Kessler Park Area - Housing Market

[Philip T]

Originally Posted by billdfw

If no sellers are willing to sell the house for low prices, then buyers will eventually pay the prices for desired locations.

Nope. We won't. Trust me, we just smile and wave and drive away.

I think the market will pick up once the ecnonmy stabilizes. With very low interest rates an an $8k tax credit for 2009, I think it will happen sometime this year.

Maybe make that IF it stabilizes. Texas is just starting to get the hit.

Getting the G to give away money to get folks to buy a house is about like having to tie a pork chop around the ugly kid's neck to get the dog to play with him. Just let's you know how things really are.

Down is still the direction, and with 1 out 9 housing units empty in the US, down is the likely direction it will continue to head.

[awecelot]

Originally Posted by Philip T

Maybe make that IF it stabilizes. Texas is just starting to get the hit.

Yes, but Texas is not going to see the amounts of depreciation that you are seeing in areas like Phoenix right now. The reasons for this are multiple.

First, Texas did not see as extravagant of inflation prior to the bubble bursting. Our elevator didn't go up to the top of the building, so it has fewer floors to descend.

Second, due to Texas' more stringent laws relating to borrowing against home equity, Texas is not seeing a foreclosure rate as high as, say, California or Florida.

Third, Texas' economy is one of the best in the USA right now, and the pro-business climate here will continue to help make that true. People from all over the USA (and the world, for that matter) are moving to Texas for the same reason that people moved to California during the Great Depression: hope. This keeps demand for real estate higher than demand in states that are seeing a net loss in population at the current time.