2011 Texas Real Estate Forefrom Economist of the Real Estate Center at Texas A&M

The number of homes sold in Texas has fallen every year since 2006. Last year's home sales were down 6%-7% from the 2009 level. Economists Mark Dotzour and James Gains of the Real Estate Center at Texas A&M University tell us that while the first half of 2011 does not look very positive, the second half of 2011 is encouraging. 2011 should be fairly comparable to 2010 but set the stage for a more meaningful recovery in the next few years. Two of the main issues deal with lending and job growth. Increasing interest rates and the tight mortgage credit market will deter homes sales. And we need a jump in job growth of substantive, long-term jobs to help spur homes sales.