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Texas dodges worst of foreclosure woes

Author

Listed:
  • Laila Assanie
  • D'Ann M. Petersen

Abstract

The housing bust leaves in its wake elevated foreclosure levels in Texas and the U.S. Like other consequences of the bust, including declines in construction and existing-home sales, foreclosures have been less severe in Texas. While the nation's foreclosure rate has grown nearly sixfold over the last four years, Texas' has climbed only marginally. ; Housing markets in Texas and the U.S. have shown signs of stabilizing in recent months. Home sales and construction starts are beginning to tick up, thanks in large part to low mortgage rates and the first-time homebuyer tax credit. Despite the improvement, segments remain weak, especially the higher-priced move-up market. Foreclosures are likely to persist in 2010--a concern because they can add to inventories and put downward pressure on home values. However, expectations are for Texas' foreclosures to remain low compared with the nation as a whole.

Suggested Citation

  • Laila Assanie & D'Ann M. Petersen, 2009. "Texas dodges worst of foreclosure woes," Southwest Economy, Federal Reserve Bank of Dallas, issue Q4, pages 11-14,16.
    • Handle: RePEc:fip:feddse:y:2009:i:q4:p:11-1416:n:4
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