The real estate market in Texas takes a hit as oil prices fall and layoff continue to rise. RealtyTrac staffer Octavio Nuiry reports on the Texas housing market where five cities (Houston tops the list) rank at the top of AMI’s housing risk in the 50 largest metropolitan areas.
Although, the housing market will be effected by oil prices, the economy is expected to be weak but positive in 2016:
While some are already predicting that the sun is setting on the Texas miracle, recent history suggests otherwise. Global oil prices spiked in the summer of 2008 to an all-time high of $133 a barrel, then plunged to $41 a barrel when the economy crashed and went into recession. That price drop was even more dramatic than the oil bust of 2014.