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Number of El Paso Bank Owned Homes for Sale Did Not Affect City Ranking

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By : Allana Castro    99 or more times read
The number of El Paso bank owned homes for sale remains a significant factor in the performance of the city’s housing market. But the less-than-perfect condition of the residential real estate market of the city did not prevent El Paso from being included in the list of top metro U.S. areas that are considered to be recession-proof.

Based on MetroMonitor, a report published by Brookings Institute’s Metropolitan Policy Program, the number of bank owned homes in Texas hardly affects the general economic performance of the metro cities in the state, including El Paso. The city has one of the smallest percentages of job losses among the other metros ranked in the report and also has one of the better housing market performances.

Although the list of bank owned foreclosures in the city could be shorter, El Paso is still considered to be in a better position than other big metropolis areas in the country that were hit hard by the foreclosure crisis. Cities that serve as government centers, like Washington D.C., also achieved high rankings mainly due to higher spending and fewer job losses.

Despite the presence of hundreds of El Paso bank owned homes for sale, the city achieved a healthy job growth percentage during the first quarter of the current year which provided it with a stronger foothold in the economic recovery ladder. El Paso is one of the six Texas cities that made it to the MetroMonitor ranking.

The ranking was based on economic indicators like unemployment and employment rates, prices of homes, rates of foreclosures and local production. The authors of the report summarized the study by claiming that the general economic condition of the whole country remains sub-standard, primarily because of the continuous weakness of the residential property industry and the high unemployment numbers.

Although El Paso bank owned homes for sale remain a significant concern in the city, the area is still optimistic that it will achieve a quicker and more stable recovery compared with other big cities in the U.S. The absence of sharp fluctuations in the housing market prior to the foreclosure crisis is largely credited with the city’s good performance.
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