Neither boom nor bust: how Houston's housing market differs from nation's

Abstract

The ongoing housing downturn has served as a significant headwind for the U.S. economy, subtracting nearly a percentage point from the country's gross domestic product growth in each of the past six quarters. However, this downturn has not been uniform across the country. Houston is an example of a metropolitan area that was seemingly immune to the trend until its housing market began slowing significantly in mid-2007. ; Houston did not share in the rapid price appreciation seen by some large metros in the early 2000s or the sharp downturn of late 2006 and early 2007. But the tightening of credit standards since August has affected Houston disproportionately. Mortgage and housing markets have seen wide variations in performance as a result of the downturn, and this is Houston's story in the context of the national housing market turmoil.Housing ; Texas