I was little sad see this story, but then I saw that Orlando had dropped 24%, so all in all Albuquerque is holding up pretty well in this crazy real estate market. This is also one more indication that home affordability is at a level that many more people will be able to get into a home. I saw some statistics last week that show that home affordability is at a level that the United States is not see in 30 years. This may be the best time in our lifetime to buy a home, especially if you are a first time buyer because there is the $8,000 tax credit. Of course the bad news is that you are one people that bought the home at the peak of the market in 2006 and have to sell right now, it really difficult (to say the least).
My personal opinion is that the
Albuquerque real estate market is going through a bottoming-out phase and I think prices will start to stabilize.
Here is the article from the Business Weekly...
Duke City home prices dip 2.4 percent - New Mexico Business Weekly:: "Home prices in Albuquerque decreased 2.4 percent in February compared with a year ago. In January, the Duke City showed a 2.48 percent decline, according to newly released data from real estate research provider First American CoreLogic."
