Forbes Magazine Article Names Austin, Texas #3 on its "recession proof cities" list

Once again, Austin, Texas has made national news. Forbes.com has named Austin #3 on its new list of "Recession Proof" cities. The top two cities were Oklahoma City and San Antonio, TX.

The top 50 largest metro areas were ranked on a scale using three major factors, namely:

1. Unemployment rate - Which areas added the most jobs over the past year?
2. Real estate prices - Which areas posted the largest annual gains in median home price over the past year?
3. Gross metropolitan product growth - How would rising foreclosures and falling home prices affect overall levels of productivity in the local economy?

Among the statistics cited were the following:

• Austin's low unemployment rate of 3.6%
• The median home price in Austin remains under $200,000, and it rose over 6% this past year
• Texas cities are much easier to afford for a large percentage of the population, since there is still a lot of open land.

For the full list, along with the entire text of the article, visit:

http://www.forbes.com/2008/04/29/cities-recession-places-forbeslife-cx_jz_0429realestate.html

If you have any questions about Austin, please give me a call anytime at 512-796-7653 or email jason@austintexashomes.com.

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