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ECONOMIST PREDICTS STRONG TEXAS HOUSING MARKET IN 2009
BEAUMONT (Beaumont
Enterprise) – Despite the
negative news surrounding the real estate industry, now continues to be
a great time to buy a home in Texas, said Dr. Mark Dotzour yesterday,
speaking before the Beaumont Board of Realtors.
Dotzour, the chief economist for the
Real Estate Center at Texas A&M University, said
the states’s housing market should
thrive in 2009 thanks to affordable housing and steady job growth.
However, he also told the group to
expect a decline in new home construction this year, partly because more
new homes could inflate the market, causing existing home values to
decline.
Although the latest report from
California-based foreclosure listing firm RealtyTrac showed an 81
percent increase in the number of homeowners facing foreclosure last
year, Dotzour said he does not expect foreclosures to become an issue in
Texas.
“Our home prices have been going
up," he said, "and when your house is going up, you'd rather sell it
then give it back to the bank."
Courtesy of
RECON
Real Estate Center Online News
January 16, 2009
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