Is a Fort Worth Texas Real Estate recovery in the cards for 2011?
Nationally to long term average for home sales is around 5.0 to 5.5 million homes per year. A few years ago it reached a high of 7.2 million. This year, it’s trending at about 4.5 million. So a sustainable recovery would be about 5.5 to 6 million homes a year.
Why is this important to Fort Worth and Texas?
We are business and family friendly. This has made us one of the fastest growing areas in the U.S. plus we have very affordable homes here. If we can clear out all the negative activity and get the mortgage market to function properly, I believe we’ll see demand push homes sales again and we’ll eat through the inventory. Recovery will be slow but steady. The factors are the increase of population as companies move here and the stable or increase of the oil and gas revenues.