Foreclosures fall in El Paso, TX

Earlier this year, El Paso was undergoing a real estate makeover. I haven't been keeping up on the market that much since then, so wanted to revisit their real estate market. The following story is from the El Paso Times.

The number of El Paso residential properties entering some phase of foreclosure declined almost 15 percent in the first eight months of this year, while those numbers have risen substantially in Texas and the nation, data from a foreclosure tracking company show.

El Paso had 1,820 residential properties go into some phase of foreclosure, from notices of default to full foreclosures sold at auction or repurchased by the lender, from January through August, compared with 2,137 properties for the same months in 2005, data from California's RealtyTrac show.

El Paso had one foreclosure action per 123 households in the first eight months of the year, which was lower than Texas overall but higher than the national rate, the RealtyTrac data show.

According to the article, appreciation is still up in the area. I have family members looking at land in the city since it's so cheap, but it's not for investment purposes. They're wanting to buy in El Paso because it would be less expensive that central areas such as Houston or Austin.

Read more about El Paso Real Estate:  El Paso Times - Foreclosures fall in El Paso.