Friday Report: Foreclosures Up, But Good Prognosis For Dallas Real Estate
Steve Brown reports that while foreclosures are up — 15% in Dallas County from May 2008, up a whopping 45% in Collin County — the numbers may be so large because lenders have taken off their self-imposed moratoriums and are no longer being the nice guys. While that may make for an even gloomier Friday, this report by real estate expert John Burns in Builder ought to bring out the real estate sunshine: Burns asked national real estate experts to select five cities (and states) that will be the first to recover and Dallas, “an affordable market that continues to churn out good jobs”, was right on that list! (He even says we will do better than Houston.) As for Texas, Burns says we added 155,000 new jobs last year, most in the oil and gas industry. Great news, after hearing Fareed Zakaria speak this noon at the World Affairs Council luncheon: the energy industry, he said, is most certainly not going bye-bye.
I’m almost bullish.
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