New Mexico Bad Credit Mortgage Lenders

Home development and construction are big business now in New Mexico. The once sleepy state housing market is experiencing an explosion in the form of retirement living. Part of the reason for the boom is the state's attractive marketplace. The Federal Deposit Insurance Corp. reported that through June, New Mexico's economy is steadily growing, with job growth outpacing the rest of the nation.

Take this and couple it with low taxes and an ideal climate, and suddenly the Land of Enchantment looks like a good option for affluent retirees. In fact, in-migration to the state was up 12.6 percent in the past year, with most newcomers coming from Texas and Arizona, according to the FDIC.

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In Rio Rancho for example, the city approved one site of 2,500 acres for development and another of 1,600 acres. There is also a remote site planned, with a 500-home development. These are homes for the affluent, as the project will include a park and recreational area with a pool worth over $200,000.

Such rampant development is just one of many signs that the once quiet Southwestern state is quickly becoming a Mecca for the construction industry. "Here in New Mexico, we're turning into a retirement state because the cost of living is so high elsewhere," Home said. "The investors from California and Nevada are coming here, and the price of land and homes is going up.

The big home construction companies in the state, Centex, KB and Pulte, have all purchased enough land to keep them going for at least five more years.

This boom in the housing market is great for sellers and developers, but potential homebuyers should also be on the lookout for over-inflated prices. Besides the worry of over-inflated home prices, the boom offers borrowers easy access to companies that are eager to lend to the right people in order to cash in on the flush market. Coupled with a good mortgage lender and sound and solid research into home prices, now looks to be a very good time to buy a home in New Mexico. Buying now means you can avoid paying higher costs later as the market continues to boom.