Doug, I go to the Balloon Fiesta every year, even competed during the 90's in the flying competitions. Unless you have friends in Albuquerque, this event is like events at the salt. If you haven't got a reservation by now, you may be out of luck finding anything in the Albuquerque area. The next closest place would be Santa Fe, 50 miles north. An RV is also an option and you're within walking distance of the field. If you're wanting to take a ride in a balloon you'll need to make a reservation with the official ride vendor. Here's a link to the Fiesta website:
http://www.balloonfiesta.com/ (you should find everything you need here). Also, most of the accommodations north of I-40 are ok, as are the hotel around the airport. But be aware, even Motel6 rate jump to the $80 - $90 range during the event.
Enjoy it if you go, it's a blast.
Another thing, if you volunteer to crew for someone, it's not guaranteed, but there is a good chance that you might get a ride for free sometime during the week.
