It has been said that in order to help the housing market recover in The Brazos Valley we need at least 2% job growth. For Texas this is not bad because for the first time since May of 2006 we are seeing job growth and it is approaching 2%.
With the high job loss that has been occurring nationwide many believed The Brazos Valley would experience a great deal of loss too, and have an extreme effect on the housing market. Against the odds Bryan/College Station has grown each year even with the national recession.
According to the 2010 US Census, six states exceeded 1,000,000 in population growth. For the population increase for 2000-2010, Texas came in first with a 20.6% increase.
National Issues: Over the last few years the value of homes are heavily increasing and even doubling (especially one the west coast). This problem must turn around or no one will be able to afford a home. Regrettably homeowner’s house payments began to and still are increasing to high to where they could not make their payments. These people could not refinance or sell because they did not have enough equity in their homes and the market was beginning to correct. As a result of this situation there were many foreclosures.
Locally the situation was a bit different. Many people chose to act on the 0% down adjustable rate mortgages. Although many homeowners were able to sell or refinance their homes when loans began to reset because the Brazos Valley was not seeing the dramatic market corrections that other areas experienced.
The number of homes sold in Bryan-College Station in 2010 was down by -7.9% from 2009. The total sales volume in 2010 was also down slightly by -6.7% from 2009. The year of 2010 was a year to adjust. As one can see the results seen from 2009-2010 were not a big dip. The big difference seen was the amount of time a house stayed on the market.