| Home Appreciation
THINKING OF INVESTING IN A NEW HOME?
RATES ARE VERY LOW AND PRICES ARE STABLE!!
The Office of Federal Housing Enterprise Oversite has been changed to the Federal Housing Finance Agency. The latest quarterly report has New Mexico in 10th position out of 50 States and the District of Columbia, while Albuquerque declined to 152nd (from 115th) out of 292 markets. Despite steeper down trends in many parts of the country, the Albuquerque housing market appreciation rate continues to be slightly negative, but fairly stable. The report now has New Mexico's appreciation rate at -1.32% for the past 4 quarters with the 4th quarter, 2008 at -1.63%.
The Housing Stimulus Plan will help "first time" home buyers that buy before December 1, 2009 with an $8,000 tax credit that will not have to be paid back if the home is held for 3 years. This should also help "move up" buyers that are currently struggling to get their homes sold to take advantage of low interest rates. Other items in the plan may help reduce foreclosures. Interest rates are declining and are now between 4.75% and 5.00% for credit worthy buyers.
Investments can go up or down; and no one has a crystal ball. No one can guarantee real estate will continue to rise or fall as it has in the past years, but you can make a wise decision if you are well informed.
Inventories of homes for sale have declined in Albuquerque over the past several months. There are approximately 6,300 homes for sale. Albuquerque still has a low foreclosure rate when compared to other parts of the country, but short sales and foreclosure sales have increased during the past few months. Other home sales are dropping when compared to last year, but homes that are priced correctly are still selling. Days on the market is approaching 90 days.
I invite you to visit the website of the "Federal Housing Finance Agency." This government site tracts 292 major real estate markets throughout the United States. It publishes a quarterly report around March 1st, June 1st, September 1st, and December 1st. The report has valuable information for the Home Buyer or the Investor or anyone else wishing to know how the real estate market is fairing in their area or nationwide.
You can also see past reports; the trend in Albuquerque is still amazing... now would be a great time to buy!!!
If you want a snapshot of trends in Albuquerque, click on the Albuquerque Marketing site below. This will take you to the Albuquerque MLS site with marketing trends published monthly.
Try these sites and let me know how you like them. They are a must for the home buyer and the investor!!
National Home Appreciation
Albuquerque Marketing Update
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