Albuquerque Foreclosures Expected to Increase 151%
Albuquerque foreclosures have the highest increase in activity according to Realty Trac. According to Realty Trac, Albuquerque foreclosures are going to increase by 151%, the highest increase of all major metropolitan area in the US.
A recent Realty Trac article has stated there have been a processing delay and a lackluster economic outlook for the short term; foreclosures are expected to continue to cast a shadow on the nation’s housing market well into 2014.
Albuquerque tops the 20 markets where banks are starting to push through a new wave of foreclosures to help clear a backlog of distressed properties. After five straight quarterly drops, default notices that start the foreclosure process increased 14 percent nationwide from the second quarter to the third quarter of 2011, signaling that another wave of foreclosure activity is beginning in many parts of the country.
Although this wave will probably not crest as high as the foreclosure wave of 2007 to 2010 that resulted in more than 3 million home owners losing their homes to foreclosure, it comes on the heels of a temporary lull in foreclosure activity caused by foreclosure processing delays over the past year.
This new wave of foreclosures is hitting the Albuquerque market particularly hard. Today there are 124 Albuquerque foreclosures on the Southwest Multiple Listing Service. There were almost 300 Albuquerque foreclosures at the peak of foreclosures in 2009 and 2010. This is clearly bad news for home owners that are facing foreclosure. This will also continue to be a drag on Albuquerque home prices.
This will also bring an opportunity for buyersor investors that are interested in purchasing Albuquerque foreclosures that may be purchased below market prices. Buying Albuquerque foreclosures is a great way for investors or home buyers to buy a home below current market value.
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