Business & Housing: El Paso home foreclosure filings triple in ...

This repossession/foreclosure wave is pandemic. Texas is one of the worse places too (see http://www.repofinder.com ). Until the jobs come back it will only get worse.

No surprise. El Paso was one of the last markets to see a rise in real estate prices relative to the rest of the nation, so it should have been expected that foreclosures would rise here after the rest of the nation. All the folks who have been thinking that El Paso was immune to economic difficulties were drinking the kool-aid offered by developers and mortgage companies.

And what is the developers' motto, "build and they will come". It's like I said before, how about "Jobs and they will come". Cant pay if you dont have a job. In the meantime, we have a town with many empty houses and they just keep building with tax breaks.

Thank you city council.

mike wrote:

This repossession/foreclosure wave is pandemic. Texas is one of the worse places too (see http://www.repofinder.com ). Until the jobs come back it will only get worse.

ELP will always struggle for better paying jobs and home affordability. First of all being a border town allows for cheap labor as day trippers and illegals bring down the hourly rate by working for less money. Then you have the local government taxing the hell out of everything and imposing some of the highest taxes on property owners in the nation. Followed by high gas prices and this with a refinery in our backyard. The welfare mindset is the last and most detriment to ELPASOANS. The belief that everyone is entitled to benifits regardless of the cost is BS. The increase in forclosures is the result of banks, mortgage lenders, and government agencies - pushed owners into loans that are extremely profitable for all, but the homeowner. The refi's, government assistance only pushed/delayed forclosures further out. And finally all of those people getting forclosed on SCREWED themselves. Yes I know home ownership is an american dream, but with that american dream comes (property taxes, utilities, mortgage payments, insurance payments, maintenance costs, etc, etc). I would like to know how long these forclosed homes were owned before falling into forclosure.

Rey wrote:

And what is the developers' motto, "build and they will come". It's like I said before, how about "Jobs and they will come". Cant pay if you dont have a job. In the meantime, we have a town with many empty houses and they just keep building with tax breaks.
Thank you city council.

You need to quit blaming developers; they build to capacity (current and projected) projected 5-10 years into the future. The blame lies on the ELP government, they have a growth plan, but it is not a smart growth plan. The intent is to increase the tax base, but what they are failing to look at is that as new homes are built, people owning old homes are moving out and unable to sell. The only thing worthwhile in those old houses is the land. And if you look at property valuations, the land isn't worth much, ELP has plenty of that. Smart growth plans should be that builders/developers have to build in old neighborhoods, this involves razing old buildings, so yes people will be displaced, but there are less services that need to be built as they already exist.

Rey wrote:

And what is the developers' motto, "build and they will come". It's like I said before, how about "Jobs and they will come". Cant pay if you dont have a job. In the meantime, we have a town with many empty houses and they just keep building with tax breaks.
Thank you city council.

You're absolutely right that jobs should come first, however, I really don't think that city council or any governmental agency is responsible for that. Sure they may vote on taxation and regulations and ordinances to save some companies money at the on-start, but ultimately, it really depends on the people's will to support big and small business. It's about young--and old--entrepreneurs having the intestinal fortitude of creating a business, properly managing it, and effectively producing something other than tacos and bars that people think they need. What happened to the textile industry in El Paso? The real question is, what innovations in technology and clever marketing could bring back the textile industry? The same with the gateway to Mexico, cotton, the old west, and most importantly--the use use of our climate. We have B-E-A-U-T-I-F-U-L weather and climate. We need to use that as a core for all business ventures.

If we get into the habit of expecting our governmental leaders to takes us to the next level, we're going to be sadly disappointed. I'm not saying that our group of politicians is any worse or any better than anyone elses, I'm just saying that these are not the community's sharpest entrepreneurs. If the sharpest entrepreneurs were in office, El Paso would start looking like it did in the 1920's and 1930s again: objective oriented but progressive.

There is plenty of blame to go around and that includes DEVELOPERS that manipulated city council and the public. Only in EP does the developer expect breaks to lower the risk and increase profit. Anywhere else you build, you take all the risk, as YOU will reap the profits.

Really concerned about affordable housing, cut the price and lower the profits.

The other problem is the nonsense that the government is responsible for providing people with homes. Whatever happened to rent until you can afford to buy.

These are not all old homes that arent selling or foreclosing. One only needs to check the market.

Tax bases are build around jobs not houses. Jobs are what encourages people to move into a city. Got have money to pay.

Soldier First wrote:

<quoted text>
You need to quit blaming developers; they build to capacity (current and projected) projected 5-10 years into the future. The blame lies on the ELP government, they have a growth plan, but it is not a smart growth plan. The intent is to increase the tax base, but what they are failing to look at is that as new homes are built, people owning old homes are moving out and unable to sell. The only thing worthwhile in those old houses is the land. And if you look at property valuations, the land isn't worth much, ELP has plenty of that. Smart growth plans should be that builders/developers have to build in old neighborhoods, this involves razing old buildings, so yes people will be displaced, but there are less services that need to be built as they already exist.

While I agree that it's not the developer's full responsibility, I strongly disagree that it is the government's fault as well. There is a smart plan in place, but nobody is using it, because nobody is really developing. The real problem is that people are becoming complacent with letting government dictate everything for us. WE use government as a shield to absorb blame rather too easily. WE don't take responsibility for OUR own actions. The discourse of our society to forgive and forget has gotten us just that--acceptance of failure and forgotten lessons about failure. I am a person that doesn't hold a grudge, but man do I ever want to get even. I realize that this is the part of me that I don't like. However, this is the quintessential part of me that makes me strive harder to NOT ever repeat that same mistake again, whether it's in a personal relationship of business transaction.
I think that if people started becoming more responsible for their own actions, that this community, this country, and this planet would become a better place.

For example, take a college football team, give it a nice facility, great coaching staff with a positive reinforcement philosophy, and then get some mediocre players with a few exceptional leaders. Does that sound like a good recipe for a "diamond in the rough" type of team? Those of US that recognize talent will tell you that this is very workable into championship material. Granted it's not guaranteed victory, but I wouldn't mind taking my chances with that group of I guys, like I did in the Armed Forces. WE were all mediocre guys, but we got trained by some exceptional coaches (Drill Instructors) and a few US shined and became those exceptional leaders that led brave men into combat and won decisively.

My point is that it really depends on a collective community's disposition and having the bowling balls to make decisions and not be easily polarized by the Limbaughs, Palins, Becks, Hightowers, and Sterns of the radio waves. We know what is good for our community, let's not let politicians dictate to us what is good, let's tell them this is what we want.

"Home foreclosures have tripled". How or why is this a surprise to anyone? People in El Paso are simply being "TAXED" out of their homes by John C(R)ook, the City Manager and the Central Appraisal District. Personally, since Cook/City Manager(????) took over in 2005, my house payment has increased by more than $300 per month, my house more than doubled in value. This with a fixed rate VA loan. Unemployment is probably 10-15% in El Paso. And still OUR properties are being evaluated, re-evaluated and evaluated again and again. And EVERY property evalution is ALWAYS followed closely by MORE tax increases by the City, County, school districts, Thomason Hospital and whoever wants to stuff their pockets at OUR expense. The Real Estate market in El Paso is a scam created by John Cook and the Central Appraisal District. "The Soldiers is a coming, the Soldiers is a coming". Some one else said it. The builders keep building and NOBODY is buying. In different areas of the city, entire streets have UNSOLD new houses, grown up in weeds. Somebody should have told John Cook that the Military is also building on bases, housing for families and single Soldiers. Why in the hell would a Soldier want to move into a house that is way too expensive for his "pay check" and pay the OUTRAGEOUS taxes in El Paso when he does not have to do it.?? And the build, build, build mind-set does nothing to help the unemployed in El Paso. The builders make a lot more profit if they use illegal workers from Mexico.

FedUp wrote:

No surprise. El Paso was one of the last markets to see a rise in real estate prices relative to the rest of the nation, so it should have been expected that foreclosures would rise here after the rest of the nation. All the folks who have been thinking that El Paso was immune to economic difficulties were drinking the kool-aid offered by developers and mortgage companies.

That's what mayor crook kept telling the public and they sure did believe that idiot.

El Paso has always been 2 years behind in everything. There is a silver lining to all this - if the rest of the country is beginning to slow down in foreclosures, El Paso soon will follow. We are still way ahead of most of the country as far as our economy is concerned, such as it is, such as it always has been. We don't experience the extreme highs, but we also don't experience the extreme lows. Blame whomever you want, but that is the way it has been at least in the last 35 years.

Hope and change.

Status quo doesnt work for me. Neither does bad policy decisions.

With proper planning, the DEFICIT could have been softened, knee jerk reactions to special interest and free spending. It wouldnt a repeat, regardless of era's.

good points rey.

It is easy to see why the foreclosures are high when lenders like Indymac have taken HAMP...Hurting Any Modification Possibility"..program and are using it against homeowners..blaming our own goverment..great article,,,

http://www.associatedcontent.com/article/2389...

So long as the CAD continues to assess property above its real value, taxes will cause many to just give up on their homes, especally when they are hit by unemployment.

You may not think that property taxes play that big a role, but when you have to fork over $300,$400 or more a month just on property taxes, it becomes unbearable for many people.

In reality, property values in El Paso should be 20% or 30% lower, but the CAD through their incompetence and scheming are stealing from property owners to keep governments funded with stolen tax dollars. What is really sad is how El Paso has built into their system of laws this taking of peoples money while giving them little recourse. Only companies like Western Refinery can fight against thei form of corruption.

El Paso talks of becoming a Senior community. With such high property taxes, that will never happen. This game being played by locals to keep taxes so high is only doing harm for the future of the city.

Realistically, EP cant afford to become a retirement community. Seniors are on a fixed income and at the rate, city council and others like to tax and spend. There would be daily sheriffs sales. Unless that's really the plan for aditional city income.

That would be a big ASSUMPTION, and you know what is said about assuming, that seniors would arrive with bags full of money ala Florida. Doesnt this idea sound familiar? Remember the sales pitch that soldiers would arrive with duffle bags full of money and would go on a massive spending spree. Just buying everything in sight.

Rey wrote:

Realistically, EP cant afford to become a retirement community. Seniors are on a fixed income and at the rate, city council and others like to tax and spend. There would be daily sheriffs sales. Unless that's really the plan for aditional city income.
That would be a big ASSUMPTION, and you know what is said about assuming, that seniors would arrive with bags full of money ala Florida. Doesnt this idea sound familiar? Remember the sales pitch that soldiers would arrive with duffle bags full of money and would go on a massive spending spree. Just buying everything in sight.

Rey, you and "Taxes too High" are both absolutely right. I am a Military Vet, 24 years, then a career with the Federal Government, now a Retiree. I made the mistake of retiring in El Paso. Big mistake. I just wish that I could sell my house of more than 16 years (built new) and get the hell out of here. But when a home buyer can buy a NEW home just down the street for $20-40,000 LESS, why would they buy my house? At the rate that John C(R)ook and Central Appraisal are going, I figure that before Cook finishes his second term (has it really been that long??), my home will be valued at 2-3 MILLION $$$$$, I can sell for $80,000 or so and be gone. The thing here is that El Paso is NOT a place for retirees, either Military or civilians. Unless of course they want to spend the entire retirement income EVERY month on nothing but house payment and taxes. And this is something I have told many friends, relatives that were thinking of coming here. And every one changed plans. Just nothing here to justify all the outrageous taxes.

Gunslinger915 wrote:

<quoted text> Rey, you and "Taxes too High" are both absolutely right. I am a Military Vet, 24 years, then a career with the Federal Government, now a Retiree. I made the mistake of retiring in El Paso. Big mistake. I just wish that I could sell my house of more than 16 years (built new) and get the hell out of here. But when a home buyer can buy a NEW home just down the street for $20-40,000 LESS, why would they buy my house? At the rate that John C(R)ook and Central Appraisal are going, I figure that before Cook finishes his second term (has it really been that long??), my home will be valued at 2-3 MILLION $$$$$, I can sell for $80,000 or so and be gone. The thing here is that El Paso is NOT a place for retirees, either Military or civilians. Unless of course they want to spend the entire retirement income EVERY month on nothing but house payment and taxes. And this is something I have told many friends, relatives that were thinking of coming here. And every one changed plans. Just nothing here to justify all the outrageous taxes.

I tried to sell my house before we moved and ended up renting it out. ELP is not homeowner much less landlord friendly, but my house is in a good school district on the westside and the renters are always military. What sucks is that half of the rent has to go to property taxes at the end of the year. At the rate of increases by CAD, CROOK and cronies I end up walking aways from the property.