Magazine article Mortgage Banking

El Paso: Unlikely Place for Housing Boom

Magazine article Mortgage Banking

El Paso: Unlikely Place for Housing Boom

Article excerpt

FNC Inc., Oxford, Mississippi, reported in a study released in December that El Paso home prices have appreciated more than any other Texas city. El Paso saw its home prices rise by 4.7 percent in the period from 2003 through August 2010. Even better, this Texas border town saw its foreclosures drop by 17 percent in 2009, according to FNC.

What makes this story even more surprising is El Paso's location. The city shares a border with Ciudad Juarez, "tragically nicknamed 'Mexico's Murder Capital,'" according to FNC. In a press release announcing the findings, FNC noted, "Juarez saw more than 2,000 murders from January to September 2010. Mayor Jose Reyes Ferriz estimates that 25,000 Juarez homes were abandoned by residents fleeing drug-cartel violence."

Despite that, El Paso's home-price gains meant it outpaced other Texas cities of Dallas, Houston, Austin and San Antonio in terms of its home-price performance from January 2003 to August 2010. Dallas saw home-price gains over this period of 0. …

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