According to a recent report, the housing market recovery in Texas continues to outpace the reste of the county.
The report in the Dallas Business Journal references comments made by Ted Dameris, an employee at the investment firm Highland Capital Management. Dameris cites the state's strong job sector, lower tax rates and a lower cost of living as reasons for the better recovery.
Nationwide, unemployment rates have remained at high levels, while subdued consumer spending and international strife have all combined to slow the housing sector's recovery considerably.
"We are facing some tough economic headwinds," Dameris told the news source.
Dameris forecasts the overall U.S. real estate recovery to take place in late 2012, or even later, the report states. Due to the sluggish recovery, more distressed properties will continue to hit the market and be purchased at discounted prices. However, the limited backlog of such properties in Texas will continue to drive its housing market forward.
The Houston real estate market has continued to post strong numbers each month, as home sales are up and the number of foreclosures is slowly dwindling.
Courtesy of 2M Realty News