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Monday, July 11, 2011

Are you Underwater? Take Charge!

Are you underwater with your mortgage? Did you lose your job? Are you facing insurmountable health costs? Are you having trouble keeping up with your mortgage payments? Getting divorced? Stuff happens. If you are thinking that foreclosure is your only option it is not.  However, if  you just sit and do not take action it may end up being your only way out of an uncomfortable situation.  
You worked hard, saved, followed your dream to buy a home. Now you need to put some effort into keeping it. Here are some steps you can take to find a solution that is better than foreclosure. Where you choose to begin may depend on your perception of the level of difficulty you face or the length of time you have been struggling to keep up with your mortgage payments. Whatever you do, beware of scams that include “counselors” who ask you to pay counseling fees. A new law now addresses that. And DO NOT under any circumstance, sign over to anyone, the deed to your house.
Consider these options:
  • Call and talk to a trusted real estate professional.
  • Call your mortgage lender and explain your difficulty. You can request a restructuring or modification of your loan.
  • Call the Housing and Urban Development (HUD) and request a free housing approved counselor.
  • Ask your lender to approve a short sale.
You are not the only person underwater and worried about foreclosure these days. You have lots of company. What happens in your particular case in the end will depend largely on how you choose to deal with your situation. Take action! Get out your mental life raft or hot-air balloon and float or soar above the water you think your are drowning in.

Tuesday, October 19, 2010

Homes of Enchantment in Paradise Hills

One of the premier homes in this year's Home of Enchantment Parade is in Paradise Hills. Check out this home by one of Albuquerque's premier custom home builders.

The attractiveness of  Paradise Hills is its eclectic mix of  homes and communities with single-family detached homes, condos and town homes as well as  custom  and production built, newer and older,  contemporary and traditional spanning City of Albuquerque and Bernalillo County jurisdictions.

Paradise Hills has one of the oldest established golf courses in the city of Albuquerque, a community center with programs for all ages, bike paths,  user-friendly parks, a nearby mall to augment the smaller shopping centers scattered throughout the area, schools and for all ages.

The area has a strong sense of community. The long-established  Paradise Hills Civic Association supports quality of life issues and is well known for strong advocacy on behalf of residents.
Eloise Gift
Albuquerque Realtor
Gift Realty NM 

Friday, October 15, 2010

Blog Action Day 2010 A Worldwide Call to Action

Water, water everywhere,
Nor any drop to drink (Coleridge)

Today is Blog Action Day 2010 when bloggers across the globe will write on the topic of life-sustaining water.  I hope to hear from people who have an abundance of water and from those who have little. I don't expect that anyone will confirm that water is everywhere because, sadly, many communities are already running short. I expect that Blog Action Day 2010 about "Water" will draw attention to the global problem, build awareness that they exist, and start a groundswell of goodwill to address the problems. I hope that  with people who live in countries of greatest access to clean drinking water will be motivated to  to help those who live where lack of access to a commodity so vital to life is lacking.

Having to choose between drinking dirty drinking water and having no water is not a choice. Both will have disastrous outcomes.

Wars, climate change, industrial wastes, carelessness are all causes of water pollution and/or shortage leading to sickness and death and all can be corrected. Sadly, the words from the Rhyme of the Ancient Mariner is true for people in some places on our planet. We hope the efforts of this day will help to reverse and change course for everyone of these places. See also, New Mexico Real Estate.
Eloise Gift
http://www.giftrealtynm.com

Thursday, July 1, 2010

This Land Can Be Your Land


Rio Rancho is the fastest growing city in New Mexico but you can still buy vacant in just about any of the four quadrants of the city. The 1-acre lot shown here on 13th Avenue (Unit 7 Block 59 Lot 14) is centrally located and easily accessible from the intersection of two major cross streets – Rainbow and Northern – major arteries that place both the new city center and Northwest Albuquerque only minutes away.

This lot is close to a major residential development that is under construction at the corner of Rainbow and Northern, an indication that utilities - water and electricity - are in the area. Wide open spaces with unobstructed views of eastern southern and northern mountain ranges surround the lot. This and many other vacant lots are available alongside elegant, reasonably priced homes throughout Rio Rancho.

Monday, June 14, 2010

Albuquerque, New Mexico Real Estate Market

Market Update
Real Estate Market Statistics provided by the Greater Albuquerque Association Of REALTORS®, for May, 2010 show  that 731 single-family detached homes sold in the greater Albuquerque area, compared to 678 in April. This was the highest sales record for the month of May since 2007. (You may remember that 2007 was the year of the start of market decline in our area.) The May statistics also reflect an increase in sales of 28.09 percent in sales for the city of Albuquerque over May 2009, and similarly for Rio Rancho, an increase of 37.08 percent over the same period.

The median sale price for single-family detached home sales remained $175,000 for the 3rd consecutive month. Average sale price, however, continued to decline. In 2008, the average sales price for single-family detached homes was $210,406; in 2009, it was $247, 795, and in May, $210,406. Nevertheless, both median and average sales prices are still above those of 2005 when the annual average was $205,731 and the median $166,500. In analyzing the figures, it may also be useful to bear in mind that the highest selling price ranges are currently between $160,000 and $179,000 for single-family detached homes. (Single-family detached home listings and sales represent approximately nine times those of attached homes listings in our market area.)

What drives our Market?

Continued low interest rates, declining home prices, and FHA loans seem to be the current driving forces behind our market. According to several reliable sources, in recent weeks, contrary to what many expected, the 30-year fixed-rate mortgage remained comparatively, low averaging 4.72% - 4.79%, down from 5.59% a year ago. Also, average rates on 15-year fixed-rate mortgages were 4.17%, falling from 4.2% to 5.06% in previous weeks and 15-year rates set a new low in recent weeks. First-time homebuyers still have a resource in FHA loans. .

The Million dollar Question

The question still remains. Is our market recovering? In one form or another, that’s the question I hear most often. My answer is that our market has not fallen as much as it could have. Our average and median prices are still better than they were 2005. I think the market is on the threshold of recovery. If the buyers sitting on the fence were to get off, it could be advantageous to them (the convergence of favorable conditions will not last indefinitely). That one act on their part might just prove to be the little extra push that the market needs to be on its way to recovery.