I feel Texas is going to come out of this pretty well. |
I'm more positive about Texas than almost anywhere, because the underpinnings are good, and it hasn't had the huge run-up that other markets have. |
In general, you're not going to get a great discount in a great location, right where your job is, a place that you really want to buy. |
It won't break the economy. |
It's slowed down a bit since last spring and summer. The real question is whether it's more than just the seasonal slowdown. |
Nationally, I think it will be a common cold, if you will. |
Our nation is a $10 trillion-per-year economy currently possessing $19 trillion in household asset value and $11 trillion in homeowners' equity. Losses of $110 billion - spread over several years - would come to only about one percent of the total national homeowners' equity. |
That is, their combined mortgage debts exceeded their home values by more than 10 percent. |
The people who bought in 2003 or sooner ... they generally have enough equity that they're going to do all right. |