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Rich Cederberg's Blog

By Rich Cederberg | Agent in 87110

August Foreclosure Report

Albuquerque Foreclosure Report for August 2011. See an updated list of Albuquerque Foreclosure Homes.

August Home Sales

This month 29% of Albuquerque home sales were either foreclosures or short sales, with foreclosure sales outweighing short sales 2 to 1. The graph below illustrates the ratio of short sales and foreclosure sales to regular sales.

Albuquerque Home Sales in August

Foreclosure Prices vs. Short Sale  Prices

Hoping to get a great deal on an Albuquerque House? Consider buying a foreclosure home, in most cases they are better deals than short sales.

Regular sales went for $113 per square foot, short sale homes went for $86 per square foot and foreclosure houses went for $68 per square foot during August.

Albuquerque Foreclosures and Short Sales Average Price Per Square Foot

Foreclosure Sales by MLS Map Area

The majority of foreclosure sales were on the west side. Areas 92 (Southwest Heights), 111 (Ladera Heights) and 120 (Ventana Ranch) area. Here’s a breakdown of AugustForeclosure sales:

Foreclosures by Albuquerque MLS Area

Foreclosures on the increase?

Here is a 13 month graph of foreclosures for sale vs. foreclosures sold. Sales have been fairly steady but inventory has been decreasing.

Albuquerque Foreclosures for Sale vs Foreclosures Sold in August 2011

Summary

Foreclosures continue to influence the Albuquerque real estate market, especially on the west side. There have been fewer foreclosures hitting the market, but the number is expected to increase before they go away.

Thank you for reading my report, please save my blog to your favorites and remember to check back next month for an update.

These statistics were compiled from Greater Albuquerque Association of REALTORS®data on 09/11/2011.

http://www.albuquerquerealestatebuzz.com/market-reports/albuquerque-foreclosure-report-for-august-2011/

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