City-by-city price comps
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Job losses are bringing clouds to Albuquerque, and the rise in unemployment is affecting residential building permit levels, which have reached the lows of the early 1990s. Chris Porter with John Burns Real Estate Consulting says the market didn't experience the same increase in prices as some of the larger Southwest markets, so the price correction has been less severe. Still, resale prices are expected to fall as unemployment grows. | | Median price end of 2008: | $183,700 | | Median price end of 2007: | $195,900 | | Percent change: | -6.2% | | Projected change through Q3 2009: | -8.6% | | Affordability rating: | 1.2 | Foreclosures in 2008:
(1 for every 129 households) | 2,688 | Foreclosures in 2007:
(1 for every 154 households) | 2,217 | | Change in foreclosures: | 21.2% | | Expected to hit bottom: | Q3 2010 | | Percent drop needed to reach bottom: | -13.5% |
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