The Chief Economist of the Real Estate Center at Texas A&M University forecasts higher prices, reduced inventory and more home sales in 2014 for the state. Mark Dotzour says, “If you are a real estate professional in Texas, I would suggest that you not take a vacation at all in 2014. It is shaping up to be a busy year.” As MHProNews has learned, Texas suffered less than most other regions of the country during the recession, and the state has added 459,000 jobs since Jan. 2012, according to Dotzour, and he expects that to continue through 2014. According to timesrecordernews.com, although mortgage rates are slowly rising, they remain at historically low rates. Adds Dotzour: “In the late ‘70s, we thought 8 percent mortgages were cheap. Five percent was unheard of. Now the media is saying higher mortgage rates will make houses unaffordable and derail the housing recovery. It won’t. Look at the numbers for housing affordability indexes in Texas and the nation. Houses have never been more affordable, if you have a job.”
