Dear Chicken Little,
The sky is not falling, although belts are tightening and the mortgage industry is shaking out some shoddy players, loans are still available; you might need better credit to qualify, put at least 5-10% down but this is a great time to buy a home, prices are falling on the west side and Rio Rancho, builders are offering huge incentives.
Just like the stock market,buy low sell high, traditionally the albuquerque market goes through 8 year cycles, and overall appreciation of a rate of about 3-4% in the last 20 years there have only been 2 years of devaluation 1988, & 2002 in 2002 it was only.03% so even though we may see a decline this year, overall Albuquerque is a great place to own a home.
When I first started to warn you of the impending mortgage crisis back in February of 2007, I did not foresee the actual number of companies closing and the tightening being this widespread (Worldwide) and paniced. Reminds me off the Junk Bond Market collapse in the 1980's and the Savings & Loan debacles that threw alot of babies out with the bath water. Lets hope this crisis will stablize so home buyers and sellers can once again breath a sigh of relief.
Contact these fine lenders with stable financial stability to see if you qualify for a home loan or for more mortgage related questions or prequalify right online at www.BuyaHouseNewMexico.com:
AnaLisa Cordoba - Pennington Financial (505) 379-8722
Charel Lock - Legacy Mortgage (505) 792-7668 (owned by Coldwell Banker Legacy)
Bernice Gentry - Legacy Mortgage (505) 858-3834
Yvonne Lara - Wells Fargo Home Mortgage (505) 298-7684
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