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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.
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.
Builders say housing outlook brightForecasts about the nation's housing market picking up steam aren't solely the prognostications of survey estimates and so-called experts.January 25th, 2013 3:17am
December home sales solid in HoustonEven though December is typically filled with tasks related to purchasing items that can fit underneath a Christmas tree, consumers apparently had an appetite for large buys as well, including Houston homes.January 16th, 2013 5:44am
Texas attracts many households in 2012Texas is a beacon of economic and housing market prosperity, and continues to attract many households from across the country.December 21st, 2012 11:15am
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