HOUSTON REAL ESTATE OUTLOOK 2007:
(From an excerpted article from Houston’s Realtor / Feb.2007)
“Despite ‘doom and gloom’ media reports on the national scene, Texas’ and Houston’s real estate markets during 2006 forged ahead of 2005.  While there may be some slackening in the coming months, especially in the new housing starts, overall expect 2007 to be another robust year for residential and commercial real estate professional throughout the metropolitan area”.

“With Houston and several other Texas communities leading the way, the Texas real estate market is one of the few bright spots in the entire country.  Both the state and Houston markets are fueled by strong fundamentals.  First the state has added more than 2,000,000 people since the turn of the century, about 550,000 to whom located in the Houston MSA.  By 2010, the Houston MSA is expected to add between 300,000 and 800,000 more people to bring the total population to between 5.55 and 6.0 million.  Second, Texas’ and Houston employment growth rate more than doubles the national rate and both are likely to stay that way in 2007.  Third, Houston housing is especially affordable compared to other major metropolitan areas.  Houston’s $147,000 median home price is roughly two-thirds of the national median price of $221,000.  Companies find it much easier to attract and retain workers when families can actually afford to buy a home in the area too!”

“Despite a national downturn, Houston home sales should remain at least equal to or greater than 2006 levels.  The annual volume of Houston home sales during the current decade significantly exceeds the 1990s.  From 1990 to 1999 an average of 37,050 Houston- area homes sold per year. Since 2000, annual home sales averaged 63,448 per year, reaching an estimated 81,000 for 2006.  Attractively low mortgage interest rates coupled with sustained employment and population gains should support an equivalent or slightly greater sales volume in 2007.”

2008 OUTLOOK MORTGAGE INTEREST RATES:
Now with the latest FED .5% roll back of the discount lending rate, expect mortgages to remain low and go lower for all of 2008 – Barron’s Sept. 2007

2008 OUTLOOK / MUSEUM DISTRICT …INSIDE THE LOOP
Employment:
The Texas Medical Center has eight million square feet of new construction with an estimated increased employment demand load of an additional 50,000 new employees within the next five years! – MD Anderson, University of Texas 2007

Commuting:
Houston was selected by Forbes.com as the #1 WORST city to commute in terms of an average 1.5 hours per day and the continuing cost of higher gasoline prices and higher propensity of low mileage SUV/truck gas consumption.

The Museum District is strategically sandwiched between downtown (approx. 10 minutes) mid-town Galleria (approx. 10 minutes) and the Texas Medical Center (approx. 5 minutes) –Fobes.com, Aug. 2007