August 2008 real estate statistics for the Albuquerque metropolitan area show that there were 6,381 homes on the market. 619 homes sold in Aug., with an average selling price of $239,018 compared to an average selling price of $243,411 in Aug 2007. The median selling price was $195,000 compared with a median selling price 0f $208,000 in Aug 2007.

The average number of days on the market was 74, but that figure is misleading for comparative purposes. Here's why: Since Oct 07, the number of days on the market has been determined from date of listing to date of of sale. Prior to that the statistic was determined from date of listing to date of closing. Since closing normally occurs 30 to 45 days after the sale the new calculation effectively cuts off more than a month in calculating days on market. So for comparative purposes one needs to add at least 30 days to the stated days on market to place the time period in proper historical perspective.

The Albuquerque Board of Realtors reports that home prices shrank only 6% between Aug. of 2007 and 2008. Albuquerque has not seen the large declines in home prices like in Las Vegas, Phoenix or Tucson. However, Albuquerque also did not see the large 40% appreciations in price as the other areas during the boom.

New Mexico continues to buck national economic trends by posting stronger employment and income growth than the rest of the country. Employment in New Mexico grew 1.1% in the 12 months that ended June 30/08. Personal income in the 12 months that ended March 31/08 grew 5.5% in New Mexico compared to 4.8% nationally.

New mexico was able to overcome some serious manufacturing job losses and continued flat performance in the residential construction sector to achieve the growth. The health care and social assistance sectors of the economy added 3,800 jobs in the12 months ending June 30/08. Local government jobs grew 1.9% during this time, most of this growth thanks to Indian casino hiring. Indian casinos are tribal government-operated enterprises, so casino jobs are classified as government hirings. Information sector hiring was up 1,300 jobs year over year. Some of the hiring was in call centers, but film production contributed a good share of the jobs. Film production is probably a bigger contributor he economy that hiring numbers show. Many of the production workers hired locally are self employed, so their activity isn't completly captured in payroll data.

1. Pay your bills on time--- Your payment history, including late payments and foreclosures, can count for one third of your credit score. Accounts more than 60 days past due will be indicated on your credit report. As the length of your on-time payments increase so will your score.

2. Check your credit report for errors--- Removing errors, especially those negatively reflecting late payments or unpaid debt, is one of the easiest ways to improve a credit score. look for expired negative records and file a dispute if necessary.

3. Reduce your balances--- One-third of your FICO score depends on the total amount of balances you owe versus your total credit limit. Try to keep your balances less than 80% of your credit limit to maximize your score benifit. Start with those credit cards that are closest to their limits.

4. Keep older credit lines open--- Having a long history of active accounts indicated to lenders that you are a good credit risk. It also accounts for 10% of your credit score. Try to use your oldest cards regularly for small purchases and pay balances each month.

5. Use credit - but use it responsibly--- This includes having credit cards and installment loans with timely payments. Accounting for 15% of your score, a balanced account including a mortage payment can help homeowners boost their score.

6. Avoid new credit--- Opening new credit will lower your average account age. In addition, the number of new applications counts for 10% of your score. Under the Fair Credit Reporting Act, you may limit "prescreened" offers by removing your name from nationwide lists. Apply in moderation and take on new credit only when you need it.

7. Check regularly for identity theft--- Agencies may only provide your information to those with a valid need such as a creditor or insurer. In addition, you must give consent for this information to be seen by an employer

For most credit is a way of life. Installment payments and credit cards can be useful financial tools if they are kept under control, but many let credit control them. A good credit score is a consumers calling card, and it is important that they do everything they can to boost their score and put themselves on the best financial fooing possible.

Home prices continue to slip in the Albuquerque metro area, falling farther in July compared to last July than in seven years, according to statistics from the Greater Albuquerque Association of Realtors. The median price of an existing, detached home last month was $196,000, an 8.96% drop from the median of $214,900 in July if 2007. The average, or mean, price declined 7.92% in the same time period, from $261,699 last year to $240,986 this past July. The median, the price at which half the homes sold above and below, is a better indicator of the market than the average price because it is not swayed by unusual extremes at the high or low end.

While the local market continues to hold its value better than many cities, sales are sluggish. Homes in the Albuquerque metro market sit on the market an average of 68 days, according to July statistics. That wait is about a month longer than last year, in part because buyers have so much choice. There were 6,402 existing, detached single-family homes on the market in July, an increase of 8% over last year, statistics show. It would take about nine months to sell off the current housing supply, the association says. An inventory that could be absorbed in six months is considered to be healthy.