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Archives
May 2008
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Albuquerque, New Mexico Real Estate
In our community, not unlike many others, we have seen transactions affected by recent higher loan-to-value ratio requirements resulting from falling and lower sales prices.
Good News
Beginning June 1, Fannie Mae and Freddie Mac will no longer require borrowers to provide an extra 5 percent down payment when purchasing homes in areas deemed "declining markets" because prices are falling.
Thanks to the National Association of REALTORS® who protested the declining-markets policy, the giants of the secondary loan market agreed to abandon it.
under the the new policy, borrowers can get loans up to 95 percent loan-to-value even in markets in which prices have been falling. Before the change, borrowers suddenly found they could only get loans up to 90 percent of the price of the property because lenders were requiring a 5-percentage-point cushion to protect against possible future price declines. Many buyers saw their home ownership dream vanish overnight as lending policies changed in the midst of negotiations.
With the stigma removed, we expect to see all neighborhoods thrive and fewer people denied the American dream.
Eloise Gift, Associate Broker
Keller Williams Realty
Albuquerque
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Albuquerque, New Mexico Real Estate
New Mexico's green awarenes is growing to such an extent that in the City of Albuquerque, in three consecutive weeks one could participate in green related events that include clean air, green buildings and green-living education by way of workshops.
Last week I attended the clean air summit at which our green advocate mayor was present. This week the New Mexico chapter of the the U. S. Green Building Council is organizing an all day tour of sustainable architecture of commercial buildings, some of wich are seeking Platinum, Gold and Silver LEED certification. The following week, the LEED for Homes workshops will be held at the University of New Mexico. Separately, Green Living Lecture Serisw and Green Central Expo will also be held as part of the University of New Mexico's Continuing Education.
During our recognized period of slower market activities, it is certainly appropriate for real estate prefessionals and others affiliated with the industry to take advantage of opportunities to become as knowledgeable as possible in sustainability and green building practices. There is no doubt, given the current circumstances of climate change, that those cities that embrace green living will be leaders in preserving regional and world-wide quality of life.
Eloise Gift
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