With most of the real estate experts saying that the market is on the right course, it will still be another two years before we see a positive trend. However, the Texas real estate markets have seemed to withstand the slump and in some parts of the state homes are actually increasing in value.
According to a study by First American Loan Performance some cities in Texas such as Austin have defied the downward trend seen by most of the U.S. housing markets. The average home is up 4.94 percent over the prices in February of last. The strength of the Austin market comes from the regions unemployment rate (3.3 percent) which is lower than the national rate of 4.4 percent.
Employers have added about 206,400 jobs in the last 12 months and the job growth rate is holding steady at 2 percent. As one of the few cities in the country with a positive real estate market you can be assured that making an investment in Texas real estate is a great decision.
This information was gathered from NARREIA the National Association of Residential Real Estate Investment Advisors
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Well, Texas couldn’t defy the number forever. I don’t think homes in most of Texas will lose much vaulue.
Some experts are predicting that a real estate boom similar to what was see in Arizona a few years ago will happen somewhere in the next 25 years. But I predict 4 to 5 years before it happens.
The Austin real estate market has done a pretty good job of holding up in spite of all the lending problems that have come up this year. I think the fact that Austin and other Texas cities didnt appreciate as much from 2000 – 2005 helped
I know this compounded some real estate problems in the far suburbs of NYC (just past the commuter market), but not so much in the city which remains isolated from major real estate problems.
I think its really just the areas where home prices are well over priced and some of the areas such as this one will continue to see steady growth. Everywhere else is just resetting to fair value.
St. Petersburg’s neighborhoods are characterized by strong community involvement matched equally by the city’s commitment to binding neighborhood partnerships. Through a citizen-driven, grassroots program called St. Pete Vision
i was just looking at some property price forecasts on CNN and it seems that the prices are still set to decline, even though there is some light at the end of the tunnel for the overall economy.
I think Texas was one of the states with the lowest unemployment rates throughout this economic crisis. It’s good to know that their real estate market is standing strong!