Wednesday, November 28, 2007

Subprime fallout continues to move beyond the coasts

The Dallas/Fort Worth Metroplex will lose $4 billion in housing value in 2008, trailing only Los Angeles and New York City and ahead of Chicago.

Especially given that new house costs in Dallas are much lower than on either coast and a fair amount less than in Chicago, this is big news. (On a percentage basis, Dallas’ projected 0.8 percent drop is one-third more than Chicago’s projected 0.6 percent drop.)

Plus, Odessa is on the top-20 cities in proportional value of losses, at a pegged 1.2 percent drop.

Other Texas metro areas projected to take a hit are Laredo at 0.9 percent drop; Killeen-Fort Hood at 0.8 percent; Houston, Midland and Abilene, with a 0.7 percent loss; Austin, Bryan-College Station, San Angelo and Tyler, at 0.6 percent off; El Paso, Amarillo and Corpus Christi, at 0.5 percent off; Brownsville, at 0.4 percent drop; Lubbock, Beaumont-Port Arthur and Waco at 0.3 percent.

And, it’s hitting other noncoastal areas besides Dallas. Follow the link to read about places like Ogden, Utah and Albuquerque, N.M.’s ranking, too.