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Land of Enchantment.

Home Mortgage Rates in New Mexico

Aerial View of Albuquerque, New Mexico From the Sandia Mountains.

New Mexico is located in the southwest United States, and it has a population of over two million people. It ranks as the thirty-sixth most populous state in the nation, as well as the fifth largest by land area. The state is divided by climates, and the northern and eastern portions of the state experience a colder more alpine climate while the southern and western portions of the state experience a warmer, more arid climate. Oil drilling, farming, ranching, retail, trade, and mineral extraction make up and support the state's economy.

The local living in this state varies from region to region, and you have several thriving cities to choose from. You can live in a more laid-back and rural real, or you can live in one of the several large cities that are found throughout the state. No matter where you choose to live, the cost of living is below the national average, and the diverse economy gives New Mexico's inhabitants a lot to choose from.

People move to New Mexico for the thriving economy and the huge dedication to the arts. The lower cost of living and the very low tax rates are also a big draw for people. There are several excellent secondary education opportunities that draw a younger generation to the state as well. The state is also very culturally diverse, and there is an abundance of types of homes and jobs to choose from. All of these factors make New Mexico a place where people want to travel or move to.

However, many people are leaving New Mexico at a rapid pace as well. The economy is stagnant for the middle-aged demographic, and there isn't a lot of opportunities to advance to higher-paying positions. This results in people leaving the state to find work opportunities that offer them faster advancement. Additionally, many in the workforce are nearing retirement age and phasing out, and this contributes to the stagnant economy New Mexico seems to be experiencing.

Young college-aged people find New Mexico attractive because there are many opportunities to get advanced degrees from one of the many universities and colleges located throughout the state. Also, people who are nearing retirement age are finding New Mexico attractive because of year-round sunshine, the lower cost of living, and the lower property taxes as a whole.

Current Real Estate Trends in New Mexico

New Mexico didn't fare very well during the housing market crash, and it is still recovering. When 2008 came, New Mexico's housing market saw its, first, last, and the only peak before it began falling. From the third to the fourth quarter of 2008, New Mexico's housing market plateaued before it rose sharply at the start of 2009. From that peak, it began to fall once again until the second quarter of 2010. When this time came, the housing market saw a slight reduction in the pace it was falling, and this continued until the third quarter of 2010 when the housing market rose slightly. However, it resumed its fall quickly, and in 2011 the market saw another slight plateau. This dropped in the second quarter of 2012 when the housing market finally hit its lowest peak.

Unlike the majority of the United States, the New Mexico housing market hasn't rebounded quickly. From the time it hit bottom in 2011 until 2014 it stayed very low. The beginning of 2014 finally saw the market beginning to climb slightly, and 2015 saw a slight peak that dropped off quickly. The market resumed its steady climb after the 2015 peak, and it has continued on this path to the present. However, the New Mexico real estate market is still nowhere near where it was before the market fell in 2008.

The city of Albuquerque had a similar ride with the housing market crash. In 2007, the housing market slowed down as it had been on a quick rise before this year. The market continued to rise slowly until it hit its peak in 2008. Once it hit this peak, it dropped significantly until the fourth quarter of 2008 when the market experienced another sharp peak. It experienced a rocky drop from 2009 on, with several small peaks at the end of 2010. In 2011, the market hit a plateau that lasted until the start of 2012, when the market dropped for one final time before it hit bottom.

Sine Albuquerque hit bottom in 2012; it hasn't experienced a quick recovery like many states in the United States. The market stayed moderately low like the entire state of New Mexico did until the start of 2014. The start of 2014 saw the real estate market beginning to pick up slightly, and this continued until it hit a plateau from the middle of 2016 until the start of 2017. As of the start of 2017, the market has begun to climb again, but it still isn't where it was before the housing market crash, it's right below the pre-2008 prices.

Historical Real Estate Market Trends in New Mexico

The early 1990s brought about the start of a steady climb for the New Mexico real estate market. There