Albuquerque Real Estate Report

Facing foreclosure? Fight is better than flight

2007-10-04T16:48:00.000-06:00

Financially stressed homeowners have options instead of just moving outBy Jeff BrownIt’s the toxic fallout from the “subprime meltdown”: More and more Americans are losing their homes to foreclosure.Sadly, many could escape this fate if they’d just talk to their lenders. Instead, they hunker down and hope against hope that something will happen before the mortgage company takes the

The New Money Pit: Housing Bust Gets Worse

2007-09-02T19:52:00.000-06:00

It started with subprime mortgages. Now owners of McMansions are defaulting, and the effects of the housing bust are beginning to ripple through the economy.By Daniel GrossNewsweekSept. 10, 2007 issue - Walking through the gated community of Black Mountain Vista on a hill in Henderson, Nev., Thomas Blanchard offers a guided tour of real-estate woe. A row of stucco duplexes that recently sold for

Bush outlines plans to help homeowners

2007-08-31T11:07:00.000-06:00

MSNBC.comProposals aimed at helping those with risky mortgages keep their homesThe Associated PressUpdated: 9:58 a.m. MT Aug 31, 2007WASHINGTON - President Bush on Friday outlined ways to help homeowners facing foreclosure — the administration’s first effort to deal with an expected wave of defaults fueled by the mortgage crisis.The initiatives, which are not aimed at bailing out lenders or

Glut of homes hits 16-year high

2007-08-27T14:03:00.000-06:00

Sales slip but supply of homes on the market jumps to 9.6 months, pushing prices down for 12th straight month.By Chris Isidore, CNNMoney.com senior writerAugust 27 2007: 3:12 PM EDTNEW YORK (CNNMoney.com) -- Homeowners trying to sell last month faced the biggest glut of homes on the market in about 16 years, as declining sales and growing problems in the mortgage market helped push home prices

Albuquerque Real Estate Market Conditions

2007-08-23T08:11:00.000-06:00

Here is an interesting link to a web site called RealtyTrac.com http://realtytimes.com/rtmcrloc/New_Mexico~Albuquerque It gives you local real estate agents opinions of what the local real estate market in Albuquerque is doing.

Bank of America to invest $2B in Countrywide

2007-08-22T19:25:00.000-06:00

Bank of America to invest $2B in CountrywideSecond largest U.S. bank plans to invest in preferred stock of the mortgage lenderAugust 22 2007: 6:44 PM EDTNEW YORK (Reuters) -- Bank of America Corp. plans to invest $2 billion in Countrywide Financial Corp., the mortgage lender that recently faced a liquidity crunch, The Wall Street Journal reported Wednesday.The second-largest bank will buy

New home construction slowest in decade

2007-08-16T10:52:00.000-06:00

July data show builders still struggling with ongoing housing woesThe Associated PressUpdated: 9:10 a.m. MT Aug 16, 2007WASHINGTON - Construction of new homes fell to the lowest level in more than a decade in July as builders continued to struggle with the steepest housing slump since 1991.The Commerce Department reported Thursday that construction of new homes and apartments dropped 6.1 percent

U.S. Homeowner Woes Felt Around World

2007-08-13T10:07:00.000-06:00

Aug 12, 4:45 PM (ET)By MATT MOOREFRANKFURT, Germany (AP) - The latest crisis in financial markets has once again served as a reminder of how vital and interconnected the health of the U.S. economy is to that of the rest of the world.From New York to Frankfurt to Tokyo, markets were jolted in the past week by fears that Americans are failing to keep up with their mortgage payments and the ripple

Mortgage meltdown contagion

2007-08-10T11:03:00.000-06:00

A grim forecast has economists more pessimistic over how far the collapse will spread to the rest of the economy.By Les Christie, CNNMoney.com staff writerAugust 10 2007: 12:42 PM EDTNEW YORK (CNNMoney.com) -- The outlook for the housing market looks even bleaker than it did a week ago. Last Friday we reported that foreclosures were skyrocketing, home prices falling and recovery forecasts were

US mortgage problem fears spark sell-off

2007-07-11T09:31:00.000-06:00

By Michael Mackenzie and Saskia Scholtes in New YorkPublished: July 10 2007 20:55 Last updated: July 10 2007 23:48Fears of further problems in the US mortgage industry and the broader economy flared on Tuesday, triggering a sell-off in credit markets as investors sought safe havens.Markets were rattled when Standard & Poor’s, the ratings agency, threatened to downgrade the credit ratings on some

Existing-home sales drop to 4-year low

2007-06-25T13:46:00.000-06:00

MSNBC.comHome prices fall for a record tenth-straight monthThe Associated PressUpdated: 1:40 p.m. MT June 25, 2007WASHINGTON - Sales of existing homes fell for a third straight month in May, dropping to the lowest level in four years as the median sales price declined for a record 10th consecutive month.In a troubling sign for the future, the inventory of unsold homes shot up to the highest level

Las Vegas house ‘flipping boom’ goes bust

2007-04-29T21:59:00.000-06:00

Home speculators hurting across country, especially in desert boomtownThe Associated PressUpdated: 2:48 p.m. MT April 27, 2007LAS VEGAS - In the rampant real estate speculation of the Las Vegas valley three years ago, people lined up outside Pulte Homes sales offices overnight as if they were waiting for the release of the latest video game console or hot new movie.Having seen his house in an

How housing developers work

2007-04-28T11:36:00.000-06:00

Amid the worst slump in housing sales in more than a decade, a new book by architecture professor Witold Rybczynski helps shed light on the way developers really work.By Daniel McGinnNewsweekUpdated: 10:21 a.m. MT April 28, 2007April 27, 2007 - At just past 10 a.m. one morning this week, auctioneer James Regan stood in the driveway of a large home in central Massachusetts, ringing a handbell.

New Century Gets Default Claims, Says It Lacks Cash

2007-03-13T16:44:00.000-06:00

New Century Gets Default Claims, Says It Lacks Cash (Update8)By Bradley Keoun and Yalman OnaranMarch 12 (Bloomberg) -- New Century Financial Corp., the nation's second-biggest subprime mortgage lender, said it doesn't have the cash to pay creditors who are demanding their money, increasing speculation that the company will go bankrupt.The New York Stock Exchange, citing the credit crisis, halted

Crisis Looms in Mortgages

2007-03-11T00:47:00.000-07:00

March 11, 2007News AnalysisCrisis Looms in MortgagesBy GRETCHEN MORGENSONOn March 1, a Wall Street analyst at Bear Stearns wrote an upbeat report on a company that specializes in making mortgages to cash-poor homebuyers. The company, New Century Financial, had already disclosed that a growing number of borrowers were defaulting, and its stock, at around $15, had lost half its value in three

Home market healthy in Duke City

2007-01-25T16:40:00.000-07:00

Prices up, but aren't inflated, analyst saysAlbuquerque TribuneBy Erik Siemers (Contact)Thursday, January 25, 2007The number of homes sold in the Albuquerque area in 2006 was the second-highest yearly total in the region's history, according to data released Wednesday.In a year marked by a national housing slump, Albuquerque-area real estate agents sold the second-highest number of homes in a

U.S. home to set world price record at $155 mln

2007-01-25T16:34:00.000-07:00

NEW YORK, Jan 25 (Reuters Life!) - If you're looking for a new home and have $155 million to spare, you could be the proud owner of the world's most expensive abodes.Forbes.com, the online site of Forbes magazine, on Thursday said timber and real estate baron Tim Blixseth has just upped the ante in the price of the world's most expensive home, planning to build and sell a home for $155

US home sales rise, defy forecasts

2006-12-28T23:01:00.000-07:00

US home sales rise, defy forecastsDec 28 10:23 AM US/Eastern US home resales increased 0.6 percent in November, industry data showed, suggesting the slumping property market is stabilizing.The National Association of Realtors said existing-home sales amounted to a seasonally adjusted annual rate of 6.28 million units in November, well ahead of the 6.15 million figure expected on Wall Street.

Best moment this decade to buy a home

2006-12-22T10:09:00.000-07:00

It's ho-ho-house-hunting season, the time when homebuyers can drive the best bargains. And this month is likely to be better than any recent December.By Marilyn LewisYou're making your list; you're checking it twice. You've got your holiday shopping pretty much under control. But . . . wait.Put this on your list: a new house. December is for house hunters what the day after Thanksgiving is for

In Arizona, ‘For Sale’ Is a Sign of the Times

2006-11-06T21:25:00.000-07:00

November 7, 2006By VIKAS BAJAJPHOENIX — Until recently, this fast-growing area was a paradise on earth for home builders. Fulton Homes’ developments, for example, were so popular last year that it was able to raise prices on its new homes by $1,000 to $10,000 almost every week.“People were standing in line for lotteries,” recalled Douglas S. Fulton, president of the company, one of the largest

Home Price Drop Is Largest in 35 Years

2006-10-26T08:41:00.000-06:00

Oct 26 10:12 AM US/Eastern By MARTIN CRUTSINGERAP Economics WriterWASHINGTON - The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September It was the lowest median

Sales of Existing Homes Fall

2006-10-25T10:56:00.000-06:00

Oct 25 10:15 AM US/Eastern By MARTIN CRUTSINGERAP Economics WriterWASHINGTON - Sales of existing homes fell for a sixth straight month in September and the median sales price dropped on an annual basis by the largest amount on record, further documenting a lukewarm housing market.The National Association of Realtors reported that sales of previously owned homes fell by 1.9 percent in September

Home Prices Correcting, Buyers Returning to the Market

2006-10-18T00:09:00.000-06:00

WASHINGTON, October 11, 2006 - Home sales appear to be bottoming out with lower home prices attracting buyers in many areas of the country, according to the National Association of Realtors.David Lereah, NAR’s chief economist, said the housing market is showing signs of life and that sales may be leveling out. “Many potential home buyers who have been taking a wait-and-see attitude or taking

Fed Finds Cooling in Housing Market

2006-10-12T14:44:00.000-06:00

Fed Finds Cooling in Housing MarketOct 12 3:00 PM US/Eastern By MARTIN CRUTSINGERAP Economics WriterWASHINGTONThe economy continued to grow in the early fall despite a "widespread cooling" in the once-hot housing market, the Federal Reserve reported Thursday.The Fed's latest survey of business conditions around the country found the economy expanding with growth being described as "moderate or

US housing slowdown continues

2006-09-25T14:20:00.000-06:00

By Daniel Pimlott and Michael Mackenzie in New YorkPublished: September 25 2006 16:05Last updated: September 25 2006 16:05Prices of existing homes fell for the first time in 11 years and the backlog of available homes for sale was at its highest since current measures began, underlining the significant slowdown in the housing market.Existing-home sales slipped 0.5 per cent to an annual rate of

Existing Home Sales Slowdown Surprises Wall Street

2006-08-24T01:20:00.000-06:00

August 24, 2006Blanche EvansDespite a brief respite in rising mortgage interest rates, existing home sales have dropped further faster than many financial analysts predicted, except one. National Association of Realtors(NAR) Chief Economist David Lereah warned the Federal Reserve back in May 2006 that too much short-term rate tightening could be bad for the housing market.Back then he worried, "

Existing Home Sales Drop in July

2006-08-23T23:58:00.000-06:00

Aug 23 10:35 AM US/EasternBy JEANNINE AVERSAAP Economics WriterWASHINGTONSales of previously owned homes plunged in July to the lowest level in 2 1/2 years and the inventory of unsold homes climbed to a new record high, fresh signs that the housing market has lost steam.The National Association of Realtors reported Wednesday that sales of existing homes and condominiums dropped by 4.1 percent in

Home sales decline in 28 states, D.C.

2006-08-16T13:26:00.000-06:00

By MARTIN CRUTSINGER,AP Economics WriterTue Aug 15, 4:21 PM ETWASHINGTON - The slowdown in the once-sizzling housing market is spreading, with 28 states and the District of Columbia reporting spring sales declines, led by big drops in former boom areas of Arizona, Florida and California.Nationally, sales were down 7 percent in the April-June quarter this year compared with the same period in 2005

The most expensive homes in the world

2006-08-16T12:40:00.000-06:00

This year's list features four properties going for more than $100 million. What do you get for all that money? The No. 1 mansion has 103 rooms and five swimming pools.By Sara Clemence, Forbes.comIn Hong Kong, they gaze over the glittering city from the heights of the Peak. In Africa, they harbor elephants and lions. In Australia, they lie on the beach, of course.The most expensive homes in the

5 smart bets for the housing slump

2006-08-05T09:36:00.000-06:00

A survey of experts uncovers ways you can invest in real estate -- or, at least, keep an eye on it -- in preparation for the inevitable rebound.By BusinessWeekIf you didn't buy a house while prices in Las Vegas zoomed 46% in 2004 and 15% last year, maybe you felt like a sucker. And given that the Standard & Poor's Homebuilding Index has skidded nearly 38% so far this year, you probably feel lucky

Both Sales, Prices Still Rising in Metro Area

2006-08-03T10:50:00.000-06:00

By Rory McClannahanJournal Staff Writer The number of existing home sales in the Albuquerque metro area, including the West Side and Rio Rancho, keeps increasing. Even more surprising to real estate agents is that average sale prices are also rising, despite the number of homes on the market. During April, May and June, 3,714 homes sold in the metro area at an average price of $230,879.

Pending Homes Sales Index Rises

2006-08-02T11:14:00.000-06:00

WASHINGTON (August 1, 2006) – Pending home sales – a leading indicator for the housing sector – have risen for the last two months, according to the National Association of Realtors®.The Pending Home Sales Index,* based on contracts signed in June, increased 0.4 percent to a reading of 113.9 from an upwardly revised level of 113.5 in June, but is 9.6 percent below June 2005.The index is based on

Five Tips for Getting Your Home Appraised Before Selling

2006-08-01T16:57:00.000-06:00

RealEstateJournal.comAmy HoakCHICAGO -- Price your home incorrectly and it could mean a long stay on the market, a final selling price lower than what the house is worth or both.That's why some homeowners are electing to pay $300 to $400 for an appraisal before putting their homes on the market, said Alan Hummel, past president of the Appraisal Institute and chief appraiser for St. Paul, Minn.-

Understanding Different Types of Loans

2006-07-26T13:36:00.000-06:00

Today's homebuyer has more financing options than have ever been available before. From traditional mortgages to adjustable-rate and hybrid loans, there are financing packages designed to meet the needs of virtually anyone.While the different choices may seem overwhelming at first, the overall goal is really quite simple: you want to find a loan that fits both your current financial situation and

Pros and Cons to Calculating Your Home's Value Online

2006-07-19T22:43:00.000-06:00

Jul 13, 2006, 9:00 pm PDTPros and Cons to Calculating Your Home's Value OnlineBy Jane HodgesChecking the estimated value of your home these days is a bit like following stock quotes.That's mainly because many homeowners have come to see their property's price as a kind of stock, giving them equity they might use to buy a nicer place, pay for repairs -- or to feel rich.To follow the possible

Home Sales Slide, But Prices Increase

2006-07-18T17:54:00.000-06:00

Tuesday, July 18, 2006Albuquerque JournalJournal Staff ReportThe number of existing home sales in the area decreased during June.During the month, there were 1,248 existing home sales, according to the Albuquerque Metropolitan Board of Realtors, compared with 1,301 sales in May.During June 2005, 1,295 existing homes sold in the area.In Rio Rancho, 161 existing homes were sold in June compared to

Rio Rancho a Top Spot to Live, Magazine Says

2006-07-18T10:39:00.000-06:00

Tuesday, July 18, 2006Albuquerque JournalBy Rory McClannahan Journal Staff WriterFor the second year in a row, Rio Rancho has been named one of the best places in America to live.Money Magazine and CNN/Money produced a list of the top 100 cities in which to live. Rio Rancho was at No. 56, moving up 27 spaces from last year and beating No. 72 Santa Fe. The City of Vision came immediately after

Theft-proofing your home

2006-06-29T09:43:00.000-06:00

5 Tips Home Edition: Make it hard for burglars to get in. Here's how.By Gerri Willis, CNNMoney.com contributing columnistMay 18, 2006: 4:29 PM EDTNEW YORK (CNNMoney.com) - Suntan lotion...check. Bermuda shorts...check. Now that you're packed and ready to hit the road, make sure your most valuable asset will remain safe and sound.1. Know the statsThere were over 2 million burglaries nationally for

Existing Home Sales Ease Slightly from Last Month

2006-06-28T06:39:00.000-06:00

Jun 27, 2006, 10:15 am PDTNews provided by Quicken LoansThe National Association of Realtors announced today that total existing-home sales, including single-family, townhomes, condominiums and co-ops, eased 1.2 percent in May in a month-over-month comparison to April. Sales were also 6.6 percent below existing home sales of May 2005."Despite the drop in May, low long-term interest rates continue

Selling home is all about 'curb appeal'

2006-06-27T07:45:00.000-06:00

BY: Bob BrussIf you are a home seller, real estate agent or a homeowner who cares about how a home looks from the street, "Curb Appeal Idea Book" by Mary Ellen Polson will anticipate your questions and help you show a home at its best. "You only have one chance to make a first impression" is an overused but extremely true phrase when it comes to home sales, as the author thoroughly understands.

Pulte's Del Webb Unit Is Looking at Land in the ABQ Metro

2006-06-26T07:30:00.000-06:00

Monday, June 26, 2006AlbuquerqueJournalBy Richard Metcalf Journal Staff WriterNational builder Pulte Homes is looking at two sites in the immediate metro area for a major housing development for buyers ages 55 and over."We want to make sure they're the right sites for Del Webb," said Gerard Sanchez, president of Pulte's New Mexico division. "There are certain requirements (that must be met)

Most Bernalillo County Homeowners To See Same Property Value Rise

2006-06-01T10:00:00.000-06:00

Thursday, June 1, 2006 By Dan McKay Albuquerque Journal Staff Writer Bernalillo County homeowners can expect few surprises when they get their property-value notices from the assessor this week. Most people will see their values climb about 3 percent, Assessor Mark J. Carrillo said Wednesday. That's because, with certain exceptions, state law caps the increase at 3 percent if assessed values

Former Fed Chair Says Housing Boom Over

2006-05-19T00:46:00.000-06:00

Friday May 19, 1:04 am ETBy Joe Bel Bruno, AP Business Writer NEW YORK (AP) -- Former Federal Reserve Chairman Alan Greenspan said Thursday that Americans' consumption could taper off somewhat now that the U.S. housing market's "extraordinary boom" has ended.Greenspan, in his first public U.S. speech since retiring in January from a storied tenure leading the Fed, predicted there is no danger of

2006-05-17T00:43:00.000-06:00

By Les Christie, CNNMoney.com staff writerMay 1, 2006: 5:45 PM EDTNEW YORK (CNNMoney.com) - If you've recently gambled that Las Vegas housing prices would continue to rise this year, you may be on the losing side of the bet.According to the latest housing price forecasts from Fiserv Lending Solutions, a provider of mortgage and consumer lending services, Las Vegas real estate will tumble a

National Builder to Finish Lofts

2006-05-13T11:39:00.000-06:00

Saturday, May 13, 2006Albuquerque JournalBy Richard Metcalf Journal Staff WriterA major national home builder is taking the plunge into urban infill in Downtown with a nearly $7 million housing project.Atlanta-based and publicly traded Beazer Homes is taking over the 29-unit second phase of the Silver Lofts from developer Infill Solutions. Work has already begun on the vacant site at Silver and

Developers Targeting Condo Market on West Side

2006-05-12T10:40:00.000-06:00

By Rory McClannahanAlbuquerque Journal Staff Writer With the price of single family homes on the rise in the Albuquerque market, some builders are turning to condominiums to attract customers who have been priced out of the market. Nevada-based Longford Homes is hoping to start construction on a 474-unit condominium community on the Southwest Mesa by fall, said John Murtagh, president and

Kiplinger's Magazine Says the Duke City Is a Good Place to Live

2006-05-09T03:31:00.000-06:00

Tuesday, May 9, 2006Kiplinger's Magazine Says the Duke City Is a Good Place to LiveBy Andrew WebbJournal Staff Writer Citing what it called Albuquerque's "boom-town economy and cow-town prices," Kiplinger's Personal Finance ranked the city No. 3 on its list of "Smart Places." The magazine on Monday gave Mayor Martin Chávez a framed copy of its June issue, in which it ranks "50 Smart Places

New Orleans Real Estate Market Booming

2006-05-09T01:18:00.000-06:00

By RUKMINI CALLIMACHI,Associated Press WriterMon May 8, 12:56 PM ETThe 2,200-square-foot house promises three spacious bedrooms and two-and-a-half baths — a bargain at $175,000. Except for the fact that the home, located in one of this city's previously elegant neighborhoods, has been gutted to the studs and has no drywall, no wallboard, no fixtures."Home was flooded by Katrina," reads the

May Decorating Tips

2006-05-07T23:29:00.000-06:00

Some helpful decorating tips for the month of May from REALTOR.comFreshen up a guest room or dull powder room by stenciling the walls. Or, instead of wallpapering an entire room, add a border around the top of the wall at ceiling height.Put warm-weather slipcovers on your furniture and replace your wool rugs with sisal accented by a fabric trim.Change the mood of a room with new lighting. Floor

Ready for Takeoff

2006-05-05T23:42:00.000-06:00

(Fortune Magazine Article on Albuquerque's viability as a venue for business and career.)Mark Tatge 05.22.06Albuquerque has suddenly turned business-friendly--attracting new enterprises and creating highly skilled and well-paid manufacturing jobs.High on a hill overlooking albuquerque the light- brown dust swirls, and a steel skeleton gleams under the sun. The 52,000-square-foot structure is a

ABQ Ranks No. 1 on Forbes Survey

2006-05-04T23:17:00.000-06:00

Thursday, May 04, 2006Albuquerque JournalAssociated PressForbes magazine says Albuquerque is the best city in the country to run a business or start a career."I can't think of a greater 300th birthday present,'' Mayor Martin Chavez said after the 2006 Best Places for Business and Careers report was released Thursday.The magazine ranked the nation's 200 largest metro areas on such criteria as

APS Board Welcomes Builders' Fee Plan

2006-05-04T12:09:00.000-06:00

Thursday, May 4, 2006By Amy MillerJournal Staff WriterAn agreement by home builders to help Albuquerque Public Schools pay for new schools is a "monumental step," board member Leonard DeLayo said Wednesday.The Home Builders Association of Central New Mexico has agreed to give Albuquerque Public Schools nearly $2,000 for each new home built— starting next year— so the district can catch up on

Housing Strength Shifts to New Markets

2006-04-30T13:18:00.000-06:00

As Real-Estate Boom Slows on the Coasts, Texas and Other Overlooked Areas Gain HeatThe Wall Street Journal OnlineBy James R. HagertyAs Real-Estate Boom Slows on the Coasts, Texas and Other Overlooked Areas Gain HeatAs home sales cool on the East and West coasts, some cities that missed out on the real-estate boom are becoming the strongest markets.A look at inventories of unsold homes, prices and

Title Industry Donations Challenged

2006-04-28T00:50:00.000-06:00

Albuquerque JournalFriday, April 28, 2006 By Mike Gallagher Journal Investigative Reporter The title insurance industry contributed to the Con Alma Health Foundation in an attempt to influence Insurance Superintendent Eric Serna to set high rates for title insurance, a lawsuit filed Thursday alleges. The complaint alleges the industry made the Con Alma donations to evade a state law that

Pulte to Launch Rio Rancho Project

2006-04-24T18:56:00.000-06:00

Monday, April 24, 2006By Joshua Akers Journal Staff Writer Gerard Sanchez and Garret Price are standing on 440-acres of vacant land in Rio Rancho and can't stop talking about the future. In 60 days, their company, Pulte Homes, will start work on a multi-million dollar planned community that is an evolution of development in this City of Vision. "When the council challenged us about why we weren't

Abq. Home Prices Decrease Slightly

2006-04-24T09:00:00.000-06:00

Monday, April 24, 2006 Albuquerque JournalJournal Staff Report Home prices in the Albuquerque market in the first quarter showed mild decreases from the last quarter but maintained substantial increases since the first quarter of 2005. The Albuquerque Market Trends Report published by Chris Houston of Armstrong Properties Inc. showed the average sales price of a single-family home in

Santa Fe Realtors change home price calculations

2006-04-16T22:44:00.000-06:00

Last Update: 04/13/2006 9:34:54 AMBy: Associated PressSANTA FE (AP) - The median price reported for home sales in Santa Fe just dropped sharply, but it’s not because of a sudden decline in values.The Santa Fe Association of Realtors has changed the way it calculates the number.In a city where affordability is an issue, the organization recently decided to include all of the moderately priced

Edgewood broker charged with violating law

2006-04-10T18:14:00.000-06:00

New Mexico Business Weekly - March 29, 2006The New Mexico Real Estate Commission has charged that an Edgewood woman is in violation of real estate law by practicing on a suspended and expired broker's license.In 2003, the Commission ordered Barbara Walterick to serve two consecutive six-month suspensions of her license and to pay $1,000 in administrative penalties and $1,300 in restitution to her

Second-Home Sales Hit New Record in '05

2006-04-05T23:43:00.000-06:00

RISMEDIA, April 6, 2006 — Sales of vacation homes and investment homes set new records in 2005, with the combined total of second-home sales accounting for four out of 10 residential transactions, according to the National Association Of Realtors®.The annual report, based on two surveys, shows that 27.7 percent of all homes purchased in 2005 were for investment and another 12.2 percent were

Construction spending jumps 0.8 percent in Feb

2006-04-03T09:36:00.000-06:00

ReutersMonday, April 3, 2006; 10:02 AMWASHINGTON (Reuters) - U.S. construction spending rose 0.8 percent in February, double expectations, as private residential spending surged 1.3 percent to a record high, offsetting a drop in public construction, a government report showed on Monday.Construction spending climbed to a record seasonally adjusted annual rate of $1.185 trillion in February from an

Area Home Permits Dropped Nearly 30 Percent in February

2006-04-02T16:59:00.000-06:00

Sunday, April 2, 2006 Albuquerque Journal--> Journal Staff ReportThe number of home construction permits issued in the metro area took a sharp dip during February. According to DataTraq, a company that tracks home construction, 546 home construction permits were issued during February, compared to 773 issued in the metro area during January, a nearly 30 percent drop.Although there was a large

Former lawmaker sues over high cost of title insurance

2006-03-29T19:59:00.000-07:00

Last Update: 03/29/2006 4:08:57 PMBy: Associated PressSANTA FE (AP) - A former legislator has filed a class action lawsuit, claiming state law lets title insurance companies charge excessive prices.Former Democratic Representative Max Coll of Santa Fe seeks damages for New Mexicans who had to buy title insurance to get mortgage financing.That potentially means thousands of people.Coll wants the

Interesting Couple of Months

2006-03-28T23:46:00.000-07:00

ObservationsIt's been an interesting couple of months in Albuquerque real estate. We saw a drop in the average price of a home from $216K in January to $207K in Feb, who woulda thunk.From what I can tell it seems that there is a real struggle between buyers and sellers over the price that homes should bring. Sellers are under the impression that the market is bringing high prices and buyers are

When you have to sell in order to buy

2006-03-27T17:33:00.000-07:00

By Les Christie, CNNMoney.com staff writerMarch 27, 2006: 2:38 PM ESTNEW YORK(CNNMoney.com) - It's the height of the spring home-buying season and many of the shoppers are families looking to upgrade to bigger or better homes. These house hunters have a different set of issues to confront than first-time buyers.The biggest one: They can't afford to buy the new one before they sell the old, and

Man on a Mission

2006-03-25T17:28:00.000-07:00

By Jon BirgerMarch 23, 2006: 10:54 AM EST(FORTUNE Magazine) - Late last August Bruce Karatz was at sea aboard a private yacht off the coast of Turkey, enjoying a lifestyles-of-the-rich-and-famous cruise with a half-dozen close friends. As executive vacations go, this one was definitely well deserved: The company Karatz heads, homebuilder KB Home (Research), was wrapping up its 18th consecutive

New Home Sales Plummet in February

2006-03-24T17:34:00.000-07:00

Mar 24 10:22 AM US/Eastern Email this storyBy MARTIN CRUTSINGERAPEconomics WriterWASHINGTON - Sales of new homes plunged by the largest amount in nearly nine years in February while the median price of a new home dropped for the fourth straight month, providing fresh evidence that the nation's once-booming housing market is cooling off.The Commerce Department reported that sales of new

Existing Home Sales Post Unexpected Gains

2006-03-23T23:09:00.000-07:00

Albuquerque is seen as one of the strongest real estate markets. - SethMarch 23 10:22 AM USBy MARTIN CRUTSINGER AP Economics WriterWASHINGTONSales of existing homes unexpectedly rose last month as a warmer than usual winter boosted demand in many parts of the country, but a slack demand in some areas produced what one analyst called a "tale of two cities."The National Association of Realtors

Metro Home Sales Increase

2006-03-23T21:03:00.000-07:00

Thursday, March 23, 2006 By Rory McClannahan Journal Staff Writer Sales of existing homes in the metro area took a jump in February over January. According to the Albuquerque Metropolitan Board of Realtors, 949 existing homes were sold in February at an average price of $207,144. The average sale price during January was $218,381 for the 840 homes sold in metro area. In Rio Rancho, 156

What helps a home sell?

2006-03-16T16:01:00.000-07:00

BY: Seth Heath - CRS, ABRPerhaps the most common questions asked by people getting ready to place their home on the real estate market is “How do I get the most money for my house in the shortest amount of time?”Home Selling StressSelling a house can be a very stressful experience for the sellers. You have complete strangers dropping by at a moments notice; the house always has to be spotless,

Sandoval Among Fastest Growing U.S. Counties

2006-03-16T08:17:00.000-07:00

Thursday, March 16, 2006By Stephen Ohlemacher/Associated PressWASHINGTON — Most of America's fastest-growing counties are well outside urban areas as more people move to the suburbs and beyond.New Census Bureau estimates show the nation's population shifting south and west, to the distant suburbs of metropolitan areas stretching from Florida to Utah.New Mexico had one county on the list. Sandoval

Home builders showcase their industry

2006-03-14T12:18:00.000-07:00

New Mexico Business Weekly - 11:47 AM MST TuesdayThe 26th annual Home Builders and Remodelers Showcase takes place this weekend, March 17-19, 2006 at the Albuquerque Convention Center.The event will feature approximately 200 exhibitions from vendors and New Mexico builders, and is sponsored by Centex Homes (NYSE: CTX), New Mexico Bank and Trust, and the Home Builders Association of Central New

Home Prices Still Rising, Although Investor Interest Wanes

2006-03-13T08:04:00.000-07:00

Sunday, February 26, 2006By Autumn GrayAssistant Business EditorIt appears the popping of the housing bubble predicted for real estate markets in many of the nation's cities will not materialize in 2006 in Albuquerque.Or in 2007, for that matter.While the feverish buying that took hold in the Albuquerque area much of last year— pushing up home prices by double digits— has slowed

Legislative Response to Eminent Domain Issues

2006-03-09T07:47:00.000-07:00

BY: Seth Heath - CRS, ABRAcross the country local and state legislatures recently saw increased introduction of legislation dealing with the issue of eminent domain.As established under common law eminent domain authority provided the state the ability to compel the sale of private property for public use. Typically the manner for acquiring the property is the government’s use of its condemnation

Lawsuits in eminent domain fight over suburban golf club

2006-03-08T10:11:00.000-07:00

More abuse of eminent domain by governmental authorities - SethBy FRANK ELTMAN Associated Press WriterMarch 7, 2006, 3:14 PM ESTNEW YORK -- Lawsuits were filed Tuesday aimed at stopping an affluent suburban village from using the legal concept of eminent domain to take over a privately owned golf course."This proposed condemnation may be the most extreme abuse of eminent domain in the country,"

Bill Richardson supports taking private land for "economic development"

2006-03-07T23:27:00.000-07:00

As reported today in the Albuquerque Jornal and a variety of other local news sources Governor Bill Richardson vetoed a bill that would have prevented government entities from condeming private proeprty and converting it to commercial use.For more info read the article below from the Albuquerque JournalTuesday, March 07, 2006Governor Vetoes Eminent Domain Legislation AlbuquerqueBy Barry Massey/

The Many Benefits of Investing in Real Estate

2006-03-05T16:34:00.000-07:00

The Many Benefits of Investing in Real EstateBY: Seth W. Heath, CRS, ABRBefore making a financial or legal decision an individual should always consult with an attorney or accountant. The following is not intended as legal or tax advice.We have all seen the T.V. Infomercials touting a way to become a millionaire overnight buying and selling real estate with little or no money down. Perhaps one of

Westland names a winner in bid war over 57,000 acres

2006-03-03T00:33:00.000-07:00

It will be interesting to see what develops over the next few years on Albuquerque's Westside. SethWestland names a winner in bid war over 57,000 acresNew Mexico Business Weekly -March 3, 2006by Dan Shingler and Abby RoedelNMBW Editor NMBW StaffAnd then there was one.After a blizzard of bids in which dollars flew like snowflakes, Westland Development Co. has picked a suitor to purchase all of its

Albuquerque Real Estate Report - The Blog

2006-02-11T15:17:00.000-07:00

This blog will cover trends and recent events that are occuring in the Albuquerque Real Estate Market.

Seth Heath Earns ABR Designation

2006-02-04T17:24:00.000-07:00

SETH HEATH of RE/MAX Elite has earned the Accredited Buyer Repre-sentative (ABR) designation from the Real Estate Buyers Agent Council of the National Association of Realtors.

Albuquerque homes reach record value and keep on going.

2006-01-23T17:41:00.000-07:00

Albuquerque homes reach record value and keep on going.BY: Seth W. Heath, CRS, ABRBefore making a financial or legal decision an individual should always consult with an attorney or accountant. The following is not intended as legal or tax advice.In the last five years the average sale price of a home in Albuquerque rose over 32%. In 2000 the average sale price barely exceeded $150K. In 2005 that

Duke City Remains a Seller's Market, Average Price for a House Climbing 12%

2006-01-22T17:14:00.000-07:00

Saturday, January 21, 2006Duke City Remains a Seller's Market, Average Price for a House Climbing 12%Albuquerque JournalBy Richard Metcalf Journal Staff WriterIt's a seller's market for existing homes in the Albuquerque metro area.Record-smashing sales in 2005 drove up the average price for a house by 12 percent to $204,502 from a year earlier, according to the Albuquerque Metropolitan Board of