It is no secret that the housing market has suffered a great many blows over the last several years. Austin has seen its share of woes, as well, though overall it has done much better than many other areas in the country. Last year brought somewhat less demand than supply, causing homes to sit on [...]
It is no secret that the housing market has suffered a great many blows over the last several years. Austin has seen its share of woes, as well, though overall it has done much better than many other areas in the country. Last year brought somewhat less demand than supply, causing homes to sit on the market longer. According to recent projections for 2009, the home supply is less than 6 months, which is still considered a stable market. The national average is almost a full year. Average home prices have also remained fairly stable in Austin. This area never saw the housing bubble that comparable cities have experienced, making the area less affected by the recession.
There are many factors that create a decent housing market. Austin has them all. While the nation is struggling with astounding job loss and a skyrocketing unemployment rate, the city of Austin has maintained an almost nonexistent unemployment rate. Jobs are still available here, drawing more buyers to the area. Home appreciation rates here are above 5%, according to the report, putting Austin in the lead nationally for this. Interest rates on loans are at their lowest right now, making it easy for a credit approved buyer to purchase a home.
Even before the recession was formally recognized, Austin was seen as having one of the strongest local economies in the country. While there is expected to be a slowdown in job growth in 2009, Austin is still expected to fare much better overall. Home values and prices will remain decent in this area.
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While I don’t see the downturn the way the folks who sell papers need to see it, I’m all for presenting both sides of the story.
From the Austin American Statesman
RECESSION SLAMS INTO TEXAS
AUSTIN – The recession has finally slammed into Texas after keeping away [...]
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While I don’t see the downturn the way the folks who sell papers need to see it, I’m all for presenting both sides of the story.
From the Austin American Statesman
RECESSION SLAMS INTO TEXAS
AUSTIN – The recession has finally slammed into Texas after keeping away during most of 2008, says a new report from the Federal Reserve Bank of Dallas, and Austin and Dallas could feel the brunt of it.
Austin and Dallas were cited as being especially vulnerable because they have more exposure than other large Texas cities to cyclical industries, such as construction and financial services.
Statewide, employers could cut 296,000 jobs this year, sending the unemployment rate to roughly 8 percent, according to Fed economists Keith Phillips and Jesus Canas, who co-authored the article in the Fed’s quarterly publication on the region’s economy.
In January, almost 120,000 Texans applied for unemployment benefits, 85 percent more than in January 2008.
You can check out the rest of the story at Austin American-Statesman.
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From The Austin Chamber of Commerce
Red Oxygen Chooses Austin for American Headquarters
The Austin Chamber and Opportunity Austin recently announced that Red Oxygen, one of the world’s leading developers and distributors of Enterprise Text messaging software applications and services, has made plans to open their American Headquarters in Austin, Texas.
“Red Oxygen’s highly efficient and innovative SMS platform is a perfect complement to Austin’s expanding mobile services and software industry,” said Gary Farmer, 2009 Opportunity Austin Chair and President Heritage Title of Austin. “The city welcomes Red Oxygen and hopes that the announcement will not only encourage other tech-based companies to consider relocating to Central Texas, but that it will also reinforce the fact that Austin is one of America’s most talented and qualified cities for an array of industries.”
In the process of launching their new 2,000 square-foot facility near downtown, Red Oxygen plans to create 10 to 12 new high-paying jobs for Austinites. The average office salary of $50,000 will provide excellent employment opportunities and take-home pay for Central Texans. Not only will the headquarters create new corporate jobs, but the move will also open new avenues and opportunities for local Austin engineers, sales associates and college graduates.
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Finish reading the story at The Austin Chamber of Commerce
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