year.

In October 1,411 new detached residential listings hit the market. This is down 6% from last month, following a similar trend for the last 3 years. 1,086 homes Closed. This is down from last month, but the decrease is not unusual given the time of year.

Pending Sales in Albuquerque are virtually unchanged from last October, going from 406 to 402. Pending Sales in Rio Rancho went up 2% from last year at this time.

The median price for detached homes has gone up since last month. The highest increase was in condo and townhome sales with an 18% increase in the Median Sales Price from last month.

Sellers can expect to sell their single-family homes in approximatly 72 days and condos/townhomes typically sell within 53 days. The days on market for home sales in October went down from last month.

The full report is available HERE.

Labels: Albuquerque, Market Stats

Today, Business Week Magazine named Rio Rancho as the number one city in the state to raise kids in 2009. Santa Fe was runner up on the list.

Steve Hardy

Labels: Press, Rio Rancho, Santa Fe

I have been using virtual tours for years to sucessfully market property over the internet. I have just implemented a new Adobe Flash based virtual tour system that I think makes for an even more imersive experience. Take a look at one of my tours:

http://www.429Sandoval.com

Steve Hardy
505-670-5604

Labels: Marketing, Technology

Lower mortgage rates encouraged more applications, pushing the Mortgage Bankers Association applications index up 11.9 percent on an adjusted basis from 379.9 the previous week to 425 last week.

On an unadjusted basis, the index increased 10.5 percent compared with the previous week and was down 40 percent compared with the same week a year ago.

Refinances increased 16.1 percent while conventional purchases rose 6.5 percent and purchases using government loans jumped 15.3 percent.According to the association, 30-year fixed-rate mortgages decreased to 6.24 percent from 6.47 percent; 15-year fixed-rate mortgages decreased to 5.90 percent from 6.14 percent; 1-year ARMs decreased to 6.18 percent from 6.86 percent.

Source: Mortgage Bankers Association (11/13/2008)

Labels: Finance, Mortgage Rates, Mortgages

Citigroup Inc. announced Monday that it is putting a moratorium on most foreclosures as it reaches out to 500,000 home owners who are not currently behind on their mortgages but who are deemed to be a potential risk.

The company will assign 600 salespeople to assist the targeted borrowers by adjusting their rates, reducing principal, or increasing the term of the loan.

Citigroup reported losses in the last four quarters. Monday’s action is designed to stem the flow of red ink.

"Typically the lender loses the most money when a house goes into foreclosure," says Barry Zigas, director of housing policy at the Consumer Federation of America.

Source: The Associated Press, Sara Lepro (11/10/08)

Labels: Finance, Lenders, Mortgages

The Bush Administration announced a plan Tuesday that would use part of the government’s $700 billion in bailout money to encourage loan modifications so that borrowers would receive more affordable loans that requires less than 38 percent of their income to pay.

To qualify, borrowers must live in their homes, not be in bankruptcy proceedings, and owe at least 90 percent of the value of their home.

Fannie Mae and Freddie Mac would administer the program.

Critics say that the plan won’t work. FDIC Chairman Sheila Bair said it "falls short of what is needed to achieve wide scale modifications of distressed mortgages."

Source: The Wall Street Journal, Damian Paletta, Jessica Holzer and Ruth Simon (11/12/08)