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Old 01-09-2009, 05:30 PM
 
5,976 posts, read 15,186,711 times
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In managing my finances today, I found this article, published today, regarding the strongest housing markets in the US. Guess what? El Paso is in the top 5! Go El Paso!

http://finance.yahoo.com/real-estate...JacW101ZZO7sMF
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Old 01-09-2009, 05:52 PM
 
Location: El Paso, TX
5,080 posts, read 9,883,133 times
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Do you know why that is?

1: Fort Bliss Expansion.
2: Low Income City

El Paso, Texas
Population: 795,800
Bottom expected: mid-2010
Forecast price change to bottom: -1.0%
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Old 01-09-2009, 06:15 PM
 
5,976 posts, read 15,186,711 times
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Default Look past the stats....

Yes, I recalled all the facts of the conditions of El Paso that I knew of when I read the article, and have to admit, one can view it as negative news, or one can see it as positive.

For example, though the economy, and thus wealth, has been stagnant in El Paso for decades, it nonetheless does not take away from the fact that the income one did invest in their property, or the equity one may have built up, is still safe. That is good news.

Investing, after all, is the angle I am looking at. While a majority of Americans are upside down in their mortgages, meaning they owe more than what their house is currently worth, those in El Paso can take comfort in knowing that their investments, or equity in their homes did not loose as much value, if any, as did most of the nation. So they keep their wealth, most people lost out big time.

It is like two people, one in El Paso and one in New York... both with 200K in the bank. One day they both go to the bank, the person in New York finds that 75K of their 200K vanished, no trace! The person in El Paso still has the 200K, and upon closer inspection, finds there is actually 201K in the account.
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Old 01-09-2009, 06:31 PM
 
248 posts, read 624,721 times
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i wish it was working in my favor.... house just appraised for below what it was built for 2 years ago.... of course, below what i paid for it.... all in all a complete loss but that is if it even ever sells.... since it has been listed for five months now. gorgeous home in great location, 3000 sqft, granite etc., now sitting empty. the market in el paso feels pretty bad to me!
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Old 01-09-2009, 06:43 PM
 
197 posts, read 509,808 times
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We're here due to growth. I've said before that low-cost geographies are being singled out. Border city be darned. Low-cost American cities flocked to, not necessarily. A moderate shifting and drifting by businesses both small and large to lower cost locales that have not economically imploded nor exploded, I would say absolutely. We shall see what changes lie ahead for EP. A correction to the market here of -3% or less is what other markets could only dream of. The numbers are the numbers. Future is yet to be seen.
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Old 01-09-2009, 07:00 PM
 
Location: El Paso
271 posts, read 806,192 times
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Sadly the future will get darker before it gets brighter but El Paso is a better place to ride out the storm than a lot of other places. IMHO.
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Old 01-09-2009, 07:36 PM
 
Location: Glory Road - El Paso, Texas (R.O)
2,619 posts, read 6,107,893 times
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Why would it matter if the military is one of the reasons El Paso has a strong housing market? Every city needs a catalyst - whether it is the military or something else - the boom has to come from somewhere.

Quote:
Originally Posted by alikat1205 View Post
i wish it was working in my favor.... house just appraised for below what it was built for 2 years ago.... of course, below what i paid for it..
I am sorry to hear that. I wonder how scientific the appraisals are. Last month I had an independent appraisal done on my house and it went up 20K. It might be tough for you as brand new houses are going cheap right now. I wish you the best though. I would hate for anyone to lose money on a house. That is too big of an investment.
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Old 01-09-2009, 07:39 PM
 
5,976 posts, read 15,186,711 times
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Default Ditto from me...

Quote:
Originally Posted by DesertDog View Post
Sadly the future will get darker before it gets brighter but El Paso is a better place to ride out the storm than a lot of other places. IMHO.
Sadly, I agree and have echoed that sentiment on these boards for a while now. However, if it is any comfort for anyone, I think we are at least in the middle of the downturn. The problem is, those that cannot make it to the end will suffer, thus it hurts everyone in the end.

Companies are letting go of people left and right. My company recalled US expats back home. That presents a problem, what do the people who are already here do? Someone has to loose their job so that those returning have one.

My wife's company laid off 1000 people this week, globally. Ouch. Rumor at my company is that the axe will fall again in the 2nd quarter. When not at work, I've been doing lots of reading on where to put my money, it is not pretty anywhere I look, it's hard to protect it right now.

So, in regards to El Paso, one cannot miss what they don't have. It's like a ship that has gone down, everyone has jumped into over-crowded life rafts and those in the 'El Paso' raft will watch while many of the other rafts spring leaks, and sink. Those in the 'El Paso' life raft won't complain so loudly about the over-crowding.
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Old 01-09-2009, 08:00 PM
 
Location: El Paso, TX
5,080 posts, read 9,883,133 times
Reputation: 1105
Yeah man its gonna get really rough here too.. the ball just has not dropped yet. With the increase in crime in Juarez, plants will be shutting down, People from the US who travel over each day will stop or be recalled because of security concerns.

The Military will also be coming with many new employable spouses.. that will cause many problems too.

But the "EL PASO CANT MISS WHAT IT DONT HAVE" comment is dead on and accurate.. and why the stats in that link are skewed.
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Old 01-09-2009, 11:27 PM
 
Location: El Paso
271 posts, read 806,192 times
Reputation: 190
This is a question. Is it possible the new administration will cut funding for the Fort Bliss expansion and all the new homes the developers have been cranking out will sit empty? A lot of these homes are above 150K which is sorta out of reach for a lot of El Pasoans. The downturn in the housing market nationally then with a downturn in demand for housing in El Paso if budget cuts were made could really devastate our economy at a time when we really can't afford to take such a hit. Is this a possibility?
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