Texas largely unscathed by housing market’s troubles

Texas' housing market has fared relatively well.While the national real estate market continues to show signs of weakness, Texas has weathered the recent storms relatively well, according to an economic update from Texas Comptroller Susan Combs.Combs says that at the start of this year, employers had already added nearly two-thirds of the jobs lost during the recession, compared to just 13 percent nationwide. The state's GSP growth has also outpaced the improvement in the national GDP, as the local economy continues to gain steam.Also, while housing construction and new home sales across the country have faltered, that has not been the case in Texas. Combs' report says that while building permit and home construction numbers are down from last year, they are showing signs of recovery.Another recent sign of the national market's struggles was seen in Tuesday's Case-Shiller home price index, which showed prices continuing to fall, dropping more than 3 percent during the month of January. Many analysts say the index's next report may show national home prices entering double-dip territory.Courtesy of 2M Realty News

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