Foreclosures in Town?
Posted by CityBlogTX on May 28th, 2007
Can anyone speak to the issue of foreclosures in Houston, Texas? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Houston?
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Over the last 4 years I have specialized in selling bank assets in the Houston and surrounding areas. What most people have to understand is the rate of market growth all of the other states have experienced over the last few years that has created this “bubble”. You have many states like California, Nevada, Florida, etc that have experienced double digit annual appreciation rates for the last several years. Due to the subprime regluations changing, war, and other economic factors such as our fuel, we are now experiencing the down side of the market throughout the US. That being said, look at the numbers. A recent survey published noted Houston as one of the top real estate markets in the US. That is because our growth rate has been slow and steadily rising at an average of 6-9% compared to high foreclosure rated states who experienced over 20% annual growth. Houston is one of the top Major Metro cities with the strongest job econcomy and strongest growth. Our economy is so diversed, i.e. oil and gas, exploration, manufacturing, medical, shipping, etc…that we do not rely soley on one market to keep us stable. Houston is still a great buy and now is the time to buy. For more information contact me at www.treadstonerealty.com
Kirt Primeaux
Partner/REO Listing Specialist
NRBA, CREO