The housing market just ain’t what it used to be. Expect the number of households to rent to go up, credit underwriting to remain tight, inventory of available properties to continue to rise and Texas home prices to remain stable through 2011.
Texas has been and will continue to be one of the most housing affordable states in the country. Housing affordability and new job formation are key to the state’s future growth. Texas ranks as the 6th most affordable state in the union.
Since 2007 almost 4.8 million homes have been posted for foreclosure sale along with many more sort sales and other distressed sales. This means around five million households entered the rental housing market during the last four years and will not be eligible to purchase a home again for several years. Recent increases in rents and occupancy rate give evidence of the increased demand for rental housing.
Single family units for rent are a growing and increasingly significant segment of the housing market. An active single family investor market will be critical to clear many of the foreclosed and other problem properties, not to mention to provide needed housing for former homeowners.
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