Albuquerque real estate market: More good news on forbearance and foreclosure

Albuquerque real estate market: More good news on forbearance and foreclosure

(Transcript Snippet): “Tego:

One last thing I want to hit on Tracy is prices. There’s a couple, um, national stories in particular talking about home prices, starting to not, not appreciate as fast, they’re

Tracy:

Still going up, but just not as fast.

Tego:

Correct. Which is actually great news, right? I mean, that is good news because the, I think the biggest challenge we have going forward is, you know, really an affordability problem, right? Because home prices have gone up so, so much so fast that eventually it’s going to hit a limit where the median income is not going to be able to afford the median home. We’re still much better than the national average and definitely much better than the regional average, you know, for other Sunbelt, you know, major cities. Right. So yeah, the affordability thing is, is definitely a challenge out there. Yeah. And the good news is that maybe a little bit of slowdown in, in home price appreciation is good news. The median price, and the average price did come down in August versus July nationally

Tracy:

Or locally

Tego:

Locally. Thank you for that. And then however, the price per square foot went up again. So we hit another all-time high in price per square foot in, in Albuquerque. So I don’t see any big turn in, in home prices right now.

Tracy:

I think, you know, seasonally, we see things, um, not appreciate as much right. This time of year through the holidays. So what we’re seeing is very normal. So when people say, oh, we’re having a big slowdown, I go, wait, we’re very seasonal.

Tego:

Yeah, it is. You’re absolutely right. It is normal to see some, some slow down.