Here’s my Albuquerque Foreclosure Report for November of 2010.
Foreclosures in Albuquerque
This graph illustrates the breakdown of November sales by type including regular sales, bank owned sales (foreclosures), short sales and HUD sales.
This chart shows that distressed home sales, foreclosure homes, HUD home sales and short sales, made up a sizeable portion of all Albuquerque home sales. In fact, distressed home sales accounted for 26% of the closed sales in November.
Foreclosure Houses Have the Best Prices in Albuquerque
Foreclosure homes and HUD homes old for a lower price than regular sales and short sales. Regular sales averaged $117 per square foot, short sale homes averaged $90 per square foot and foreclosure homes averaged $76 per square foot.
HUD homes are a type of foreclosure home too, and at an average of $68 they sold for the lowest price per square foot. Unfortunately for Albuquerque home buyers and investors, the number of HUD homes available is limited.
Foreclosure Homes Sell for Close to List Price
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 four types of houses sold for very close to the list price:
Albuquerque foreclosure homes are a good way to get a good deal on a home, but if you really want to get the house you should resist writing lowball offers. They just don’t work.
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 Home Sales in Taylor Ranch
- Foreclosure Home Sales in Ventana Ranch
- Rio Rancho Foreclosure Report
Check back in about a month for my next Albuquerque Foreclosure Report.
Click here to view Bank Foreclosed Homes in Albuquerque NM. Or, click here to search for Short Sale Houses in Albuquerque NM or Affordable Housing in Albuquerque NM.