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In Texas Oil Towns, Price-Crash Shows Up in Slowing Rent Growth
03-28-2015, 04:27 PM
Post: #1
In Texas Oil Towns, Price-Crash Shows Up in Slowing Rent Growth
The crash in oil prices is seeping into high-octane real estate markets. Since the end of last year, energy companies have announced hefty reductions in capital spending, and major layoffs. Outplacement firm Challenger, Gray & Christmas this month said falling oil prices have been responsible for 39,621 job cuts in the first two months of the year, more than one-third of all nationwide workforce reductions in that period.

That’s been rippling through the economy, with new evidence showing rental markets are taking a hit. An analysis by real estate database Zillow finds the median estimated monthly rental price for single-family homes, condominiums, cooperatives and apartments in oil-dependent metropolitan areas is rapidly slowing. “Growth in rents per square foot in Texas’ previously booming oil-dependent markets began to rapidly cool off at the tail end of last summer, coinciding with a marked downward turn in oil prices,” said Svenja Gudell.

If you look around in the nearest metropolis to you, you will see new government buildings, hospitals, and high rise apartment and office buildings. You are looking at the bank bailout money by taxpayers that keeps the money going even when it isn't needed. If the borders don't open it can't be sold and NAFTA is opening them. NAFTA New border deal between Canada and U.S. activated.

Thinker, proud member of Realist News since Nov 2013.
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