Follow us on

Tuesday, May 21, 2013 | 3:45 a.m.

Updated: 9:31 p.m. Tuesday, July 31, 2007 | Posted: 8:37 p.m. Tuesday, July 31, 2007

El Paso Market Called The Hotspot

Related

Soon to be El Paso resident Craig Simonds will be moving to the Sun City from Germany.The army reassigned him here. As Simonds house hunts, he knows what he wants.

"If it could be all brick, that would be better,” said Simonds.

Simonds' realtor, Jorge Reyes , said many of the thousands of other military men and women who'll soon be transferred to Fort Bliss in the coming years will want a good deal.

"The armed services, the soldiers are a whole lot more educated and they're turning to home ownership instead of renting. In El Paso, the military boom and the surging local economy are keeping our housing market afloat,” said Reyes.

How good does El Paso have it compared to slumping markets like San Francisco and Washington D.C. Sharon Tay can't believe she's about to lose money on a Washington, D.C., home she bought four years ago.

"That's when the market was really high. We bought it at a bad time and sold it at a bad time," said Tay

The average value for a U.S. home is forecast to drop 3 percent by the end of the year, and another 2 percent next year, but not in El Paso.

"The job growth in Texas has been the strongest in the country. So the home prices in the Texas market is rising at a double-digit pace. So it's one of the best markets in the country. Texas homeowners should be smiling," said Lawrence Yun from National Association of Realtors.

The national association of realtors said the value of the average El Paso area home in Texas and New Mexico has soared from $94,000 in 2004 to $127,000 in 2007.

The better news: realty analysts said the average home will be worth 5 percent, or $6,000 more next year, and another 4 percent, another $5,000 more, in 2008, but still not all is perfect. These values could be higher if not for the sudden surge of foreclosures nationwide.

Homeowners who years ago took out risky low-interest loans have discovered those loan interest rates eventually rise. They can no longer make the payments. Banks foreclose the homes, put them up for sale, accept very low offers, and lower the home values for everyone else.

The president's right-hand man for housing said foreclosures are becoming a national problem.

For more information about El Paso trends and prices and tips for homeowners log onto http://texasrealtors.mediaroom.com/index.php?s=community and http://www.hud.gov/news/release.cfm?content=pr07-105.cfm .

More News

 
 
KFOX14 Live Stream

Watch KFOX14 News Live

Watch live broadcasts of KFOX14 News seven days a week.

iSpot Reporter

Borderland Experts

Borderland Experts mobile version

 

© 2013 Sinclair Broadcast Group. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad ChoicesAdChoices.