Average home prices rose for the first time in 7 months by 1.3% according to S&P/Case-Shiller. The government says sales of new homes rose in May, to an annual rate of 369,000. Reducing struggling homeowners\' mortgage debt is proving to be a more effective way to prevent foreclosures than other methods, such as reducing interest rates or postponing payments, a new report finds. So it appears that Albuquerque is making the turn with rising home prices while the interest rates remain at all time lows under 4%. Investors that have been waiting for the bottom of the market may want to consider pulling the trigger before the real estate market goes into a full-blown rebound (not that a rebound is a bad thing). For sellers this is great news as there are more buyers in the market than in recent years and values should soon start to increase giving buyers with little equity some relief.
Contact: 505-980-7788
Jim Gross -- Keller Williams Realty, Albuquerque NM
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