Houston recovering well from recession

Houston has recovered relatively over the past few years.While the ongoing national recovery from the recession has been uneven across much of the country, a report from the Brookings Institution says that the recovery in the Houston real estate market is among the strongest nationwide.The report says Houston was among the top 20 cities nationwide in its recovery process during the fourth quarter of last year, based on a number of factors such as jobs, economic production and home prices.During the quarter, Houston saw the largest economic gain of any of the 100 cities included in the report. In addition, the less than 6 percent drop in home prices from their peak ranked the city eighth nationwide.Among the areas in which Houston performed poorly compared to the rest of the country was its reduction of foreclosures. The report said there had been just a slight reduction in the number of Houston foreclosures – which account for 3.7 of every 1,000 manageable properties – during the final quarter of 2010.Foreclosures have made a much larger impact locally than in other parts of Texas. While Houston foreclosures made up more than 21 percent of local home sales in February, they made up just 12.8 percent of sales statewide last year, according to RealtyTrac.

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