Foreclosures in Town?
Posted by CityBlogNM on May 28th, 2007
Can anyone speak to the issue of foreclosures in Albuquerque, New Mexico? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Albuquerque?
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Their are approximately 721 pre-forclosures in Bernalillo County, that does not account for the amount of homes that are in forclosure or that have hit the court steps. I believe this does impact the real estate market.
Only because it creates distrust.
The National media does not help. I think people need to understand that every market is individual and we can’t take what the National Media says to mean thats the market everywhere. Unfortunately they do influence the local population of each geographical location. Which creates a negative effect in the Real Esate Market.
Because it creates a negative perception in peoples minds as to whether one should list or purchase a home. Which in fact effects the RE Markets.
Ive seen this in Dallas Metro, Phoenix Metro, Las Vegas and now the Albuquerque Metro Real Estate Market
Hope that helps