Guess what: it isn’t so bad — here.
Texas has fewer properties up for foreclosure In fact, all the U.S. markets with the smallest supply of homes at risk of foreclosure are in Texas, because we missed the boom which means we missed the bust. And whoever said a real estate boom would have been good for us ought to be banished to Phoenix.
No, to Michigan.
The three worst foreclosure states are Florida, California and Michigan.
When it comes to distressed properties, Dallas has a 6.7 month supply, Fort Worth 6.3 months, San Antonio¬† 4.7 months and Austin, 4.2 months. Look at that! Plus Austin is a college town where parents will always be buying a place for their kid to live while at UT.
I’m beginning to think the national media is treating real estate the way it treated the TSA before the holidays: making a mountain out of a molehill.
Maybe not: the rest of the nation is in pretty bad real estate shape: CoreLogic, who compiled this report, says everyone else has about an 8 month supply of distress.
More people tell me the Dallas market is slow but people are buying homes and getting leans. You can even get a loan on a second home with just ten percent down.
So I was happy to see Alicia Trevino, who is one of our up and coming new real estate superstars, quoted along as saying “farewell to the flippers” in Business Week:
“Certainly, few now expect to sit on a property for a couple years and then get rich off the equity. Real estate agents complain that even record-low mortgage rates‚Äîwhich hit 4.07 percent on Nov. 9 for a 30-year fixed-rate loan, according to Zillow‚Äîwon’t budge many potential buyers, given the tough outlook for price appreciation. “If prices are falling, and rates are falling, and the news is more of the same, why would you buy a home right now?” says Alicia Trevino, a broker in Dallas.”
If buyers can get loans, which they can, and prices are coming down, which they are, why aren’t we seeing more sales now while interest rates are low?
What do you think?