Sales up but values down in ABQ, NM

Albuquerque like the rest of the US saw home prices falling after some small gains in home values in the Summer and Spring of 2011. In ABQ, almost 30% of home sales are short sales or foreclosed home where the bank takes 20-25% of the market value for a home. For a Seller, these distressed properties depress the value of nearby homes. For Buyers, there continue to be terrific values out there especially with low interest rates. The average median price in ABQ area was $167,000 in October down 7% from last year. Recovery is a long way off. To see an excellent article on the national trend click on the link below.
http://goo.gl/mrHEc

GREAT TIME TO BUY A HOME

The volume of homes sales seems to have come to a crashing halt with the end of the Federal tax incentive, but the interest rates are the lowest in 30 years. Rates are just above 4% for most buyers. I don't get it. It's the best time ever to buy. Sellers are desparate, rates are low and there are lots of choices out there. Where are all the Buyers??????? Call me and I'll talk you into doing it NOW.

BACK FROM AFRICA

Sorry to have been gone abit, but I was in South Africa working on a USAID project in Zimbabwe. I have been working on it for five years and looks like it will be renewed for another three and extended into Kenya, possibly Ethiopia. Being in rural Africa is a sobering experience and makes me realize how self-indulgent and materialistic we Americans are. They have nothing and are happy and hopeful. We have everything and are neurotic and cynical.

Although I love film and television, it is disheartening to see how we have distorted values throughout the world. Our TV shows are popular there; everyone with a TV knows about Oprah and American Idol. Our movies are bootlegged on to bad DVD discs and watched there too. Our tendency for violence supports their lifestyle rather than encouraging any kind of evolution towards more peaceful conflict resolutions. We have through our films supported women in taking power in abusive relationships. I look forward to Invictus which will celebrate what Africa can do under inspired leadership and teamwork.