End of shuttle era affecting local real estate market in Houston

The end of NASA's shuttle program may affect Houston's real estate market.A recent article in the Houston Chronicle explained that the recent end of NASA's shuttle program in the city has begun to affect the city's real estate market.Due to the end of the program, a reported 4,200 employees of the Johnson Space Center will be out of work. Thus, the housing sector for the region, while normally steady, may see some negative shifts.”People are very nervous about it,” Jim Gaines, an economist with the Texas A&M Real Estate Center, told the news source. “The fact that there's tight credit makes it more difficult to sell homes. People are moving to Houston, but it's not as active a market.”While the news of the layoffs has been troubling for locals, other industries have been opening their doors to these soon-to-be ex-workers. The city's oil and gas sector has reportedly been absorbing some of the already laid-off workers.By effectively keeping the former space workers in Houston, the region's real estate market may not be tremendously affected, however, the housing sector's confidence has wavered a bit, according to the article.With these potential future trends in mind, the Houston real estate market struggled in June, with sales and median prices declining, the Houston Association of Realtors reported recently.Courtesy of 2M Realty News

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