El Paso, Texas

$123,800 is the median home value in El Paso. The home value has risen 2.9 percent in El Paso in the last year. A prediction has been made that the worth of homes will increase by 1.2 percent in the following year.

Per square foot, the median list cost is $94 in El Paso. The Metro Area of El Paso has a slightly higher per square foot median list cost of $96.

For homes that are now listed in El Paso, the cost median is $169,900. $1,100 is the rent cost median in El Paso. This is the same rent cost median as the Metro Area of El Paso which is $1,100.

When it comes to the real estate economy, the foreclosure rate is an important ingredient. This is because the foreclosure rate can greatly influence the value of real estate.

The higher the foreclosure rate, the lower the value of real estate. If the foreclosure rate is very high, the value of real estate can fall quite a bit. And if the foreclosure rate is very high at the national level, it could potentially cause a recession to form.

Regarding the foreclosure process, there is a first thing that happens. It is called mortgage delinquency. How is mortgage delinquency defined? Mortgage delinquency is what happens when an owner of a home skips making a payment on their mortgage.

A mortgage delinquency is a serious matter not only for the home owner, but also for the bank. If the home owner continues to miss making mortgage payments, there is a point after missing a few mortgage payments that the bank could very well initiate foreclosure.

Bankers intensely dislike foreclosures because banks can lose a lot of money. A bank loses money on foreclosures because foreclosed properties means financial loss for a bank.

If a bank has a lot of foreclosed properties, it could go out of business. This is what happened from the 2008 recession when a lot of banks went out of business. There were a huge number of foreclosures in our nation.

There is a first thing that occurs when a homeowner embarks on the journey towards foreclosure. It is called mortgage delinquency. It means like the term says delinquency on a mortgage. It is what happens when an owner of a house skips making a payment on their mortgage.

In the city of El Paso, 1.6 percent of mortgages are delinquent. This is the same as the United States mortgage delinquency rate which is 1.6 percent.

The recession of 2008 wreaked havoc on the real estate economy as well as the economy of the United States. One consequence of that recession is that the value of realty in the United States fell greater than 20%.

And to this day the 2008 recession has a negative effect on many homeowners because of being underwater on their mortgages. Being underwater on a mortgage means that the homeowner owes a greater amount of money on their house than the amount of money it is valued at.

Moving on to commercial real estate, we will look at the multifamily market. In the Metro Area of El Paso, activity in leasing has been strong. The second quarter had a rise in demand for apartment units.

This year there was an increase of 304 apartments in the second quarter being absorbed. On a yearly basis, this demand increase helped bring about 434 units being absorbed.

Multifamily developers completed the building of 395 apartment units in the same period of time. Thus, 3 construction projects were completed.

 The largest of these 3 projects is the apartment community in Northwest El Paso. It is the Las Mansiones at Cimarron that has 200 units. This apartment complex is expected to have more apartment units completed later in this year.

Annual occupancy increased 10 basis points achieving the best mid-year occupancy since the year 2012. In the metro area of El Paso, on an annual basis, asking rent increased to $771 per month at the end of the 2nd quarter. This is a 1.5 percent increase.

The median annual household income for the city of El Paso is $42,116