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The greater Houston Texas real estate market includes surrounding cities such as Baytown, Sugar Land, Galveston, Richmond, Katy, Missouri City, Pasadena, Kingwoood, Tomball, Cypress and the Conroe real estate market, as well as all areas encompassed by Harris County and the nine adjacent Texas Counties.
Many Houston residents could see their property tax bills drop this year, as nearly 20 percent of local homeowners saw their properties appraise for less than last year.
Local officials say 73 percent of homes appraised for the same as last year and 8 percent appraised for more, meaning 19 percent of Houston homes lost value. Officials pointed the finger at foreclosures.
"They purchased properties that they couldn't afford. They've lost their job or their spouses lost their job. People lose their houses according to what happened in their personal situations," Roland Altinger of the Harris County Appraisal District, told KHOU.
While lower taxes are a positive, experts say that lower property values could cause issues for those looking to sell.
Foreclosures can have a measurable effect on the value of nearby homes. A report last year by researchers at the Massachusetts Institute of Technology and Harvard University found that homes within 250 feet of a foreclosure lost 1 percent of their value. Neighborhoods with multiple foreclosures saw even greater value drops.
Student loan debt may impact home sales among first-time buyersAccording to a recent report released by the Federal Reserve Bank of New York, student loan debt is the only form of back payments among consumers that has consistently increased since 2008. Furthermore, those who owe money are often delinquent, as one-thApril 10th, 2013 3:53am
Report suggests age influences home size preferenceAs many real estate professionals can attest, location is a top priority for today's home buyer, illustrated by the pace at which Houston homes have been snapped up by prospective homeowners. And as a recent report suggests, the type of house they purchasApril 1st, 2013 3:49am
Proximity to public transit aids home values, report findsWhile a nearby public transportation system may give city-based workers the ability to reach their workplace without a car, it may also suggest that their residence is worth more compared to homeowners who are far removed from one.March 25th, 2013 5:02am