The 2008 bust in the credit and housing bubble changed a lot of commonly accepted rules of buying a home.
Some of the tried-and-true rules and myths became busted, such as the idea that buying a house is a great investment. It turned out to be an albatross for homeowners who found themselves upside down in their mortgages.
“There still are a number of people who are upside down since the bubble burst,” says realtor Michael Weaster. “They’re still out there. A lot of people did modifications with their loan but they’re still in trouble. The statistics are that probably 50 to 60% of the loans are still in trouble.”
Houston, though, is fairing so much better than most cities. Last year set a record for homes sales in Houston, and this year is expected to be even better.
July was the best month in Houston real estate history.
Weaster says there are still deals to be had, if you look for them.
“As long as you don’t mind the commute, there are some smaller outlying areas within the city of Houston that are very affordable and close to employment, being able to drive in to Houston,” Weaster tells KTRH News.