Aside from a few amenities (like proximity to other places), and the metro life in general, Houston had had other booms, typically followed by a bust! Hard to beleive for folks who's area hasn't done this a time or two, but it happens!
Wonder what is going on below the covers in the land of big oil to fuel this boom? (excuse my pun)
And God help us in the hinterlands where RE hasn't gone up to fuel our personal wealth :roll: .
Got a similar report in the Dallas Morning News from the board of realtors. Median price up significantly, blah, blah, blah. However, I have seen losses from 5-15% after September 11. Yes, values appear to have stabilized, and yes, builders are selling homes. However, numerous builder homes still remain on the market beyond normal selling times and prices have been cut significantly to move existing inventory. Spec homes are not what they were last year. Today, I did 5 inspections, 3 of which were foreclosures.
So, in spite of the rose colored glasses, I'm still seeing things half-empty, not half-full.
Houston for the most part is booming. But then that is the norm for Houston. We have over 4 million in our market area and 7+- counties included. We have some overbuilding. Okay, so what. It is typically in the new construction or recent subdivision waaaaaaay out there. When you do an absorption rate it typically comes up just over 6 months supply...so? Not the end of the world. More times than not though, you'll see the closer in products with a shortage. I believe it comes down to more PRICE. The more expensive and further out it is...the more product. The closer in and more affordable it is...shortage. That's Houston.
Sorry to bust the bubble, but the only thing that caused any grief in the 80's in Houston was those id-yuts in Congress that HAD to tweek the tax write-offs and sent us all into a recession. My motto: "Get out of our way and let us take care of business...as usual."
We've got an increase in foreclosures. So what? The smart lenders actually are making money EVEN after repairs and attorney/realtor fees. The B/C paper? If they used good appraisers and followed guidelines, they are not hurting too much. But for those that insisted on crap, well the proof is in the pudding and they're in it. Paulette in Tx
Rotts rule and Shih tzus doing fine.