REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Texas nearing bottom of recession

According to the August 2009 Regional Economic Update posted on the Federal Reserve Bank of Dallas’ website, “recent data and anecdotal reports indicate the Texas economy is flattening at subdued levels, with some hope of improvement toward the end of the year.”  

The report, authored by D’Ann Petersen and Jackson Thies, pointed to evidence of stabilization in the Texas economy including  the slowed pace of  the state’s job losses after rapid declines in the first half of the year.  Texas is expected to see total employment decline by 2.8% in 2009, an improvement compared to the earlier projected drop of 3.5%. 

The Texas housing market showed continued signs of improvement.  The median sale price of homes showed an increase for the third straight month rising 1.1% in June.   Commercial real estate markets, on the other hand, “remain weak, buffeted by both the decline in economic activity and reduced financial activity.  Vacancy rates continued to rise, affecting a broad swath of property types and metro areas.  Transactions involving commercial properties remain subdued, with the expectation of some increase through the end of the year,” the report said. 

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