I guess you could say that AMREP owned most of Rio Rancho at some point. They basically started Rio Rancho, the first house I bought here was made by AMREP. Thankfully they are out of the house building market.
Their latest financial report is a good indicator that the real estate marked hasn’t slowed down that much here.
Revenues of the Company’s AMREP Southwest real estate subsidiary were $37,092,000 in the first quarter of 2007 compared to $7,689,000 in the same quarter last year. This substantial revenue increase was primarily due to increased sales of both developed and undeveloped lots in AMREP Southwest’s principal market of Rio Rancho, New Mexico, where interest in the Company’s landholdings did not appear to be impacted by the slowdown in housing that has been reported in many parts of the country.