Fort worth Texas real estate

Even with other forms of commerce resuming after the subprime mortgage-induced recession of 2007, it has taken some time for the United States' housing market to recover. However, the story is slightly different in the Dallas-Fort Worth region of Texas. Texas's housing prices were not as inflated as those of other regions (such as Miami and Nevada), and so the resulting crash was less severe. In addition, Texas's economy has been supported by its energy sector which has acted as a buffer against the spiraling job market.

 

Now as the recovery has began in earnest, housing prices have begun to rise. According to the Standard & Poor's/Case-Shiller Home Price Index, home prices have risen for the second straight month, and shown 3% annual growth overall. Compared to other regions still feeling the effects of the slump, this increase is nothing short of miraculous. Aiding this recovery are a slew of government initiatives that assist homeowners make their housing payments and avoid foreclosure. In addition, construction of new houses is on the up and up, with the Commerce department reporting 591,000 new house and apartment units built nationally: the highest level of activity in six months.

 

Even so, even in Fort Worth home prices are still not up to their 2007 peak. And there are other ominous signs that linger from the housing slump. While rates of foreclosure have fallen thanks to the implementation of federal assistance programs, the rates of delinquency have risen, and now one out of every ten Texas homeowners is behind on their home payments. This change mirrors the trend all over the nation; currently Texas ranks eighteenth out of the fifty states for delinquency rates. While foreclosure rates are tracked as the primary indicator of the recovery of the housing market, delinquency rates are no less serious, as they discourage current mortgage lenders from offering new deals to buyers. And the number of total foreclosure filings remains higher: 61,000 in north Texas alone. 



All over the country, the state of the housing market has been described by agents and brokers as a "waiting game." Until stability returns to the housing market, both buyers and sellers withhold making offers until they are sure in what direction the market will head next. Buyers anticipate the market will fall farther, while sellers bank on the recovery to pre-peak price levels. The sooner the housing market recovers and maintains consistent growth, the sooner the levels of trade will return to normal-which can be a difficult process to seed. 



>By Ashlee Pannell: A Fort-Worth Real Estate Broker, With Nu Home Source Realty a Fort-Worth Real Estate Company. We are Home of the 20% Commission rebate to most of our buyers. Ask about our bucks for buyers program.



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