Albuquerque Housing Market Foreclosures Delinquencies September 2011
Albuquerque housing market continues to struggle as does the national housing market. Foreclosures and delinquencies are improving for the Albuquerque housing market and the national housing market. Foreclosure and delinquency rates are still significantly higher than the pre-crisis market. The followoing information is provided by LPS Applied Analytics.
Delinquencies were 8.09% at the end of September 2011 compared to 9.27% for September 2010, a reduction of 12.7%. Delinquencies hit a low of 7.78% in March 2011.
Foreclosures were 4.18% at the end of September 2011 compared to 3.84% for September 2010, an increase of 8.9%. Foreclosures hit a low of 3.84% in September 2011.
Serious delinquent (90 plus days) or in foreclosure were 7.73% at the end of September 2011 compared to 8.17% for September 2010, a reduction of 5.4%. Serious delinquent (90 plus days) or in foreclosure hit a low of 7.68% in August 2011.
Foreclosure starts were 220,273 at the end of September 2011 compared to 275,472 for September 2010, a reduction of 20%. Foreclosures starts hit a low of 187,423 in April 2011.
New Mexico delinquencies were 6.2% in September 2011, 13 states had a higher delinquency rate.
New Mexico foreclosures were 3.8% in September 2011, 35 states had a higher foreclosure rate.
Albuquerque Housing Market Statistics
Albuquerque average sales price in September 2011 was $193,486 compared to an average sales price of $220,523 in September 2010, a decrease of 12.26%. Albuquerque median sales price in September 2011 was $170,000 compared to a median sales price of $182,000 in September 2101, a decrease of 12.26%.
What Does This Mean For The Albuquerque Housing Market?
The Albuquerque housing market saw average price increase for three consecutive months of May, June, and July. The foreclosure and delinquency data indicates there is still a lot of distressed properties in the pipeline and will continue to pressure home prices down.
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