Prices going up in Santa Fe
Updated at: 11/21/2008 07:09:20 AM
By: Eyewitness News 4
Home prices show upward trend in parts of NM
Foreclosures have also remained low across the state
Real estate experts say even though home prices in the
Albuquerque area and other parts of the state are lower than a year ago, they're not as bad as other parts in the country.
What's more, parts of New Mexico are seeing a surge in home prices, bucking the downward trend seen across America. "Here in New Mexico, the market is still very good," said David Kittle, chairman of the Mortgage Bankers Association.
Kittle said it's just a handful of states that are dragging the overall numbers down in the home market.
"If you take out seven states: California, Florida, Nevada, Arizona, Ohio, Indiana and Michigan, you've got 43 states out there that are still fairly stable in the mortgage market," Kittle said.
Kittle was in Albuquerque Thursday to speak about the nation's economic crisis and its impact on the mortgage industry. Industry experts said over the past year, home sales have dropped in Albuquerque by about 20 percent. That is compared to about 60 percent in some of the areas worst hit, like Nevada.
Kittle said this could be a very good time to own property if it is in the right location.
"If you're in Seattle, Wash., or Charlotte, N.C. right now, things are booming. Prices are up in Louisville, Ky., where I live, prices are flat to rising just a little bit," Kittle said.
Parts of New Mexico are also seeing the value of real estate go up. In places like Placitas, Artesia and Gallup, prices are said to be booming. In Santa Fe and Hobbs, prices are also going up.
John Snyder of the New Mexico Mortgage Lenders Association said Albuquerque isn't doing too badly either.
http://kob.com/article/Pstories/S672075.shtml (1 of 2) [11/21/2008 3:11:46 PM]
Posted at: 11/20/2008 03:59:14 PM