New Mexico Foreclosures are Available for Potential Homebuyers
There are just shy of 6,000 New Mexico foreclosures currently on the market, with an average listing price of $200,000. This is a number substantially below the neighboring states of Colorado, Texas, and Arizona. The rate of unemployment in the state is running about 1.5% below the national rate for the current economic downturn. The number of federal installations provides more stable employment than in many other states.
The prices of foreclosed homes in New Mexico have varied during the last month-to-month comparisons. The following cities saw increased average prices for foreclosed homes sold in the month:
* The average price of Alamogordo foreclosures increased by 13.09% during the last month. There are 13 foreclosed homes available in the market at an average listed price of $154,900.
* The average price of Roswell foreclosures increased by 23.03% during the last month. There are 136 foreclosed homes on the market currently with an average price of $156,000.
The following cities have seen a decrease in the average prices during the course of the last month:
* The average price of Farmington foreclosures fell by 18.8% during the last month. Farmington is a small real estate market and there are only 12 foreclosures available at an average price of $199,000.
* The average price of Ruidoso foreclosures fell by 4.28% during the last month. Ruidoso is also a small market and there are only 22 foreclosed homes available in the market at an average price of $225,000.
New Mexico is known for the art colonies in the state, particularly in the Santa Fe area from the renowned Santa Fe Opera, which produces a full slate of operas every year, to the art museum featuring the art of Georgia O’Keefe, a long time Santa Fe resident. Tourism is a significant industry for New Mexico, with a wide variety of attractions. With mountains over 13,000 feet, there is skiing, fishing and a whole host of outdoor activities.
The US maintains three major air force bases, the White Sands Missile Base and the labs at Los Alamos. New Mexico was the site of the first atomic explosion in 1945.
For families looking to purchase a New Mexico foreclosure, there are homes available. That, together with the historically low mortgage interest rates, makes it possible to purchase and own their home at a monthly cost less then rent for a comparable place.