Market comparisons for January 2007 & January 2008 for the Matagorda area reflect a slight increase in the market for the period.
MLS records reflect sales increased by 3 units in January 2008, resulting in a dollar sales decrease of slightly over 300,000 dollars.
Median unit prices decreased sharply in January 2008, but rebounded in February 2008. |
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The banking system is welcoming back many of the more creditworthy customers, but the process is expected to take some time. However, Texas coastal property is the land of second homes. The majority of second home purchasers can afford larger down payments; have above substantially above average credit and enough income to lead the industry to recovery once the mortgage situation corrects itself. Most important, while economic growth is expected to continue to slow, Texas is still expected to outpace the national average.
In the longer term, Texas’ location and cost advantages, fast-growing population and relatively buoyant economy put the state’s housing industry in a strong position to respond when demand turns the corner.
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Matagorda Bay Area Climate Report
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Texas's climate has always been variable and sometimes extreme—and climate change may intensify this historical pattern.
Average state temperatures have varied substantially over the past century, with a warming trend since the late 1960s.
Average rainfall has increased slightly, both in the summer and winter, and extreme rainfall events have become more frequent. |
Risk Reduction and Adaptation - Improved Building Codes and Modern Systems Built Homes Helping to Reduce Risk for the Newer Homes
Some climate change is inevitable. The U.S. needs to "climate proof" its domestic infrastructure including military installations, particularly along its coasts, to ensure it is prepared to withstand and respond to extreme weather events. As Hurricane Katrina showed, investments in risk reduction are likely to be much cheaper than disaster response. Substantial investment in risk reduction: coastal defenses, building codes, emergency response plans, and evacuation strategies, among other measures.
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Towards that end many coastal builders are building
Systems Built Homes that are well beyond the established local building codes. The Insurance Industry has embraced these higher standards as the result in less likelihood of storm damage. These hurricane resistant homes have added value for the homebuyer.
TexasGulfCoastOnline.com’s demographic data for February, 2008
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Matagorda Bay's Top Five Potential Buyers Demographic Graphs for February, 2008 show that most potential buyers with interest in the Matagorda area are United States Citizens from the Austin-Houston-San Antonio area followed by Dallas and Granbury.
Read More on how the recent real estate value crisis wrecking havoc on California coastal properties helped produce potential buyers in the Matagorda Bay area.
States that are clearly in trouble: California with a 286% increase in foreclosure activity from 2006, Arizona up 168%, Nevada up 279% and Florida up 144%.
New Yorkers also expressed high interest in the Matagorda area, followed by New Mexico and Illinois.
Foreign Buyers also made numerous inquiries about the Matagorda area as a falling dollar produced bargains for foreign buyers. Canadians showed the most interest followed by England, Japan and Mexico.
The events of 2007 have made the United States much more affordable for international home buyers. Severe dollar declines against the euro and pound have made U.S. homes much cheaper for Europeans.
But even foreign buyers without that sort of currency advantage are benefiting from sharp drops in housing prices at a time when problems in mortgage lending are keeping many Americans out of the market.
At the same time, many foreign real estate markets, especially in Europe, have experienced sharp increases in home prices.
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