Arnold Comes Back to New Mexico

Well, by all accounts Arnold had a great time in New Mexico. One of my friends saw him at the gym downtown and he was pushing iron with the locals. Wonder what his six pack looks like for an "older guy." His godson in LA went to elementary school with my daughter, but I restrained myself from going down to the gym to say "Hi!". I doubt that he would remember that birthday party where he made an 8-year olds day by dancing with her!

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

Brainpower Ranking High in ABQ

Albuquerque has been ranked among major U.S. cities for 'brainpower' in On Numbers' analysis of educational attainment in 269 communities with more than 100,000 residents.
The Duke City ranked No. 68 in the analysis. The city's population in 2009 was estimated at 515,107. The educational numbers show almost 14 percent of all adults (25 or older) have earned graduate and/or professional degrees.
Nationally, Ann Arbor, Mich.; Cambridge, Mass.; and Berkeley, Calif., hold the top three spots.
In my practice, I deal with many, many clients from Sandia lab, UNM, and even Los Alamos. I enjoy the logical thinking and analysis those clients demand. My husband, the aerospace engineer, says I'm a "closet engineer" but don't tell anyone!

Brainpower Ranking High in ABQ

Albuquerque has been ranked among major U.S. cities for 'brainpower' in On Numbers' analysis of educational attainment in 269 communities with more than 100,000 residents.
The Duke City ranked No. 68 in the analysis. The city's population in 2009 was estimated at 515,107. The educational numbers show almost 14 percent of all adults (25 or older) have earned graduate and/or professional degrees.
Nationally, Ann Arbor, Mich.; Cambridge, Mass.; and Berkeley, Calif., hold the top three spots.
In my practice, I deal with many, many clients from Sandia lab, UNM, and even Los Alamos. I enjoy the logical thinking and analysis those clients demand. My husband, the aerospace engineer, says I'm a "closet engineer" but don't tell anyone!

Two Filming Starts in NM

The feature film "Stars" is shooting in and around Santa Fe and in one of my favorite NM historic places - Gallisteo. I once met a local "healer" there, Jose Ortiz y Pino, who saw my dead mother on my shoulder! Only in New Mexico.

The other film is a pilot episode of "The Tin Star" which is, of course, a Western. What better place than NM for a Western as in most places one finds remnants of places over 100 years old. Gotta love it.

Speaking of, I have a real historic property for sale in Cuchillo by Elephant Butte Lake which is a 150 year old stagecoach stop. It includes an old bar, hotel, mercantile and all the relics. Oh plus a restored 3 bedroom home to live in while you restore this historic property. Call me or check my website if you need a good location for filming or to buy.

Refinancing Home Loans Now Easier

The government announced enhancements to a refinance program that will enable homeowners whose mortgage balances are higher than their home values to refinance at today's low interest rates. Here's the skinny on what the program revisions mean to consumers.The Home Affordable Refinance Program was launched in March 2009 as part of the Obama administration's Homeowner Affordability and Stability Plan. But the program has fallen well short of helping the 4 million to 5 million borrowers originally projected largely because many of the prospective recipients have seen their home values plummet over the past few years.So the Federal Housing Finance Agency announced that equity requirements are being eliminated from the program. The regulator had previously limited the loan balance to 125 percent of a home's appraised value. The program changes will be implemented by Fannie Mae and Freddie Mac by Nov. 15. The two secondary lenders buy loans from banks and mortgage bankers, package and sell the loans to investors, and guarantee the payments to investors. Downside is that Lenders aren't required to participate in the program, so there are no deadlines in place for when the program might be available at a particular lender. Eligible borrowers are advised to contact their existing lenders or any other mortgage lender offering HARP refinances.I recently achieved Certification as a Distressed Properties Expert do if you know of anyone who has concerns about their mortgage or getting into a default situation, have them contact me. Judy@JudyPierson.com or call 505-220-9193.

ABQ & Rio Rancho Home Sales Show Signs of Life

While the number of people who bought existing homes fell slightly this last month, the sale of new homes in NM rose slightly. The median price of sold existing homes rose 5% from August to now with a median price at $171,500. The average price of new homes fell as builder's target first time homebuyers.
Interestingly, activity among first-time home buyers accounted for 32% of all sales. These buyers are critical to get the ball rolling, so to speak, because for every house they buy the Seller has to buy "up" the food chain. Sale by first-time home buyers is an important indicator for a recovering home market.
Another good indicator is that foreclosures edged down to 30% of sales. As these discounted distressed properties clear out of the inventory, home prices will tend to rise. In certain neighborhoods in RR and ABQ, I see this happening. And because of the continued presence of these properties, I just got certified as a Distressed Properties Specialist so I can be responsive to all my clients. Hopefully, in the next year or two that specialty certification won't be needed!
To see what is happening in any part of RR or ABQ, simply go to my website at www.judypierson.com and click on Market Snapshot for current and trended sales activity. Call me if you want more information or a consultation about buying or selling here.Give me a call at 505) 220-9193