Austin and San Antonio are Recovery Stars

Austin and San Antonio will be the first two U.S. cities to recover from the recession, according to a new national forecast from IHS Global Insight. The forecast from the Lexington, Mass. economic research firm suggests the two Texas cities will bounce back to their pre-recession job levels sometime next year.

Austin was also named one of the 20 best performing metropolitan areas in the second quarter of 2009, according to a study by the Brookings Institution. (Austin Business Journal).

No cities have totally avoided the foreclosure crisis, but some were able to sidestep the worst of it. These markets are now recovering quickly. The recovery is swiftest in those areas that didn’t have as much of a housing price run up to begin with, either because the economy in those areas has stayed healthy or the economy has been limited for decades and residents have adapted or left. Austin is ranked #2 as the city that fared best and is recovering the most quickly:

Stats from November in Austin, TX:
1. Number of Sales in the area for November 2009 are up 52% on a yearly basis.
2. Sales Volume is up 47%
3. The Average was up 4% from November 2008 to November 2009.

Respectfully,

D. Stephen Steakley, Jr.
Austin, Texas Home Loan Expert
512-577-8898 ph
Austin, TX Home Loan – Quick Application