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Home Price Appreciation - How New Mexico is Doing on a National Scale
Yesterday's widely publicized Mortgage Monitor Report by Black Knight Financial Services revealed a number of significant statistics about the national picture on the housing market, as well as some data on price appreciation that's of particular interest to New Mexico residents.
The report stated that no less than 425,000 borrowers moved out of negative equity in the first quarter of this year. This means that the national rate for negative equity is now down to just 5.6% (2.8 million borrowers), compared with 29% at the close of 2012. In just a year, the number of borrowers in negative equity has fallen by 13%!
In fact, some 38 million borrowers can now boast having at least 20% equity in their homes, an individual average of $116,000.
While the current overall situation still lags behind the pre-crisis years before 2006, it's really good to see the general direction in which things have been headed for some time now.
More locally, we are of course seeing the effects of better confidence in the Albuquerque area and New Mexico as a whole. This has only been amplified by the very recent announcement that construction is about to begin on a new $35 million, six-story, 160,000 sq.ft. Innovation Centre for ... more
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