TWO TEXAS METROS AMONG MOST UNDERVALUED

[Aggie]

HOUSTON (U.S. News & World Report) – Houston and College Station–Bryan are among the ten most-undervalued places to live in the United States, according to U. S. News & World Report.

Houston ranked second thanks to its relatively stable housing market, pro-business climate and sound local economy.

"The medium- and long-term prospects for Houston are extremely good," said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University. "[Houston has] good demographic growth, job growth and a reasonably balanced housing market."

College Station–Bryan, the only other Texas metro to make the list, ranked ninth.

[Aggie]

El Paso is closer to California than to Dallas

Beaumont to El Paso : 742 miles

Beaumont to Chicago : 770 miles

[Aggie]

No distance. I have only been in El Paso once. That was on way to California in 1978. It has been three years since I have been to Dallas and that was on the way to Colorado.

[Aggie]

Houston and Bryan are two of best areas to buy homes right now in Texas long term investment wise.

[Aggie]

Some signs of recovery in Houston housing. Median price has hit record high in June, but has seen decline in number of house sales. Best area median price 677,550 with 2.8% increase in price but 5.3% drop in number of sales. Lowest price area median price 70,000 with 9.3% decrease in price and 25% drop in number of sales.

Sources: Real Estate Center at Texas A&M University and Houston Association of Realtors.

[Dexter South]

You gotta be an idiot to live in either place!

[Aggie]

TEXAS ECONOMY FEELING RECESSION, STILL STRONGER THAN NATION'S


COLLEGE STATION (Real Estate Center) – The Texas economy is in a deep recession but is still weathering the downturn better than the nation’s economy. The state’s economy lost 274,600 jobs from June 2008 to June 2009, an annual job loss of 2.6 percent. Over the same period, the U.S. economy lost more than 5.8 million jobs or 4.2 percent of its total nonfarm jobs.

The state’s seasonally adjusted unemployment rate rose from 4.8 percent in June 2008 to 7.5 percent in June 2009. The U.S. rate rose from 5.6 percent to 9.5 percent during that time.

Only two Texas industries (education and health services and leisure and hospitality) and the government sector had more jobs in June 2009 than in June 2008. Nine industries had net job losses over the same period.

Only three Texas metro areas had positive employment growth rates from June 2008 to June 2009. Twenty-three metro areas had net job losses. Odessa ranked first in job creation followed by Killeen–Temple–Fort Hood and McAllen-Edinburg-Mission.

The state’s actual unemployment rate in June 2009 was 8 percent. Amarillo had the lowest unemployment rate followed by Lubbock, Midland, Abilene and Texarkana.

The complete Texas monthly economic review is available on the Real Estate Center's website.

[Aggie]

HOUSTON MEDIAN PRICE RISES, BUT WATERS STILL MURKY


HOUSTON (Houston Chronicle) – The June median home price was at an all-time high, thanks to a drop in the number of low-priced homes sold out of foreclosure.

June also marked the second consecutive month in which the median price jumped, rising to $164,500, according to the Houston Association of Realtors. The median price in June 2008 stood at $160,050.

"I wouldn't interpret it that the market is suddenly so much better," said Dr. Jim Gaines, research economist with the Real Estate Center at Texas A&M University. "But going up sure beats going down."

Still, the future of the housing market looks a bit cloudy. July foreclosure postings stood at 4,466, just 307 shy of the October 1987 record. Actual foreclosures rose 33 percent at the July auction.

Also affecting the local housing market is the loss of 69,600 jobs between June 2008 and June 2009.