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That is not to say that New Mexico's housing markets will go bust any time soon. The growing spirit of New Mexico is too strong for a sudden melt down. It is also supported by new businesses moving to the state prompted in part by tax incentives, a less expensive labor market and job growth.

Listings of homes for sale in Albuquerque have increased by 50% slowing the market. Home owners and new home builders are offering incentives to sell their properties. New real estate agents are having to learn how to market properties, a necessity in a business that has changed dramatically with the slower market.

Albuquerque has not gone from boom to bust like other markets in more populated states, but the housing market has progressively slowed from its peak. New Mexico's largest urban center was Housing Predictor's top rated market for appreciation in 2007 at 3.5%.

But the market is making a transition. Home prices are beginning to slide for the first time in years as the mortgage melt down effects the area. Loans are becoming tougher to get, and some perspective home buyers are failing to qualify for financing. It is taking longer for homes to sell.

Home auctions are becoming popular mainly as a way for new home builders and investors to sell properties. The first home auction to be held in Albuquerque by one builder was held a while back. The market will see slower sales in 2008, according to the Housing Predictor forecast, and rack up just mild appreciation compared to last year at 3.5

~ Mike Colpitts, Housing Predictor