New Mexico:
June unemployment was 8.2% — down from 8.4% in May
Over-the-year job growth MINUS 1.8% — 14,200 jobs lost

Albuquerque/Rio Rancho
June unemployment was 8.6% — down from 8.8% in May
Over-the-year job growth MINUS 1.4% – 5,100 jobs lost

We have never been a ‘boom and bust’ state so getting back all those jobs is going to take a few years.

Small improvement — but at least the elevator is going in the right direction!

New Mexico:
A .1% increase in March over February to 8.8% Most of the economists who track this state feel we are at the start of a very slow recovery. Emphasis on s-l-o-w.

Albuquerque/Rio Rancho:
A .4% jump in unemployment from February to March. Far larger than the jump in the state as a whole. Job growth has been negative for the past 18 months.

Albuquerque/Rio Rancho also ‘gained’… up .1% to an even 9% for February.

I have normally talked about the sectors where we have managed to hold onto jobs… but this time, lets take a look at where the most damage is being done. And not only is the list a long one but it contains most of the areas where pay is the highest.

Construction
Manufacturing
Mining
Professional & Business Services
Retail Trade
Transportation, Warehousing and Utilities

And, if you are thinking there is not much left… you are right. Government and Educational & Health Services were the brightest spots.

Population: Just over 2,000,000 in mid-2009. That works out to just about 15 people per sq. mile. And that works out to a lot of open space to explore at your leisure.

Cities: Just as from the time of the original settlers before 1,000 AD, the larger centers are along the Rio Grande: Santa Fe (the state capital), Albuquerque (the economic capital) and Las Cruces (the heart of the farming community). After those three, the rest of the state is dotted with small cities, towns and villages. [One note here… when I say ‘Albuquerque’ I really mean the Albuquerque/Rio Rancho area. The two are joined at the hip… separated only by a county line.]

Climate: Before ‘finding’ New Mexico, I lived in a lot of places throughout the country. Without question, this is the best I have ever experienced. We range in altitude from sea level to more than 11,000 ft. – you can always find living conditions that suit you. Add low humidity to the mix, light that has excited painters and photographers for over a century and you will understand my enthusiasm.

Housing: Location matters, of course, just like everywhere else. But, outside of the tourist-expensive cities of Santa Fe and Taos, it is easy to find a good home less than 15 years old that costs under $200,000. Even in the Albuquerque/Rio Rancho area. In fact, one of the joys of living in New Mexico’s largest metropolitan area is the ability to have your cake and eat it too . Albuquerque/Rio Rancho has all the conveniences of a major city with very little downside. Traffic is minimal by the standards of most cities this size – and commuting time for those with a daily destination remains well under 30 minutes.

Medical: A VA hospital, a major heart hospital, cutting-edge hospital attached to the University of New Mexico in Albuquerque and financially stable HMO’s are all part of the mix. Next year, two additional hospitals will join the mix in Rio Rancho.

Lifestyle: Relaxed, a genuine mix of city, country and breathtaking scenery all wrapped in a climate that is second to none. Come and see for yourself… and take a look at my Retirement Site if you would like to request my brochure or my Albuquerque / Rio Rancho site if you wish to explore housing in the state’s largest city.

New Mexico:
January 2010 – 8.5%
December 2009 – 8.2%
January 2009 – 5.9%

The rate for the whole nation was 9.7%

Albuquerque/Rio Rancho fared even worse:
January 2010 – 8.9%
December 2009 – 8.2%
January 2009 – 5.9%

Overall job growth in 2009 was a negative 3.3% for the state — and that is above the nation’s negative 3%.

As many people are aware, the homebuyer’s tax credit was extended into this year just before the original program ran out last November. While it was extending the program, Congress made more people eligible by increasing the income levels and allowing some who are not first-time buyers to qualify. In general, here are the new rules:

Program Life:

• A valid contract must be signed by April 30, 2010.
• The transaction must close by June 30, 2010.

Income limits:

• For a single taxpayer is $125,000.
• For a married couple is $225,000.

First-Time Buyers:

• Anyone who has not owned a home for three years prior to closing.
• The credit is 10% of the purchase price up to a maximum of $8,000.

Move-Up/Repeat Buyers:

• Those who have owned a home for 5 consecutive years within the last 8 years.
• Program life and income limits remain the same
• The credit is 10% of the purchase price up to a maximum of $6,500.

As with any one-size-fits-all program, there are lots of small details that you should check with your lender or accountant. But, the bottom line is that a substantial credit is available if you qualify and have a contract prior to 4/30/10 and close before 6/30/10. Contact Me for more information.

December ‘07: 3.5% unemployed
December ‘08: 4.7% unemployed
December ‘09: 8.3% unemployed

During the last year, 25,900 jobs were lost.

As usual, we are not alone (every state reported a decline in jobs) and the national unemployment rate finished the year in double digits — an even 10%.

As you would expect, since the Albuquerque/Rio Rancho area is by far the largest in the state, most of the job loss happened here: 14,300. The big losers were manufacturing and construction.