With more and more short sale homes and bank owned homes coming on the market here in Albuquerque, I thought it would be interesting to see what percentage of closed sales in June were distressed property sales.
Of the 581 total sales that have been reported in June 2010, 83 were bank owned listings and 49 were short sale listings. Together that's 29% of total sales. Bank owned homes made up 18% of June closed sales, and short sales made up 11% of June closed sales.
29% doesn't sound that high, but let's look at it another way, 29% means almost 1 out of 3 closed sales were distressed property sales. These numbers are for the Albuquerque market as a whole, and some neighborhoods have fared better than others.
Read more about Ventana Ranch distressed property sales, Paradise Hills NM distressed property sales and Taylor Ranch distressed property sales.
With short sale homes selling for 10% below market value, and bank owned homes selling for even less, distressed property sales are definitely having an impact on housing values in Albuquerque.
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I wrote about the short sale and foreclosure figures here in Orange county and it is a larger percentage of the home sales than there.
I would guess so, I would say the Albuquerque real estate market would be the envy of many places. EVen so, there are a lot of home owners here who have been affected.