Although every market is different in nature, even El Paso's is following the country's path, you may call it a dominos effect.
Correction? No one can predict this but, we have a wonderful Buyers Market today and thousands of properties to choose from.
Our problem is it is so much harder now for people to qualify for a loan than it was in the past. So, with inventory up and the number of buyers down, there are some excellent opportunities available. If you are planning on buying and being in the property for more than 2 or 3 years you shouldn't have to worry about the value declining. No guarantees, but historically El Paso has faired very well in maintaining modest increases in value for the last 30 years (2-3% per year). So even though sales numbers are down, values are still on the increase. See the Texas A&M Research Center for data. I wish you the best on your return to El Paso. http://recenter.tamu.edu/data/hs/hs220a.htm