After the release of new home sales this morning it is apparent that the real estate market is not finished correcting.  In Bernalillo County alone, there are hundreds of vacant properties in some stage of the foreclosure process.  That does not include the properties that have already run course and are being marketed as bank owned.  There is absolutely no reason for a prospective purchaser to buy  "new construction".  The minute after you close your property is compared to other homes in an area.  It is nearly 100% fact now that in any new subdivision or development, there are recent and similar foreclosures of like product in the immediate area.  These other homes are being sold for tens of thousands less than the new construction product.  This is the same situation as buying a car and driving it off the lot and losing thousands.  This time the purchase is not for five years bot for thirty!  Until the judicial foreclosure process streamlines and we air out all of out dirty laundry, we will continue to operate in an economy weighted down.  

Read the CNBC Article http://www.cnbc.com/id/41757337