by M. Anthony Carr
Home prices are up 16 percent over last year at this time. The average time on the market is less than a month and homes are scarce, forcing workers to seek out trailer park rentals. Sound familiar?
A time of the hot real estate market of 2005? Think again. Midland and Odessa, Texas, are two towns which host one of the hottest economies in the country.
Thousands of new oil jobs have poured into the area in the last couple of years, creating a boom in both the economy and the housing market, according to a report from the Associated Press.
"So far, the boom has brought in hundreds of millions dollars to the region and more than 26,000 new jobs," according to AP. "In Midland and Odessa, the backbone of the region, the unemployment rates are the lowest in Texas, at just over 3.1 and 3.7 percent for July. That compares to 4.7 percent statewide and a U.S. average of 5.7 percent."
The area is not new to booming economies. In the 1980's new millionaires made their fortunes in the oil basin, where 20 percent of domestic oil is produced.
There's one home on the market that should draw some attention. The Wall Street Journal reports that the former home of George W. and Laura Bush in Midland is now on the market. The asking price is $239,900 for the 3 bedroom, 2 bath ranch.
Published: October 3, 2008
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Mr. Carr has covered real estate since 1989. He is the author of