Monthly Highlights for December 2011
Single-family, detached sales in the Greater Albuquerque market rose 6.303% from November 
2011 and had a 3.56% increase from the previous year. Active listing inventory of homes for sale was at 3,780, the lowest level since July 2006.
The average sales price of a home in Albuquerque
$195,861
December 09 = $216,687 December 10 = $217,416 December 11 = $195,861
Top Selling Price Range for December
$120,000 to $140,000
Average Time On Market For December
87 Days
Here are the complete market statistics for the month of December 2011
Tuesday. One of the reasons: loosening credit. The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago. Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters indicating a stabilization in the lending market. Other market indicators point not just to a stabilization of mortgage lending standards, but also to a loosening of credit availability. Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings. Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “is the clearest sign yet of an improvement in mortgage credit conditions.” In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV. While credit conditions have loosened a bit, we are not out of the woods yet as some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancelations were the result of a buyer not qualifying for a loan, but we are now heading in the right direction. Capital Economics is also quick to say “any improvement in credit conditions won’t be significant enough to generate actual house price gains yet,” and the potential ramifications from the euro-zone credit crisis could still pose a threat to future credit availability here in the U.S. 
