According to a report released today on the Real Estate Center Online News website, a recent Forbes magazine study indicated that several Texas cities are poised for a quick recovery from the national recession.
Here’s how Texas cities ranked among the Top Ten cities nationwide most likely to bounce back quickly:
Austin-Round Rock ranked 1st on the list,
San Antonio ranked 5th
Dallas-Ft.Worth-Arlington ranked 7th
McAllen- Edinburgh-Mission ranked 9th on the list.
Forbes also put together a list of the ten worst cities for recession recovery and no Texas cities made that list.
The website also reports that despite rising foreclosure rates in the United States (now nearly 32 percent), the rate in Texas is down 14 percent since last year.
Jim Gaines, research economist with the Real Estate Center at Texas A&M University, said the Texas housing market is doing very well compared with the rest of the country. “This is partly because about four or five years ago, we didn’t have the big run-up in prices that many other areas of the country had,” Gains said.
Affordable homes, low mortgage and interest rates, and first-time homebuyer tax credits also make this an ideal time to buy a home, according to Gaines.
This article is courtesy of Coldwell Banker The Ron Brown Company www.rockporttexasrealestate.com 361-729-4044