U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-21-2007, 08:25 AM
 
Location: from houstoner to bostoner to new yorker to new jerseyite ;)
4,084 posts, read 11,843,766 times
Reputation: 1959

Advertisements

500 Top foreclosure zip codes - Jun. 19, 2007

In Texas, the majority of these areas are in DFW, a few are in the Hill Country, and only one is in the Houston metro (Katy).

Why is that, do you think?

Here's the accompanying article. Foreclosures: Hardest hit ZIP codes - Jun. 19, 2007
Rate this post positively Reply With Quote Quick reply to this message

 
Old 06-21-2007, 09:55 AM
 
Location: Hutto, Tx
9,247 posts, read 24,402,183 times
Reputation: 2824
Out here, outside of Austin it is because builders are offering too good to be true deals just to get anyone they can in a house whether they can afford it or not. Also they are getting in with adjustable rate mortgages, and once they start going up, people that are buying into these deals can't afford it.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-21-2007, 11:28 AM
 
Location: san francisco bay area
300 posts, read 1,783,562 times
Reputation: 164
I saw this article a few days ago on the CNN website. I can't speak to why areas of Austin and Dallas are on the list of top the 500 foreclosure zip codes.

I do know what the problem is in California where I currently reside, which according to the list of the top 500 foreclosure zip codes, lists approximately 130 California zip codes. Even though some claim that salaries are higher in California than they are in Texas (I'm not saying there are, just reporting what others claim), the housing affordability index, that is the percentage of people who can afford a house based on the median housing price and the average salary, is low. In 2006, only 23% of all Califonians could afford the median priced house in their area, and 35% of all Californians could afford the median priced condo. There was some variability across different regions and counties. The range of affordability for the regions was between 39 and 14%. The range of affordability for the counties was between 38- 16%.

Second quarter figures for the State of California
Affordability index 23
First time buyer median price --$482,000
Monthly payment including insurance and taxes--$3,290
Minimum Qualifying Salary--$98,720

Source <http://www.car.org/index.php?id=MzY0ODc=>

I am almost certain the high cost of California housing is one reason so many are fleeing the State and yes, headed to Texas.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-21-2007, 11:40 AM
 
Location: from houstoner to bostoner to new yorker to new jerseyite ;)
4,084 posts, read 11,843,766 times
Reputation: 1959
Okay, thanks, guys. Judging from these forums, maybe another reason there are not as many foreclosures in Houston is because more Californians are moving to Dallas and Austin for the high tech jobs. I wonder why Katy is the only area in Houston on the list though, and not Sugar Land, the Woodlands, etc.

I'm pretty sure you are correct that salaries are much higher in CA. The cost of living is higher there.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-21-2007, 12:56 PM
 
Location: san francisco bay area
300 posts, read 1,783,562 times
Reputation: 164
Agree that salaries are much higher in CA as is the cost of living. However the housing affordability index is higher in TX, that is the percentage of people who can afford a house based on the median housing price and the average salary, is higher

Median housing prices and minimum required income to afford the houses for selected Texas cities follow below (these are 2006 4th quarter figures).

Austin 174,300 42,879
Dallas 156,100 37,927
Houston 148,200 36,383
Galveston 172,500 42,349

Source Housing Sales, Prices and Listings.


Although I did find an index of affordability for TX, I couldn't find the actual percentage, so it is difficult to assess the comparability of the percentages of those in each state who can afford to purchase a house. I'll continue to look for a percentage. However, based on what I've read, most economists who compile affordability indices claim that even with its lower salaries TX is more affordable than CA.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top