Monday, February 16, 2009

Crystal Ball for 2009- Texas Real Estate Market Predictions

I really wish I had a crystal ball. While many local real estate and title experts try to predict the future, the future is only one thing for sure and that is uncertain. 2009 is definitely uncertain. We do not know how the government bailout will affect the market. We have no idea how the housing crisis will work out or if the stimulus plan will actually help homeowners facing foreclosure. The fact is, we don't have a crystal ball. I have heard some say that 2009 will be great come March while others are predicting this year to be another tough year with the "low point" being 4th quarter. Here is what the Dallas Morning News is reporting:

DALLAS (Dallas Morning News) – A new report from Moody’s and Fiserve Lending Solutions predicts when Texas home price declines will bottom out and what the peak-to-bottom price drop will look like.
Most major Texas cities went into the home market downturn later than many throughout the country and will level off ahead of the U.S. average, according to the report’s analysts.
Houston has one of the smallest expected home price declines in the country at 0.2 percent. Analysts expect the city’s home price decline to bottom out in third quarter 2009.
Austin’s peak to bottom home price is expected to fall by 1.3 percent, hitting bottom in fourth quarter 2009.
Dallas–Fort Worth’s price decline will come to 1.1 percent and bottom out in third quarter 2009.
The report predicts San Antonio will experience the largest decrease in the state with a 1.6 percent decline, but it will bottom out in first quarter 2010.
The overall U.S. market could see a price drop of 36.2 percent and bottom out in the fourth quarter of this year.

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