Housing Market Trends in El Paso - Crossroads, Issue 2, 2006 - FRB Dallas El Paso Branch
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چکیده
ousing prices have received considerable attention in recent years as concerns over potential excess appreciation have emerged for both national and regional markets. In general, moderate increases in house prices often reflect and contribute to a region’s economic and financial health. In fact, the strong U.S. housing market has been a key factor in sustaining consumer spending in recent years. Home prices can be too high or too low, but if a market becomes misaligned with excessively high prices, the resulting correction can reduce perceived wealth and leave homeowners saddled with high payments. As in many other areas, price increases in the El Paso housing market have raised questions about whether local real estate prices are still in line with regional economic conditions. Since 2003, home prices in El Paso have risen 39.8 percent, exceeding the 24.8 percent increase for the U.S. but falling short of the hottest markets, such as Honolulu (67.1 percent), Miami (64 percent) and Los Angeles suburbs such as Riverside (84.6 percent). Some argue the El Paso increases are a correction in a historically underpriced market; others say restrictions on local development are artificially inflating prices. This article is a brief look at recent conditions in El Paso’s housing market. We will not resolve the question of whether home prices are too high or too low, but we can look closely at the forces driving El Paso’s recent price increases. A surge in demand driven by recent employment gains and the expansion of Fort Bliss is probably the major factor pushing prices up—and El Paso’s ability to develop new lots and to meet this surge in demand may be the key to whether a growing bubble lies ahead.
منابع مشابه
Low-Wage Occupations Remain a Hallmark of El Paso Economy - Crossroads, Issue 1, 2007 - FRB Dallas El Paso Branch
El Paso has followed national trends in job growth with a steady shift of employment out of manufacturing and into services. It has been a sometimes painful transition for the city, with the number of manufacturing jobs cut nearly in half, from 41,100 to 22,100, between 1990 and 2006. Losses were concentrated in traditional economic mainstays such as textiles, apparel and leather goods. Meanwhi...
متن کاملCrossroads, Issue 1, 2007 - FRB Dallas El Paso Branch
El Paso has followed national trends in job growth with a steady shift of employment out of manufacturing and into services. It has been a sometimes painful transition for the city, with the number of manufacturing jobs cut nearly in half, from 41,100 to 22,100, between 1990 and 2006. Losses were concentrated in traditional economic mainstays such as textiles, apparel and leather goods. Meanwhi...
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تاریخ انتشار 2006