One of the fastest growing metro areas in the nation, Albuquerque was one of the nation's fastest-growing metro areas over the past decade, drawing the young and retirees alike thanks to a warm climate and plethora of jobs, from tech positions in atomic energy and solar to manufacturing positions at the new Tempur-Pedic mattress plant.
The recession, however, applied the brakes to the area's economy and Albuquerque has been slow to recover. Unemployment is still on the upswing, rising to 8.6% in November from 7.8% a year earlier. Plus, the metro area lost 13% of its construction jobs last year, according to the Associated General Contractors of America.
Those layoffs have put many people behind on their mortgage payments. As a result, the metro area had the 67th highest foreclosure rate in 2010 among the 206 areas reported on by RealtyTrac.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.94%||3.93%|
|15 yr fixed||3.03%||3.03%|
|30 yr refi||4.02%||3.99%|
|15 yr refi||3.09%||3.07%|
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