Houston home prices fall for first time in 14 yearsI like how Vicki and David are sitting in a park a mile west of downtown along Buffalo Bayou, and when they change the camera angle Vicki is instantly transported to Tranquility Park.
Housing values in nearly two-thirds of more than 2,000 Houston-area neighborhoods declined or stood still last year, according to an annual home price analysis commissioned by the Houston Chronicle.
Overall, the median price per square foot of a single-family home fell 2 percent in 2008 to $72.71, marking the first time it has dropped into negative territory in 14 years.
It's fun watching people who are totally oblivious to the fact that they have no clue. No bubble? Any high-rise condo or inner loop crapshack is bubbleized. Slap a trendy tin roof on it and add some granite countertops, that doesn't change the fact that many of these inner loop houses sold for 70, 80% less during the early 1990s. It wasn't so long ago that Washington Ave. was Ft. Apache. Gentrification will be a short-term phenomenon.