Housing Industry Faces Reality of Oil Prices

With the slump in oil prices the value of houses in Texas and North Dakota is slumping. The real estate market across North Dakota and in Texas cities, Midland, Odessa, El Paso, and recently Houston is sharply down in 2015. The housing bubble that followed workers to the shale plays has burst, as layoffs due to low oil prices continue. The “oil-related housing booms and busts” is not new to Texas, and particularly impacts West Texas. Home sales in Odessa, TX fell 10.6% through October, 8% in Midland and 8.8% in El Paso. Real Estates sales in Houston are also down, but the city is protected by a more diverse economy.