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Old 05-04-2015, 07:26 PM
 
Location: Smithville, TX
553 posts, read 854,949 times
Reputation: 501

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Oil prices could impact Texas housing market later this year - Prime Property

I'd gamble if things start to fail in the CC housing market it will go fast. Anyone over 21 in 1987 in Corpus ought to remember that- and the following 20 years.

Buying now could be on the cusp of the peak. I'd rent and keep as much skin out of the game as I could until oil prices settle out.
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Old 05-05-2015, 11:44 AM
 
733 posts, read 699,053 times
Reputation: 1884
Oil is over $60 a barrel today - nothing is for certain but being over $60 bodes well - so I hope the bust does not come and that prices stay stable.
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Old 05-05-2015, 08:13 PM
 
Location: Austin, TX
16,769 posts, read 42,862,683 times
Reputation: 9333
That article is primarily about Houston, Corpus is not even mentioned in it. Regardless all it is predicting is a slowdown, not a crash.
Quote:
“Texas home sales could experience a slowdown in the last half of 2015 and, depending on when and at what level oil prices stabilize, end 2015 at a lower level than previous years.”
The recession that happened in the 80's was Texas' savings and loan crisis. Texas tightened up lending practices after that which is why Texas suffered far less than the rest of the country in the latest recent recession related to risky mortgage practices.
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Old 05-06-2015, 12:13 AM
 
Location: Smithville, TX
553 posts, read 854,949 times
Reputation: 501
Quote:
Originally Posted by CptnRn View Post
That article is primarily about Houston, Corpus is not even mentioned in it. Regardless all it is predicting is a slowdown, not a crash.

The recession that happened in the 80's was Texas' savings and loan crisis. Texas tightened up lending practices after that which is why Texas suffered far less than the rest of the country in the latest recent recession related to risky mortgage practices.
The first sentence of the article states "Low oil prices could slow the pace of home sales in Houston and other cities later this year, an economist predicted Friday."

All anyone need to do is type in "1986 Texas Oil Recession" and find the facts for themselves. Let me google that for you What you can't do is generate your own facts.

More than 700 Texas banks failed because they were betting on WTC at $100.00 a barrel.

In 1982 Corpus was prosperous. In October of 1986 oil dropped to $7.00 a barrel. A friend wrote me a long letter, just before Christmas of that year, describing how the recession had impacted Corpus and the surrounding towns, like Alice. I could go into some detail but I'm too lazy.
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Old 05-06-2015, 08:48 AM
 
733 posts, read 699,053 times
Reputation: 1884
Slowdowns and busts are never happy news for oil-based economies!
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