There are many opportunities to purchase Albuquerque, NM foreclosure homes. Right now RealtyTrac is reporting that there are 130 properties available through sheriff sales in the area. To find out about these cheap auction homes, you can check with the county courthouse or the local newspaper. According to RealtyTrac, one in every 611 homes received some kind of foreclosure notice during the month of July. There are currently 1,538 properties in default. Auction information can also be located online through several auction sites. Albuquerque auctions offer foreclosed homes at deep discounts. That is why more investors and buyers are attending the auctions these days. REO opportunities are also available with 837 REO homes for sale. REO homes can be located through local Albuquerque Realtors who advertise them in the MLS.
To give you a market snapshot of home prices in the Albuquerque area,Trulia reported the median sales price for the period May 11, 2011 to July 11, 2011 was $135,000, which was a 12.3% decrease. The number of home sales decreased by 40.2% from the same period last year. based on 201 home sales. The average listing price was $255,597 for the week ending August 3, 2011, which is an increase of 0.2%, or $543, compared to week before. Hot neighborhoods include Taylor Ranch and Ventana Ranch, with an average list price of $211,288 and $189,669, respectively. Also popular are North Albuquerque Acres, with an average list price of $729,804, Alamedan Valley with an average list price of $486,918 and Academy Hills Park with an average list price of $252,852.
What To Keep in Mind?
If you are serious about buying foreclosed Albuquerque homes at auctions, then you need to access a national database which has the most up to date information about auction properties. You should also have some sort of tracking system to get daily alerts of new properties as they become available. After you identify the property, if you are in the area, then you should do a drive by to see the neighborhood and the home, find out if it is vacant or someone is still living there and decide if you want to track the home further. You will want to contact the auction company to find out their bidding procedure. Most companies publish this online at their website, but you might have to call them.