Price Tags of El Paso Foreclosure Homes Remain Low

By: Joseph Smith

Opportunistic homebuyers and home investors should know that it is the best time to acquire foreclosed homes at reasonable prices. If you are looking at such assets in Texas, you should not miss taking a closer look at available El Paso foreclosure homes. Price tags for such dwellings have remained competitive, yet very affordable.

In the third quarter of 2008, prices of El Paso foreclosure homes slightly rose. Data from the National Association of Realtors indicate that median sales price tags for the assets climbed modestly to $136,400 in the period, up 0.4% from $135,800 in the same quarter in 2007. Compared to the second quarter of 2008, the median price also decreased a little from $137,700. El Paso, was among the five areas in Texas where median home sales prices rose from a year ago. It joined the ranks of Amarillo, Beaumont, Houston and Austin.

Market analysts and observers note that the price increase served as a tribute to El Paso foreclosure homes. In fact, market observers have been expecting huge price drops specifically in the entire state of Texas, just like in most other states that are hardest hit by the housing and economic downturns.

Homebuyers are up for more fun time snapping up foreclosed homes in the area. Data for the same quarter from property tracker RealtyTrac show that the volume of El Paso foreclosure homes jumped 44% compared to volume a year ago. That means more El Paso foreclosed homes are heading to auctions and sales events. More interestingly to prospective buyers, prices are expected to drop or remain very low, as supply expands. Indeed, it is still the best time to purchase El Paso foreclosure homes.

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Joseph Smith has been educating buyers on the finer points of Texas Foreclosure Homes purchase at for over five years. Click here to find foreclosure homes for sale.

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