El Paso County, Texas Is Unable To Reslove The Foreclosure Crisis
El Paso County, Texas is the westernmost county in the state of Texas. According to the 2005 U.S. Census population estimates, the county had a population of 721,598. There are approximately 210,000 households here with foreclosures occurring on an average of 240 to 300 times per month. Simple math dictates that if these numbers continue the county may reach critical mass in the local real estate market.
Ignacio Gonzales, local real estate professional and stop foreclosure specialist in El Paso County gave his perspective on the current foreclosure situation from both the resident and real estate expert's viewpoint.
The main cause behind foreclosure filings increasing in double-digit numbers over the past few years are the fact that property values have dropped about 2 percent, unemployment has increased to approximately 3.5 percent, many homeowners have the adjustable rate mortgages (ARM's), along with an increase in divorces. All these factors have had a dramatic negative impact on the El Paso real estate market.
There is no typical residence in foreclosure in El Paso County. All neighborhoods in the county have been affected by foreclosures. From high-end, gated communities to starter-home neighborhoods, foreclosures are everywhere.
Mr.Gonzales, along with other local real estate and stop foreclosure experts, feel the worst is yet to come with thousands of adjustable rate mortgages set to adjust this year.
Sadly a lack of education is causing the majority of affected homeowners to make bad decisions. Many homeowners are selling there homes to investors, because they do not know they have options. Some are selling to real estate agents, while most of them just let their homes go to auction.
The property market values here are not falling as much as the rest of the nation. There is plenty of construction still happening; new companies are coming in so the local unemployment rate is low compared to the other big cities. These factors, while encouraging, still have not stemmed the foreclosure tide.
With 8 to 10 foreclosures a day happening on the average El Paso County is feeling the crush. With no local, state, or federal intervention the situation stands to get far worse before any relief is felt.
Victim or Victor - the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn what you can do to avoid or stop foreclosure in Alaska. |