Housing Predictor .com offers an exceelnt overview and analysis of the state's housing market:
After surviving a double-dip recession in late 2012 and experiencing the loss of many of its residents, New Mexico is facing a long road to real estate market recovery.
An article in Albuquerque Business First (“Economic Outlook conference explores NM’s road to recovery,” Jan. 15, 2013), quoted University of New Mexico Bureau of Business and Economic Research Director Lee Reynis saying “the state’s economy is ‘continuing to move sideways.’
“The state’s private sector, with the exception of the construction industry, added jobs during the year, but the government sector shed jobs to bring the overall job growth rate down. And while New Mexico’s unemployment rate is 6.2 percent and below the national rate of 7.8 percent, much of that is due to the fact that the state’s labor force has decreased in size, Reynis added.
‘The number of people that are counted as unemployed is falling. People are dropping out’ of the labor force, Reynis explained.
“U.S. Census Bureau figures showed the state is now experiencing an out-migration of residents, confirming speculation that many of the 53,000 state residents who lost jobs during the recession have left the state, Reynis added.
“As for the Albuquerque metropolitan area, which has been shedding jobs since June 2012, ‘we simply do not see evidence of a recovery, and this is five years after’ the recovery from the recession began, Reynis said.
However, CNBC (“Housing in Mountain States Climbs back,” March 30, 2012) reported that the residential housing market in New Mexico, Colorado and Utah did not experience the extreme rise and crash of that of other states following the real estate bubble and subsequent recession.
“‘We didn’t experience the bubble that California, Florida, Arizona and Nevada did,’ said Thomas Thibodeau, a residential real estate expert at the University of Colorado’s Leeds School of Business. ‘Prices in Denver came down about 14 percent, peak to trough, and it now looks like the decline has come to an end.’”
In RE/MAX’s 2012 national housing report, Albuquerque was first among all 53 metro areas surveyed, with a 46.6 percent-increase in the number of year-over-year sales.
Meanwhile, according to RealtyTrac, only one in 12 homes sold last year in New Mexico was somewhere in the foreclosure process, versus to one-in-four nationwide.