Housing Bust (Austin, Pflugerville, Howe: for sale, foreclosure, houses)

[Trainwreck20]

An AP article today about projected housing prices over the next year. Sounds good for Austin. Of course, they could be totally wrong, it would not be the first time
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[MoMark]

I read that too. What is troubling are the drastic drops happening in parts of the Midwest not really connected to the auto industry. I know Indiana and Michigan are in deep doo-doo and foreclosure rates in those areas are soaring. Although Texas didn't have the runup in bubble prices overall, its foreclosure rate is also skyrocketing, so is Colorado. Unless it's a result of the option ARMs coming home to roost , I wonder what explains that.

[Just Lookin]

Well, I will say one thing. I have had my house up forsale since Aug and have not had one person come and look at it. Now that is depressing.

I think it will sell but maybe next year. We will see.

[nor-cal rider]

Austin housing market is the best bang for the buck pretty much in the whole country.I wouldn't worry about any bubble bursting,the balloon hasn't even been blown up down there.I just cant see the market going lower because its almost the lowest in the country.So if you loose 20K in equity that nothing compared to owning a house thats worth millions you can loose 200K in a month.

[Spookmeister]

I love CenTex, but if the property speculators, with wheel barrows of cash move in, I'm cashing in so fast, the money will have to catch up with me in Peoria....On my way to the islands! I'll be taking the long scenic route.... After all, I'll be able to afford it!

[etexbill]

I'm with you spookmeister, except Peoria is not on the scenic route, believe me. LOL

[momof2dfw]

WAIT, I'm going to. They keep saying all these people are coming to Texas w/ loads of money from California and love our houses and all. So I say we just go ahead and up the price and cash out. I'm ready for some island life. Like I told my hubby awhile back, if he came home and said, "I'm done" the paint would not be dry on the for sale sign I'd have in the yard.

[deeptrance]

Only some parts of Austin are safe from the housing bust. Other areas are going down. What makes a place a safe bet here is location --- school district, proximity to recreation and downtown, uniqueness, centrality, and if it's in the path of where the Californians are buying (mostly the central and west to southwest area going into the hill country).

Other than those special areas that don't have competition, the rest of Austin metro is generic and therefore can suffer due to the high rates of building and the many alternatives people have to choose from.

Californians and New Yorkers with bundles of cash don't come here looking to live in a Pflugerville subdivision. You can lose a lot of money buying in a place like that, where you'll be promised "access to the city in the beauty and tranquility of nature!" Next thing you know, you're in the middle of a massive sprawling suburb and there's a new freeway interchange visible from your back yard. I'm referring to friends of mine who went through this exact experience, it took them a year to sell their house and they lost money on it.

However, if you can afford the "special areas" near downtown or the westside, then you're safe. There's no end in sight to the demand for those houses, and the central ghetto areas are being snapped up and gentrified quickly as part of the rush to be near downtown Austin.

[Spookmeister]

That maybe true today but with 45 and 130, the new tollways, that is about to change in dramatic fashion.
Areas around the tollways are going to turn into very valuable RE over the next 10 years. There's only so much more that can be crammed into Austin so the next wave of development is going to be in Williamson county.

[Just Lookin]

Well, I don't have lots of money and I am not coming to Austin but I will tell you one thing. We Californians don't want to pay for a toll road. hehe.

I think Texas gets enough money on their property taxes to cover the toll roads. Ouch!! Just a thought there.