SOURCE: FNC Inc.

FNC Inc.

December 09, 2010 15:21 ET

FNC Study: El Paso Housing Booms Despite Nearness of Mexico's Most Violent City

El Paso Homes Increase in Value at 4 Times the Rate of Dallas, Houston and Austin

OXFORD, MS--(Marketwire - December 9, 2010) - An FNC study shows El Paso homes appreciated more in value than in any other Texas city, a 4.7% increase from 2003 through August 2010. And as El Paso home values rose, foreclosures plummeted 17% last year.

FNC's Residential Price Index™ (RPI) was used to calculate the rankings. The FNC RPI is supported by appraisal data from public documents and private files shared by the mortgage technology company's clients.

Change from January 2003 to August 2010 annualized:

  • El Paso = 4.7%
  • Dallas = 0.3%
  • Houston = 1.1%
  • Austin = 1.0%
  • San Antonio = 3.1%
  • National Median = 0.6%

El Paso's robust housing market may be a surprise given that the city shares a border with Ciudad Juarez, tragically nicknamed "Mexico's Murder Capital." Juarez saw more than 2,000 murders from January to September 2010. Mayor Jose Reyes Ferriz estimates that 25,000 Juarez homes were abandoned by residents fleeing drug cartel violence. According to the U.S. Department of Defense, El Paso's Fort Bliss is expanding the number of troops and families from 24,660 in 2005 to 90,418 by December 2012. Fort Bliss will be the base for the Future Combat Systems weaponry program, requiring support from hordes of contractors needing homes.

"Journalists and business leaders sometimes overlook El Paso to focus on Dallas, Austin, or Houston as boomtowns," said FNC Chief Data and Analytics Officer Dr. Robert Dorsey, the creator of RPI. "In-depth statistics can capture under-the-radar changes in fortune. Our hope at FNC is that El Paso's bounty may help Juarez residents as well."

About FNC Inc.
FNC pioneered real estate technology. Since 1999, FNC has automated appraisal ordering, tracking, documentation and review for lender and servicer compliance with government regulations. FNC platforms are in production at seven of the 10 largest U.S. mortgage lenders and provide large to small lenders with lower costs and efficient loan processes. FNC data provide advanced insight into property backing a loan from origination to capital markets. Visit FNC online at www.fncinc.com.

Contact Information

  • To arrange an interview with Bob Dorsey or any of FNC's experts, contact:
    Bill Dabney
    FNC PR Manager
    Phone (662) 236-8304
    Email Contact