The national slump in the housing market cost bank giant Merrill Lynch big bucks. The company has reported losses around $10 billion.
"The state of Texas is doing a lot better than the rest of the nation is doing," Ed Berry with the B-CS Regional Association of REALTORS. "We haven't had the tremendous escalation in prices like they've had a lot of places."
In fact, in 2007 the local housing market made positive gains over 2006, especially in the dollar value of homes sold. Leaving many wondering, what does 2008 hold in store?
Experts say the Bryan-College Station area will begin to feel the side-effects of the nation-wide slump, and one thing buyers may notice are slightly increased prices.
"Construction will continue down, the builders are still going to be building houses here in Bryan-College Station but probably not at the same pace as they have the past couple of years," James Gaines with the Texas A&M Real Estate Center said.
On a plus note, real estate officials say the area might see mortgage interest rates drop even farther. They believe the market looks like it will be pretty steady, thanks to the local economy, available jobs, and Texas A&M University.
"We don't forecast any major drop-off in our real estate here," Berry said.
As for the future of the national market...
"Some are suggesting that the housing market will bottom out in 2008, and start recovering in 2009, my personal opinion is I don't think that's true," Gaines said. "I think we'll be into 2010 before we actually see significant recovery in the housing market."
As for 2008, if the dire predictions for the national market prove to be true, Bryan-College Station may be the exception to the rule.
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