Albuquerque and Rio Rancho tend to be insulated from the extreme price swings that affect housing markets on the East and West coasts reports an industry spokesman in Albuquerque in the Sept 9 edition of Albuquerque Journal. The 16% to 18% price appreciation that some homeowners saw between 2003 and 2006 was an anomaly by typical Albuquerque standards. The market slowed in 2007 and will likely to remain slow as homeowners find it more difficult to command the sort of prices they have become accustomed to. Sellers must be prepared to drop prices and wait 2 or 3 months to sell. In the long run, lower prices could have a positive effect by helping Rio Rancho attract more jobs.
Interest rates are good hovering between 6.5% and 6.75% for good credit risks. As in the rest of the country buyers w/ imperfect credit will have to pay more for a loan, or wait for their credit rating to improve.
New Mexico is not experiencing the credit crunch as much as the



rest of the country. Fewer consumers stopped making payments on their mortgages this year as compared to 2006. Foreclosures declined 30% in N.M., but rose 58% nationwide in 2007. National average for foreclosures was 1 of 134 households compared to 1 of 395 households in N.M.
While the real estate market has slowed and will continue to be slow through 2008 the future is bright for the Albuquerque area. The efforts of the city and state appear to be paying off as Albuquerque is the target of several corporations relocating or expanding bringing several thousand new jobs to the area in the next 2 years.

For more information concerning the Albuquerque Real Estate Market please contact Francis Coffee at 505-263-6957 or 888-272-4812