FORECLOSURE NEWS
November 4, 2011
A statistic we all hate to hear made news after 3rd Quarter 2011. Albuquerque ranked #1 for foreclosure increases compared to 3rd quarter 2010. Quite an amazing statistic in my opinion. The good news was ABQ values are still more stable than the national average.
1. Albuquerque, N.M.
2. Boston, MA
ABQ Quarterly increase in foreclosures: +151%
# of Foreclosures Q3 2011: 1,358
Unemployment: 6.9%
% home value down from peak: -14.9%
Albuquerque’s housing market, like Boston’s, is relatively healthy. While home prices decreased 32.3% nationally after their peak, home prices in Albuquerque only decreased 14.9% since they peaked. Regardless, foreclosures have recently skyrocketed. In the third quarter of 2011, the number of foreclosures in Albuquerque increased 151%. According to New Mexico Business Weekly, the lack of job creation in the area has been a major contributor to this problem.
