Texans remain financially stressed
August 31st, 2010 11:59am
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A new report says that Texas residents are dealing with increasing levels of financial distress.According to a nationwide study by CredAbility, Texas earned a score of 65.89, slightly better than the national average of 65.23. Anything below 70 is viewed as financially distressed, while scores lower than 60 signal that consumers are in "crisis." The score marks the second consecutive quarter of improvement for consumers in the state, who has seen three consecutive declines before last quarter's result.
"The modest improvements we see in housing and net worth show incremental, but positive signs of stabilization. But to use a medical analogy, the patient is still in critical condition. Until housing and employment markets improve significantly, we cannot expect to see significant recovery in these numbers," said Mark Cole, CredAbility's chief operating officer and executive responsible for the CredAbility Consumer Distress Index.
Texas scored above 70 in terms of credit and household budgets, but also continued to show distress specifically in regards to employment, net worth and housing - showing that buyers and sellers of Houston homes are not out of the woods.
Overall, the state's home prices have continued to grow. A recent report from the Federal Housing Finance Agency found that home prices in Texas have risen 1.43 percent over the past year.
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