Here’s my Albuquerque Foreclosure Report for February of 2010.
Foreclosures in Albuquerque
This graph illustrates the breakdown of February sales by type including regular sales, short sales and foreclosure sales.
This chart shows that distressed home sales, foreclosure homes and short sales, made up a sizeable portion of all Albuquerque real estate transactions. In fact, distressed home sales accounted for 33% of the closed sales in February.
Foreclosure Houses Have the Best Prices in Albuquerque
Foreclosure homes sold for a lower price than regular sales and short sales. Regular sales averaged $116 per square foot, short sale homes averaged $87 per square foot and foreclosure homes averaged $77 per square foot.
I understand the today’s buyers want to get great deals, but the truth is that lowball offers to not work. That’s because Albuquerque home prices have already come down off their peaks and foreclosure homes are already priced below fair market value. All three types of houses sold for very close to the list price:
Some neighborhoods have had more foreclosure activity than others. In general, the west side has been hit the hardest, view these monthly reports to learn more:
- Foreclosure and Short Sales in Taylor Ranch
- Foreclosures and Short Sales in Ventana Ranch
Check back in about a month for my next Albuquerque Foreclosure Report.
Rich Cederberg, Albuquerque Realtor.