Taken together, Houston-area’s housing indicators give analysts pause. Even though the Texas of the last boom-and-bust energy cycle is more economically diversified, signs of trouble increase every day in the housing market. While the rest of the nation is rejoicing over cheap gasoline, those who extract oil from the ground are not rejoicing.According to an analysis by ProTeck Services, the Midland and Houston housing markets, among others in The Lone Star State, are showing signs of distress.In their ranking of the bottom 10 real estate markets, Texas takes six spots. Those markets are Abilene, El Paso, Houston, Killeen, McAllen and Midland.In their April 2015 Home Value Forecast oil at that time was $55 a barrel. Now, it’s trading at about half that. And, with Iranian oil set to debut, it could fall further. The bottom 10 markets were far different in that report than they are now.The report’s authors, and many others in and surrounding the energy ind...
- Although Houston has a more diversified economy, signs of distress in the housing market are surfacing.
- In a recent report from valuation services company ProTeck, Midland and Houston are two Texas cities showing fallout from oil industry layoffs.
- Houston is not faring as badly as Midland is.