Speculators ‘Relocate’ Housing Bubble To Texas
These reports from Texas show the housing bubble is ‘relocating.’ “Austin homes continued to sell at a brisk pace in May, despite a cooling of the housing market on a national level. Sales of existing single-family homes jumped 15 percent in May as 2,260 residences changed hands. The median home price rose 8 percent from a year ago to $174,000.”
“The strengthening housing market is a result of Austin’s healthy job market as well as the cooling of home prices in other areas, said John Rosshirt, chairman of the Austin Board of Realtors. ‘You have not just the good economy, (but) you have people who are getting out of other markets,’ Rosshirt said.”
“Central Texas is also becoming popular among out-of-state investors and those looking to relocate from elsewhere, area real estate agents say. ‘Somebody living in California in a 1,400-square-foot home could sell it, take the profit and buy a mansion in Austin,’ Rosshirt said.”
“‘Now that those other major markets are cooling down and slowing down some people are saying, ‘Hey, I made $300,000 on my house the last couple of years, and I can buy this in Austin?’ said Rosshirt.”
“And that means no rest for the weary realtors. ‘I’m hoping the trend continues certainly for both buyers and sellers,’ Real estate agent Julie Woche said.”
“The closer to the center of town, the hotter home sales. But as those prices rise, the Austin Board of Realtors says activity is pushed to outlying areas including Round Rock, Buda and beyond.”
“With more than 17 condo and apartment projects planned for the downtown area, Austin continues to add up changes to the Capitol City skyline. Many of the new additions will be high-rise buildings.”
“There are currently 2,972 downtown condo and apartment units capable of housing about 5,400 residents. The projected number of units for 2009 will jump to 6,618.”
“Construction on a 360 condo tower has recently begun. It promises to deliver 432 units and stand 580 feet, taller than any building in Austin.”
From My San Antonio. “A San Antonio developer will break ground soon on the Medical Center area’s first new condo project in about 20 years. The units are selling now for $138,000 to $267,000. Once they’re finished next spring, prices are expected to jump to $167,000 to $289,000.”
“Real estate agent Diane Motz said she expects the new property to attract doctors and medical professionals. Already, she has sold 20 units to a Phoenix investor and 10 to an investor from Greece.”
“Motz noted the development’s high-end trappings such as granite countertops, stainless steel appliances, wood floors and whirlpool baths. ‘There are other things out there, but not at this level,’ she said. ‘People want something that’s an investment, and you can’t really find that there.’”
‘I’m hoping the trend continues certainly for both buyers and sellers,’ Real estate agent Julie Woche said’
“In Tarrytown, the median price is $345,000, a 23 percent increase from May 2005; Hyde Park’s median home price jumped nearly 31 percent to $433,750. In the Oak Hill area, the number of homes sold in May rose to 41 from 28 last year, bumping the median home price up 31 percent.”
I’m sure the young people in Oak Hill are over-joyed at the prospect of paying 31% more Julie!
OT, sort of, but somebody got REALLY annoyed with Blanche over at Realty Times…
http://www.youtube.com/watch?v=u4Rto1Pf42A
Sorry to be off-topic again, but here’s the self-defeating article Ms. Blanche wrote that incurred the wrath of that You Tuber in the link above:
http://realtytimes.com/rtapages/20060622_sicklyrevenues.htm
That is one sickly tin-foil-hat piece by Ms. Evans.
The newspapers have been the realtor’s biggest cheerleaders up unitl a few months ago, and she turns and bites them. The blogosphere is what she need to worry about, not newspaper editors.
Interesting.
Realtors must really be feeling the heat if they are turning on the print media. Combined with the NAR turning on the Fed Res last week business most really be in the shtr.
That means realtors are feeling the heat in a
Let me try that again:
Interesting.
Realtors must really be feeling the heat if they are turning on the print media. Combined with NAR turning on the Federal Reserve last week business must really be in the shtr.
My wife and I attended the Austin City Limits music festival last September, and if you’re a fan of 105 degree weather in late September, than Austin is definitely the place to go. Also, if you don’t live close to the center of town or where you office, than the already lousy traffic will only get worse and eat your lunch. Finally, I’m not sure what job market these realtors are talking about because attorney positions were few and far between six months ago.
Interesting contrast…
In Austin:
“‘I’m hoping the [accelerated sales] trend continues certainly for both buyers and sellers,’ Real estate agent Julie Woche said.”
In Santa Clarita:
“‘Housing is selling, but not as quickly as a year ago,’ said Peggy Mueller, president of the association’s Santa Clarita Valley Division. ‘Frankly, I happen to like it that way because buyers and sellers have opportunities.’”
MjM
“Central Texas is also becoming popular among out-of-state investors… ‘Somebody living in California in a 1,400-square-foot home could sell it, take the profit and buy a mansion in Austin,’ Rosshirt said.”
Passage Exodus 10:14:
14And the locusts came up over all the land of Texas and settled down on the central state, a very dreadful mass of them; never before were there such locusts as these, nor will there ever be again…
…and they were driving SUV’s….
Nitpick
It reads “and they were driving BMW SUV’s.”
Damn evangelical!
lol
What Would Jesus Drive?
1. He wouldn’t drive, he’d delegate.
2. Ford 350 Econvan. Jesus saves but He saves in bulk.
3. Gas would be expensive but he’d never have to pay bridge tolls.
not an econovan. 15 seater more likely.
jesus + 12 disciples + some storage room = 15 seater
That’s what I meant. Damn you reformists.
“The median home price rose 8 percent from a year ago to $174,000. Homes are moving faster and demand is increasing as the Austin housing market continues to heat up. Homes stayed on the market an average of 58 days in May, a 12 percent decrease from last year, according to statistics provided Wednesday by the Austin Board of Realtors.”
$14K more and a week less on the market in a year - big deal. This seems so “last gasp”.
It’s just an echo boom. You can’t keep the party going without easy credit and interest rates in Texas are not lower than anywhere else.
Remember when the “B2C” Internet stocks started falling like rocks? That’s when Wall Street needed a new story to keep the boom going. So they said “Sure, maybe people won’t buy as much 40 lb. bags of cat food over the Internet. But businesses are moving all THEIR business to the Internet. Procurement. Sales management. You name it. That means you can still buy “B2B” stocks and make a killing.”
That prolonged the agony for a while, before the entire Internet stock industry went up in smoke. Sound familiar? Austin is a B2B stock kind of like PurchasePro (I think that’s the name anyway), California is the B2C stock (Pets.com maybe?) and the echo boom is a sure sign that the real estate bubble is on its last legs. Thank goodness before any more markets are ruined forever for people who actually live there.
Arriba and Commerce One were my favorite B2B stocks. Lost plenty of $$ on both. What’s the saying…fool me once, shame on you…you know the rest. Cash liquidiy is king…for now.
They’re just delaying the inevitable. Austin is nice, but it’s no Cali. And in the end, you may end up living somewhere you’s rather not. I wouldn’t relocate. I think renting’s a better option to wait things out.
Believe it or not, not everyone wants to live in California.
There are three kinds of people:
1. Live in California.
2. Say they want to live in California.
3. Lie.
A little more seriously there are tens of millions who think they don’t want to live in Kalifornia but only because they can’t. I cannot list the aquaintances who left and cannot return or waited and never managed. One problem is jerks like me; ticks on a hound dog. You can’t pry me outta here. Go back “home?” Well this is home but if you mean New England, I’d buy a really nice place and still not cash out of California even though I fully expect prices to drop more than 40% in my case.
Hey Robert -
Could you sit any higher on that horse you rode in on?
I’m sorry, I couldn’t hear you. My high horse was dumping on your lowly comments. Come on GMAFB. If you can’t detect the difference twixt ego and colorful exageration you shouldn’t reply.
If you weren’t born in Californian you aren’t a Californian.
Not necessarily Robert but all the rest, are the locusts that have damaged/destroyed California.
SF Jack - Where ya been? Missed you
If you weren’t born in Californian you aren’t a Californian.
______________
Gosh, SSBG. I thought if I moved to Texas, I’d become a “Texan”.
Couldn’t agree with you more.
Robert -
I’m certainly aware of your ego. It’s the colorful exaggeration that is apparently new.
lunar -
I miss you, too. I’ve been here, there and everywhere, but not as often at the HBB, obviously.
Hope all is well in Condotino!
Did you make a journey to Ohio recently? How was it? Bubblicious, too?
sfj -
No, I haven’t been back to OH this year. But I hear it’s hard to sell a house right now, at least in the Dayton area.
““Motz noted the development’s high-end trappings such as granite countertops, stainless steel appliances, wood floors and whirlpool baths.”
Granite countertops!!?? I’m buyin’!
Anyone know of some granite counter top suppliers I can short?
If these are the new “hot spots” for speculators and people relocating the situation is even worse than I thought.
Yep ,right now the locust is swarming in Texas and Idaho after leaving Arizona and Florida . You know I never minded people moving to a new state ,but these equity locust just go drive up prices and leave .
When the humans on earth find Bens records 2000 years from now , under the rubble of world war 10 ,they will not be able to figure out why housing and locust started the beginning of the Great Wars .
We cashed out in Northern CA and thought about buying in Austin. The near 3% property taxes in Texas makes real estate far less attractive for retired, semi-retired, and for investors. I like Austin, but I consider the property taxes prohibitive.
No state income tax though, correct? Quit your bitchin’
Go back and read: I said the property taxes are prohibitive for retired and semi-retired.
If you are still in the planning stage, you may want to consider New Mexico. The last time I looked, property taxes there were the second lowest in the country. I daresay there are drawbacks for retirees, and there may be more by the time I’m ready to relocate, but right now it looks very attractive.
Sales tax run 8% most places as well.
Yes, it’s best to live in a no income state tax state when you’re earning, and a low property tax state when you’re retired.
One thing I hate is these locusts are trying to pass proposition 13-type laws here. You think they’d have learned from all the problems they see in California.
Not a chance… Texas is well acquainted with real estate booms and busts. They purposely keep property taxes like that to weed out speculators and encourage business investment. Texas real estate money is dead money. Somewhere I can hear taps playing in the distance…
I agree. Before moving to Nevada we looked at Texas (San Antonio, Austin and Dallas areas). The property taxes were out of this world. A $150,000 house wanted almost $5000 in yearly taxes. My Nevada home by comparison which we sold for $700,000 only needed $3000 in yearly taxes. And BTW, both states have no state income. Not to mention that Texas is full of the biggest racist redneck aholes in the universe.
I know someone from Cali who bought a duplex in Austin last September for 140k. He has only been able to rent out one side thus far. He has been losing money on the “other side”. I asked him what he thought of property taxes in TX. He said he had no idea what they were, had not recievd the bill yet. When I informed him they will run about $5,000 a year he fell silent. The realtor that sold him the duplex told him it would be worth approx 230k in 2010.
My friend is a little dim in the financial world, I am sure he purchased the place with 100% financing and believed what the realtor told him. But like a lot of other people who do not do their research, he got sucked into investing in RE. Kind of like those people who bought dot-com stocks in March 2000.
I don’t really feel sorry for him.
You went too far. There are racist rednecks all over the country and to say Texas has more than any other state is just plain ignorant.
My house is 120k and property taxes last year were about $2600. I don’t see how taxes would be almost double that for a house only 25% more expensive.
Texas also just passed legislation to lower the property taxes.
Not in Austin, San Antonio or Dallas. Maybe you live in Vidor, Texas, KKK racist capital and biggest sh*thole of the world. No ifs or buts about it. Texas is the worse POS state of the union. And the out of this world property taxes is just one more reason.
Gee, when you run your mouth like that no wonder people don’t like you.
Apparantly you have never been to the Old South.
Yes, when assessments are up they’ll do that. Wait for a bust and see if they don’t go back up though.
TO HHH re: property taxes
In San Antonio, $150,000 = $4600 property taxes
The Lege lowering property taxes….sure…..over time and the whole issue of financing education was NOT resolved (prop taxes 60% source of education $). HHH, I think you might not be one of the good guys????????
You’ll be happy to know that Anglos are now less than 50% of population in Texas.
Same in California and Arizona.
“The strengthening housing market is a result of Austin’s healthy job market …”
is this a required slogan that they must learn to use when getting their RE license. they say this about every market out there.
San Antonio is building ghetto hoods-to-be and overpriced mcmanses that folks here cannot afford.If you have bucks here, you are already in your manse. I can’t see these Californians actually LIVING here and the locusts who won’t live here have not done their homework. And it is a real shame to see what these developers have done to the land. It wasn’t nirvana in the first place. And we’re in a major drought. Oh, we’re chillin’ at 97 degrees today so we’re very grateful for that.
REV.9.”3″: And there came out of the smoke locusts upon the earth: and unto them was given power, as the scorpions of the earth have power.
“4″: And it was commanded them that they should not hurt the grass of the earth, neither any green thing, neither any tree; but only those men which have not the seal of God in their foreheads.
“5″: And to them it was given that they should not kill them, but that they should be tormented five months: and their torment was as the torment of a scorpion, when he striketh a man.
“6″: And in those days shall men seek death, and shall not find it; and shall desire to die, and death shall flee from them.
“7″: And the shapes of the locusts were like unto horses prepared unto battle; and on their heads were as it were crowns like gold, and their faces were as the faces of men.
“8″: And they had hair as the hair of women, and their teeth were as the teeth of lions.
“9″: And they had breastplates, as it were breastplates of iron; and the sound of their wings was as the sound of chariots of many horses running to battle.
“10″: And they had tails like unto scorpions, and there were stings in their tails: and their power was to hurt men five months.
“11″: And they had a king over them, which is the angel of the bottomless pit, whose name in the Hebrew tongue is Abaddon, but in the Greek tongue hath his name Apollyon.
“12″: One woe is past; and, behold, there come two woes more hereafter.
No doubt the parents of these pelicans are California Realtors
Baby pelicans starving along Calif. coast
http://news.yahoo.com/s/ap/20060623/ap_on_sc/starving_pelicans
The classic ending of a boom. There are still localized hot-spots (coals) that will continue to flare up before the entire market (fire) is burned out.
We also saw the bounce in June/July 2001. Remember how the economy appeared to be weathing the mildest recession in history? Only to tank after 9/11 and suffer 24 months of job losses of more than 400,000.
I highly doubt the local Texans will tolerate the equity “locusts” (great work, BTW) for long. Texas is known for it’s country boys and rednecks. Hopefully they will handle the situation.
Real estate agent Diane Motz said she expects the new property to attract doctors and medical professionals.
Perhaps, but not to live in. The only doctors she’ll attract are those who are throwing their money away on terrible investments, as doctors are famous for doing. If it’s a really horrible investment, she’ll probably get some dentists, too.
This really blows - we’re going to Austin to scout it out next week. We’re two native Californians that can’t afford to buy a house in CA, so we’re looking for a backup plan.
We can either stay here and wait until houses are affordable for dinks making $100k again, or we can leave to where they already are.
Hope we can find jobs before the specuvestors ruin it for us!
LOL! In know the feeling. It’s tough having a family income in the $100’s and still feeling like a dink. It’s doubly tough considering I’m a dork as well.
Well, there goes the neighborhood. We were thinking of relocating to Austin a couple of years ago, but I thought it was getting overpriced even back then. Austin used to be an ‘undiscovered’ hang out for the creative types (the way Santa Fe was a decade or two ago). It’s easy to get to from LA or NY, the scenery is nice, the people are laid back, and there are lots of interesting characters. It looks like the locusts are changing all of this for the worse. The boomer yuppies will move in and put a Starbucks on every corner then clearcut woods and pave over trails to build trendy restaurants. Upscale Condo towers downtown? So long, Austin.
I wouldn’t be so quick to write it off - I’ll know more in a week but it’s definitely our backup.
Our first backup was Portland, then we realized there are no jobs there and it’s more expensive than the gentrifying neighborhoods in LA that we’re house-shopping in. Oh, and the weather sucks.
EProbert:
You will just love the summers in Austin (or SA, Dallas, Houston)! And to think you will be able to experience it next week……oh my
I lived in Thailand for two years. Humidity doesn’t scare me.
Phoenix and Vegas are much, much worse IMHO.
We’re going to Austin next week for this very reason. If we absolutely hate the weather we won’t be back.
Same reason we went to SLC in the winter and Portland in the fall.
EProbert: weather here in Austin isn’t so good compared to West Coast. Having lived here for almost 11 years, I can say we have 2 seasons: Hot and not so hot. Spring and Fall lasts about 2-4 weeks a year. Winter can be very cold [at nights it can go below 32F or 0C] but usually rather warm. And we get as much annual rain as London, U.K. but usually in buckets (with flash flooding risks). We’re now in tornado season so keep your weather radio handy [check to see your backup battery is fresh since we've started getting rolling blackouts just like in California].
And usually it’s more humid than SoCal [I grew up mostly in L.A. and Orange Counties.]
The goods: we have less traffic problems than SoCal (Austin whiners have no clue what a bad traffice is) and, so far, less smog than SoCal, though they have started doing smog testing last year.
I lived in Austin 1997-2000 and the traffic is every bit as bad as SoCal (I live in Vegas but drive to LA regularly for work). Unless you live in the middle of town, forget about going anywhere between 4pm and 8. One huge parking lot and the roads haven’t been widened since the 80s. Terrible humidity, atrocious traffic, scant jobs, low pay. Austin is not where things are going on in Tx. Try Dallas or SA.
I lived in Austin 1997-2000 and the traffic is every bit as bad as SoCal (I live in Vegas but drive to LA regularly for business). Unless you live in the middle of town, forget about going anywhere between 4pm and 8. One huge parking lot and the roads haven’t been widened since the 80s. Terrible humidity, atrocious traffic, scant jobs, low pay. Austin is not where things are going on in Tx. Try Dallas or SA if you want a city that moves at a reasonable pace. Still, if the more liberal political scene appeals (it’s a strangely charming yet dizzy liberalism they practice down there) then perhaps Austin is your dream town. Can’t figure out if this has already posted. Sorry if I’ve duplicated. Back to lurking…
Agree…Austin is a great place. From May thru Sept it is pretty darn hot but the rest of the year is wonderful. Lived 70 miles east of Austin for 10 years and liked it. Reminds of Seattle a bit.
Seattle?????? No way! 70 miles east of austin places you somewhere around let’s say, Columbus, TX - now there’s a hot bed in the marketplaces of ideas. Chicken nuggets from your local market will be the delicacy de jour - every day. My point is not to diss Texas - I’ve lived all over this state for 53 years. It’s just that folks need to get a grip on their expectations. Do your research….jobs, pay, public school education, tolerance, philanthropy, politics, taxes and yes…..the weather. Don’t move here eyes wide shut. Can’t stand out-of-state whiners. Peace
Whatever. I’ve certainly beaten this one to death already. The equity locusts will be chewed up and spit out by any of a number of factors in Texas. By the time they finally leave, they’ll be happy to leave their “equity” behind just to get out of there.
Clarification. I lived in Round Top but I meant that Austin and Seattle both have a nice progressive “green” vibe. I’m a vegetarian and there are more vegetarian restaurants in Austin than in Houston, which is MUCH bigger.
I live in Austin and love it. I’ve lived in many desirable places throughout the country and feel like austin is the place i want to be. Anybody that thinks austin is full of rednecks has obviously never spent any time here. Austin is a beautiful place that has a ton to offer. If it doesnt involve cold weather or snow you pretty much have it here. The weather is damn hot for 5 months of the year but over time you adapt. I actually work outside (people think i’m nuts!) and it doesnt even bother me much. Anyway, bash the rest of Texas all you want but don’t make fun of Austin until you have tested it out for yourself. I’m not from texas….I’m from Austin!
I lived in Austin in the 70s,80s and 90s - oh, it was wonderful in the day of the Armadillo World Headquarters and it’s a nice little city still - especially compared with other Tx cities. When I visit there now…..well, you hope it can keep a whisper of what it was but that’s not going to happen when the swarm comes in (they have come and gone before and left a mess). And there’s air conditioning here (hey, tech has not passed us by)- so the heat shouldn’t kill you, but it’s not free. One thing on taxes - sales tax is steep - in the cities it’s 8.25%.
Same as most CA cities.
On paper, anyway, Austin seems no different than inland CA cities like Riverside except that it actually has culture and arts and a music scene, etc.
I can get paid the same as an account exec. in a small agency in LA or Austin, but in Austin I can buy a house across the street. In LA I can commute 45 minutes in the WORST traffic you’ve ever seen, just so I can afford to rent a 2br. apartment.
Which life would you rather have?
EProbert - In 1988, I lasted in LA for one afternoon and I was outta there. I hope you do find a better place and maybe Austin will be that place. BTW, we’re supposed to get a dry line coming through here next week so I hope that makes your scounting trip a most pleasant one.
And yes, I’m beating a dead horse on this Texas thing so, as we say here, basta!
I’ll agree Austin is not what it used to be (been visiting since ‘86), but then it’s still not as bad a SoCal.
The data given doesn’t tell the whole story. There are two worlds of suburban (note angryTxchic) Real Estate in Texas right now; new tract home construction - which the equity locusts are snapping up and existing homes in established neighborhoods - which aren’t selling.
The other week I pulled all the sales and market data on my area to help with my appraisal protest (something you must do or the appraisal districts will jack your rates up over market) and compared it to the data I saved from previous years. The results, measured in dollars per sq. ft, and there are no “new” subdivisions close enough to include:
2005 Inventory level — up 20% from 2004
2005 Asking prices — up about 5% from 2004
2005 Sales prices — no change from 2004
2006 Inventory level– up 125% from 2005
2006 Asking prices — no change (down 1%) from 2005
2006 Sales prices (1/2 year of data) — down 10%
2006 average time on market — way up.
The sample size wasn’t huge, so the error factor could be large/coarse. Houses with lakefront property are not factored in, as land valuation is significantly higher.
And my bottom line was that my appraisal should go down, not up as the appraisal district insists.
In a nutshell — the only houses in my area (established neighborhoods) that are selling are those priced to sell (reduced). The people still asking last years prices are spending a long time waiting.
I can’t wait to see the equity locusts try and flip their new McMansions once the supply of imported greater fools runs low.
You’ve assessed it right. The stuff in the inner city was selling last summer, it isn’t now unless it’s giveaway priced. The locals aren’t going to buy it because they all know it’s overpriced and besides, they are up to their asses in debt trying to keep up the wealth facade. The idiots from out of town buy the suburbian tract junk. Should all wash out pretty ugly when the s**t hits the fan shortly.
I can’t figure out where it will end up. If the equity locusts from CA went to “second tier” AZ, OR, and NV, and now pulled out from there and are in “third tier” TX etc., what exactly happened to their previous investments in CA and the “second tier” states? And when the “third tier” heats up and they pull out is there a “fourth tier”?
Someone needs to do a wave-model of this phenomenon.
I think the possible “fourth tier” consists of places that people from blue-state America, which is where the original bubble is mostly situated, wouldn’t move to. Politics way too conservative, no professional-level jobs there, can’t get their ethnic cuisine of choice. The equity locusts are moving to the second and third tiers because those are still desirable places to live. By the time you hit the fourth tier, you’re asking yourself “what’s here for me other than the ability to buy a house?”
Look at it this way:
First tier=desirable places to live. Short commute, near your established community of friends, good schools, houses in good repair or new construction, good neighborhood.
Second tier=still in same metro area, but has some disadvantage(s): maybe a longer commute, keeping up with your community of friends requires some effort and travel, schools not as good, houses less well maintained, neighborhood not as good. In cities, when people become unable to afford First Tier, they move into Second Tier–this is how gentrification happens. If the gentrification “sticks”, Second Tier places become First Tier.
Third Tier=people decamp and move far away. They find a place that has *some* features they like of the place they’re leaving, but at lower cost. Maybe it’s jobs, maybe it’s the music scene (like in Austin), maybe it’s the convenience of urban/downtown living, maybe they have a community of friends who’ve already moved there and are telling them how great it all is. Lots of folks from Boston have apparently colonized upstate New York: similar climate, architectural styles, small-town “feel” without the high prices, still within a day’s drive of friends. Friends of mine moved to Austin a couple of years ago from the Boston area and have been exhorting me to move there. Six months ago I was considering it but saw the bubble hitting Austin based on what I saw in the RE ads. No thanks.
Fourth tier: doesn’t happen. Rather than move to a place that totally sucks, and give up their entire life and lifestyle just to afford a house, people decide to wait and continue renting.
I’ve been Texas, Austin in particular, on several occasions and found it to be a nice place. I’m not sure what the dislike is all about.
The locust thing is one thing we won’t have to worry about in Nebraska. We get the same heat as Texas (not quite as bad, upper 90s, low 100s in summer), but we get the nasty cold in winter.
There is usually a streak of a week or sometimes two in winter where it struggles to get above zero. When it gets up to 15 degrees after one of those weeks, you’re left thinking “damn, it feels warm”.
It seems that should be enough to keep most Cali people away. Between the two, I’d rather have the cold. At least you can wear more clothes to escape the effects of cold. With heat, you can run around buck naked and still not escape it. I always disliked taking a fresh shower, only to have it ruined by being outside for 5 minutes in nasty heat.
Sorry about your drought down there. We’ve been dealing with it (along with WY, ND, SD and MT) for about 5 years now. A fair amount of lawns are already turning brown, which isn’t a good sign this early.
Even though the housing market here is not insane, I still see increasing interest rates and credit tightening (whenever that will happen) being the major factor in an eventual decline, as opposed to straight up idiotic speculation being the major factor.
Nonetheless, here in Omaha, inventory has risen about 50% here year over year, with sales dropping by about 10% or so last I checked.
I don’t think the plains/midwest are going to be immune from a bubble pop, even if those areas were not unreasonable to begin with.
My husband is from Nebraska. We’ve been married 17 years and I’ve never been there. Hope to keep it that way, although he thinks it’s paradise.