This is an article that was in the El Paso Times on Feb. 13, 2009
El Paso city bucks national trend
By Vic Kolenc / El Paso Times
Posted: 02/13/2009 12:00:00 AM MST
EL PASO -- Home prices continued to rise in El Paso last year -- something most areas of the country didn't see.
El Paso had the nation's sixth-highest gain in sales prices for existing homes in the fourth quarter among 153 metro areas, shows a National Association of Realtors report released Thursday. El Paso was one of only 18 metro areas in the country showing price gains in the October through December quarter.
"The reason (home) prices are growing more rapidly here than the nation as a whole is because the local economy is performing better at this point" than the national economy, said Tom Fullerton, an economics professor at the University of Texas at El Paso. "In 2009, the (El Paso) housing market should continue to do well, but there are a few more storm clouds on the El Paso economic horizon than in 2008."
The median, or market midpoint, price of existing El Paso homes was $140,700 in the fourth quarter -- an increase of $7,100, or 5.3 percent, from the same quarter in 2007.
For all of 2008, the El Paso median home price increased $6,000, or 4.5 percent, to an annual average median price of $137,900, the report shows. That increase is higher than the 3.4 percent increase for 2007.
Suzy Shewmaker Hicks, president of the Greater El Paso Association of Realtors and a Realtor for Keller Williams Realty, said even though El Paso's inventory of new and existing homes is large, homes continue to sell, and that helps prevent home prices from falling. More than 4,400 homes are now on the market.
"We're not immune to what has happened (in other markets), but we're not affected to the extent of other markets," Shewmaker Hicks said. "We've had fewer foreclosures here (than other markets) and that's keeping the market stronger."
El Paso has escaped the foreclosure storm felt in some markets. But foreclosure filings began increasing in the second half of 2008. And this January's 208 foreclosure filings were more than triple the 60 filings in January 2008, according to data released this week by RealtyTrac, a California company that tracks foreclosures nationwide.
Gary Wondrash, an El Pasoan who buys and sells homes as an investor, said, "El Paso is one of the strongest markets in the nation. We see some (out-of-town) investors coming back into our market that were here (about) three years ago when our prices were so cheap."
Charles de Wetter, president of Coldwell Banker de Wetter Hovious, one of El Paso's largest real estate companies, said home prices could be hurt if the inventory of homes begins to increase again.
Fullerton, at UTEP, said median home prices "will probably grow by more than 3 percent in 2009. It will be surprising if it grows as rapidly as it did in the fourth quarter."
Vic Kolenc may be reached at vkolenc@elpasotimes.com;546-6421.
For more information: www.realtor.org.
Top markets
Only 18 U.S. metro areas showed home price gains in the fourth quarter of 2008. Here are the top 10 price gainers, with median home price, and percentage change from a year ago:
Rank, Median Percentage
metro area home price change
1. Beaumont-Port Arthur, Texas $132,600 up 16.7 percent
2. Bloomington, Ill. $159,300 up 9.6 percent
3. Dover, Del. $212,500 up 6.5 percent
4. Bismarck, N.D. $164,300 up 6.0 percent
5. Decatur, Ill. $79,300 up 5.9 percent
6. El Paso $140,700 up 5.3 percent
7. Jackson, Miss. $126,600 up 4.7 percent
8. Wichita, Kan. $118,200 up 3.9 percent
9. Shreveport-Bossier City, La. $139,200 up 2.8 percent
10. Amarillo, Texas $122,600 up 2.0 percent
Source: National Association of Realtors
Active Rain Real Estate Network
You can find great local El Paso, Texas real estate information on Localism.com Patti Olivas is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
Friday, February 13, 2009
Thursday, January 22, 2009
Extreme Home Makeover -2nd blog
Wow, what an experience that was! Arriving on the location for the makeover was really neat-you were bused from a church parking lot to the location so there would not be so many cars in the way. Everywhere there were security guards to keep the traffic moving and spectators in one direction and volunteers in the other direction.
Being a volunteer to serve food for the people that were actually doing all the work was one of the hardest things that I have done in awhile. I have a new found respect for all the people that work in restaurants or anywhere serving the public. I got on site around 3PM even though my shift did not start till 6PM. I was very anxious to see what was going on.
I went up to the house to peek( I had a hard hat so I could go into the home) and as soon as my group and I got there they put us to work sweeping and mopping the new tile floors to keep dust to a minimum. It was amazing to see how so many workers could all work together and get the project done in 4 days.
My husband was a team leader for Sat the 17th and our job was to find restaurants that would donate enough food to feed approx. 700 people from 6PM-6AM. I was amazed at the generosity of the restaurants and they really did not get much in return other than knowing that they were willing to help to get a new home built for a family that really deserved the award.
Be sure to watch ABC on March 15, 2009 for the El Paso Extreme Home Makeover Show.
Being a volunteer to serve food for the people that were actually doing all the work was one of the hardest things that I have done in awhile. I have a new found respect for all the people that work in restaurants or anywhere serving the public. I got on site around 3PM even though my shift did not start till 6PM. I was very anxious to see what was going on.
I went up to the house to peek( I had a hard hat so I could go into the home) and as soon as my group and I got there they put us to work sweeping and mopping the new tile floors to keep dust to a minimum. It was amazing to see how so many workers could all work together and get the project done in 4 days.
My husband was a team leader for Sat the 17th and our job was to find restaurants that would donate enough food to feed approx. 700 people from 6PM-6AM. I was amazed at the generosity of the restaurants and they really did not get much in return other than knowing that they were willing to help to get a new home built for a family that really deserved the award.
Be sure to watch ABC on March 15, 2009 for the El Paso Extreme Home Makeover Show.
Slumdog Millionaire (the movie)
This is a must see for anyone. It was one of the best movies that I have seen in a long time and just made you feel good when it was over. It today's real estate economy anything that makes you feel good is an improvement!
Friday, January 16, 2009
Extreme Home Makeover is in El Paso
All this week ABC's Extreme Home Makeover is in our hometown of El Paso, TX and it is really excited to be involved with the show.
The makeover went to a very deserving family that helps out with the orphanage in Juarez, Mexico and other families in need.
According to what I have seen on TV and read in the papers her home was in dire need of repair and will be the nicest ones in the area(as are all the homes that they fix up).
Seeing the outpouring of donations of workers, volunteers, and supplies has really made me even more proud of El Paso. I still can't believe that you can build a home in 4 days but it really is being done and the show should air on March 15, 2009 on ABC.
I am going to the site tomorrow with fellow Realtors in El Paso to serve meals to the volunteer workers and I am really looking forward to giving back to the community and especially the family that won.
The makeover went to a very deserving family that helps out with the orphanage in Juarez, Mexico and other families in need.
According to what I have seen on TV and read in the papers her home was in dire need of repair and will be the nicest ones in the area(as are all the homes that they fix up).
Seeing the outpouring of donations of workers, volunteers, and supplies has really made me even more proud of El Paso. I still can't believe that you can build a home in 4 days but it really is being done and the show should air on March 15, 2009 on ABC.
I am going to the site tomorrow with fellow Realtors in El Paso to serve meals to the volunteer workers and I am really looking forward to giving back to the community and especially the family that won.
Monday, December 15, 2008
We have alot to be thankful for
It is almost Christmas and I think I have a lot to be thankful for this year.
While it has not been the best year in real estate it has not been the worst. It actually takes me back to when I first got in the business in 1986 when people had to have a good job, good credit, and money for a down payment.
Lenders are still lending money, but you have to be credit worthy, have a down payment (unless you are a Veteran) and be able close. So what is so hard about that?
I think that buyers still feel that things will get alot worse and they will get a "better deal" on a home if they wait. They may but what about the time they waste paying rent and not owning and not getting that write off on your taxes.
I think we are at the bottom and there is only one way for prices to go and that is BACK UP!
El Paso real estate is not that bad right now, I have been busier this month than I have in the last couple of months and I think that buyers are starting to feel a little more confident. Interest rates are very low and home prices in El Paso are holding steady and sellers are giving alot of concessions to make their homes more marketable.
Now is the time for investors to get back on line again and start looking at El Paso and all that is going to happen here- we are way short the number of rentals that the military soldiers will need so where are you?
Don't wait too long or you will be sorry.
While it has not been the best year in real estate it has not been the worst. It actually takes me back to when I first got in the business in 1986 when people had to have a good job, good credit, and money for a down payment.
Lenders are still lending money, but you have to be credit worthy, have a down payment (unless you are a Veteran) and be able close. So what is so hard about that?
I think that buyers still feel that things will get alot worse and they will get a "better deal" on a home if they wait. They may but what about the time they waste paying rent and not owning and not getting that write off on your taxes.
I think we are at the bottom and there is only one way for prices to go and that is BACK UP!
El Paso real estate is not that bad right now, I have been busier this month than I have in the last couple of months and I think that buyers are starting to feel a little more confident. Interest rates are very low and home prices in El Paso are holding steady and sellers are giving alot of concessions to make their homes more marketable.
Now is the time for investors to get back on line again and start looking at El Paso and all that is going to happen here- we are way short the number of rentals that the military soldiers will need so where are you?
Don't wait too long or you will be sorry.
Wednesday, November 26, 2008
Realtor of the Year
I was awarded Realtor of the Year for 2009 by the Greater El Paso Association of Realtors at their annual Installation Banquet on Dec. 21, 2008.
I was totally surprised when I found out I had won, but deeply honored.
Now I feel that it is my job to get out there and make things happen from this day forward in the El Paso, Texas real estate market.
Interest rates are dropping and now is an excellent time to buy. Don't wait for rates and prices to go up.
I was totally surprised when I found out I had won, but deeply honored.
Now I feel that it is my job to get out there and make things happen from this day forward in the El Paso, Texas real estate market.
Interest rates are dropping and now is an excellent time to buy. Don't wait for rates and prices to go up.
Tuesday, November 18, 2008
Vets help home prices stay steady
MILITARY PROTECTS HOME PRICES
This article came from Recon Center about San Antonio market but will probably apply to most cities that have a military base.
SAN ANTONIO (Associated Press) – While home prices and sales are generally down nationwide, large military bases have buoyed their surrounding communities.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
This article came from Recon Center about San Antonio market but will probably apply to most cities that have a military base.
SAN ANTONIO (Associated Press) – While home prices and sales are generally down nationwide, large military bases have buoyed their surrounding communities.
The Associated Press found that communities surrounding big bases fared better than national averages because of steady wartime employment, more moderate value increases and less reckless lending than in many other boom areas. Some communities have even seen a rise in home prices.
Higher home values also pool around high veteran populations.
Veterans receive loans more easily because of their guaranteed mortgage benefits through the Veterans Affairs Department and lower-than-average interest rates through the Texas Veterans Land Board. Their ability to secure a home keeps the housing demand higher, which allows the home prices around them to stay afloat.
For the 12 months ending in September, the average monthly median price in San Antonio was $151,500, up 1 percent from the same period in 2007, compared with a 9 percent decline nationwide for that period.
San Antonio is home to Fort Sam Houston, Lackland Air Force Base and Randolph Air Force Base.
Texas veterans also are more likely to pay their mortgages on time.
According to the Mortgage Bankers Association, of Texas homes purchased with VA-insured loans, 0.8 percent went into foreclosure in second quarter 2008. That is about half the 1.44 percent overall statewide foreclosure rate and less than one-third of the 2.75 percent national foreclosure rate.
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