Story Created:
Mar 25, 2008 at 6:06 PM CDT
Story Updated:
Mar 25, 2008 at 7:29 PM CDT
If you're a Wichita Falls homeowner you may be concerned about a possible housing market recession. Experts say homes aren't getting finished in places with a declining housing market, like California and Arizona. In Texas, experts say homes are much easier to sell.
Dr. Jim Gaines a Research Economist in Housing at Texas A&M says, "Wichita Falls is doing pretty well. We're doing a lot better than the rest of the country."
Dr. Gaines says there are a lot of reasons Texas is doing well. The main reason is the state didn't see a huge inflation in housing prices.
"Prices are still reasonably stable. Sales have been up and down a little bit but doing reasonably well. The economy is still reasonably strong so the outlook is pretty good," Gaines says.
He adds Texas lenders didn't really experiment with "exotic financing" or predatory lending things that have caused thousands to default on their home loans which lead to foreclosures.
Roby Christie with Guaranty Title says, "People here haven't been exposed to those kind of terrors and so we expect that now and in the future the real estate economy here in Wichita Falls, Texas in general will be really strong."
Dr. Gaines says the presence of Midwestern State as well as Sheppard Air Force Base are a major contributor to housing stability. Experts say Realtors here can expect a few bumps in the road, but nothing as catastrophic as the rest of the country.
John Wilson, President of the Association of Realtors says "We've had some ups and downs but I think we've had 4-5 years of really good growth and I think we're just at a normal level right now."
Dr. Gaines says the affordable cost of housing here could bring more people to the Falls. Well priced homes in the middle of a housing crunch could be a huge draw for retirees.
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