When you look at the number of homes that have entered into the foreclosure market here in New Mexico you will notice that they have increased by a fairly low amount of 19.14%. If you dig a little deeper and look into the average asking / selling price of homes in foreclosure here you will see that it has increased by 6.48%.
While a change of only 19 percent is a fairly low increase by the standards being set by the rest of the country, which is definitely a good thing. The increase of nearly six and one half percent can also be perceived as a good thing.
At a time when most real estate is taking a huge beating and people are so far upside down in the value of homes that they may never see daylight. It is a nice change to see the value of property as it goes the other way.
For too long now we have seen the value of all types of real estate fall and even though it is foreclosure property, to see the selling prices starting to inch back upwards tends to give a glimmer of hope to people that there might someday be a full recovery in the markets and that there is hope that one day all property will again be worth what is owed on it or more.
While this is likely to be several years off in future – depending on which official story you believe, most of the analysts agree that this is a signal that the recovery has begun and should continue it’s slow and painful return.
The main reason that the percents of increase in value here is so small is because the overall property value is somewhat low when compared to other areas of the country.