Houston, Thank The Real-Estate Gods That You Don't Live In Florida
You want some good economic news?
Hmmm. Well, the best we can do is that the Houston area has officially been declared the third-least-risky real-estate market in the country.
The PMI Group annually issues a list of markets that are most at risk of seeing home prices fall, and the 2008 report came out this afternoon.
It sucked if you live in Florida, where four of the five riskiest markets were. Cities like Ft. Lauderdale, Miami and Orlando all have a better than 99 percent chance of seeing home values decrease this year, PMI reported.
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The news was better in Texas.
Three Texas markets -- Fort Worth/Arlington, Dallas/Irving/Plano and the Houston area -- have a less than one percent chance of seeing home prices decline.
That sounds off to us -- it's difficult to believe Houston will be immune to the economic crunch -- but we don't want to ask any questions.
Instead we just want to wallow in the (momentary) good news for as long as we can.
-- Richard Connelly