You may have seen the recent A-J article that talked about Lubbock, TX being ranked #11 on the list of cities that had the best bet to weather the recession. Yes, Lubbock is somewhat insulated for several reasons. We are a big college town...Texas Tech, Lubbock Christian, Wayland Baptist, South Plains. We have a strong farm community, medical community and banking industry. Bankers have been conservative! Our home prices were not artificially inflated. Our growth has been steady and sure. People can say all they want about the dirt and wind. They can make fun of it all they want, but Lubbock continues to come up on national list of all kinds for top places to live, top real estate markets, top sports towns, Christian universities, churches,you name it. We are fortunate to live in a place that is not entirely insulated from economic woes, but it sure does have a lot going for it!
No, real estate is not terrible everywhere in the USA. Let's keep Lubbock strong!
Local News
101708 LOCAL NEWS 1 A-J BUSINESS EDITOR Is the country in or headed for a deep recession?
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Lubbock on list of top cities to weather recession By Chris Van Wagenen | A-J BUSINESS EDITOR Friday, October 17, 2008 Is the country in or headed for a deep recession? If so, be happy you're living in Lubbock. <script type="text/javascript"></script>
A report published by Business Week ranked the Hub City among the 20 safest places to live in the U.S. during a major downturn where vast portions of the population are employed by government, health care, education, agriculture and legal services. "I think it's totally logical and accurate," said Gary Lawrence, CEO for the Lubbock Economic Development Alliance who examined the report and wasn't at all surprised by its findings. Business Week compiled the data with the help of PolicyMap.com, which made use of extensive demographic information in determining which cities would stand up best over the course of a recession. Of the 20 Metropolitan Statistical Areas selected, Lubbock ranked 11th based on what the authors described as "layers of protection" involving health care and education sectors as well as its locale inside an energy-producing center. Corpus Christi was the only other Texas city ranked in the report. Amarillo economist Karr Ingham, who publishes the monthly Lubbock Economic Index on behalf of Lubbock National Bank/LEDA, said the report's premise has some roots. "I've always wondered how Lubbock shows up in these reports," he said, alluding to another report two weeks ago by bond rating company Moodys, which also cast Lubbock in a good light. "Lubbock always seems to come out on the favorable end of these analyses," said Ingham, who has followed the area's economy for a dozen years. "One thing we know about the Lubbock economy is when it's put to the test, it just dusts itself off and continues to grow at modest, but steady pace," he said. He said that's been the case during cycles of drought and energy busts. Scott Hein, Texas Tech's Robert C. Brown chairman in finance and director of Tech's School of Banking, cited a strong community bank system as one more factor in Lubbock's favor. "Lubbock is blessed. Yes, we do have education, health care and retail, which serve the surrounding communities, but I think one of our bigger strengths is our banks," he said. He said unlike other cities, Lubbock's conservative community banking system still has money to lend, unlike other larger free-lending institutions that are now caught in a much publicized national credit crunch. Greg Garrett, president of the Lubbock Association of Realtors, said he believes the Hub City would stand up in the face of recession. "We're not recession proof, but I think we would hold up much better then some other cities out there when you look at what we have, including a stable real estate market which we didn't artificially inflate," he said. College towns tended to dominate the Business Week/PolicyMap rankings, with the authors noting that while they don't necessary flourish during down times, "They don't go out of business either." Lawrence said the presence of Texas Tech, Lubbock Christian University, Wayland Baptist and South Plains College also supports the study's findings on education. "I think that (assumption) is correct and plays out that way. Now it's been documented by a major periodical," Lawrence said. |
Our local media finally gave our real estate business a positive plug on the 10:00p.m. news. I want to encourage anyone and everyone to thank our local news channel for breaking the story about the LUBBOCK,TX REAL ESTATE MARKET. IT WAS RANKED #2 BY VEROS REAL ESTATE SOLUTIONS, A NATIONAL COMPANY OUT OF CALIFORNIA, FOR THE STRONGEST REAL ESTATE MARKETS ACROSS THE COUNTRY FOR THE NEXT 12 MONTHS!
The top 5 strongest markets are:
1. Peoria, Il
2. Lubbock, TX
3. Springfield, Il
4. Amarillo, TX
5. Tulsa, Ok
Let's all strive to keep consumer confidence high in Lubbock by following conservative lending practices, honest buying and selling and consulting a local REALTOR of choice from the LUBBOCK ASSOCIATION OF REALTORS!
I was greatly pleased to see on our local channel 11, KCBD news last night the latest real estate report from the California based Veros Real Estate Solutions. They are a leader in enterprise risk management and collateral valuation services. They announced the top 5 strongest real estate markets for the next 12 months.
Guess what?....LUBBOCK,TEXAS ranked #2 in the entire nation!!!!
The five strongest markets are as follows;
1. Peoria, Il
2. Lubbock,TX
3. Springfield, Il
4. Amarillo, TX
5. Tulsa, OK
The worst market was Las Vegas,NV....don't gamble your future....come find your dream home in west Texas!
2008 General Election Endorsed Candidates.
Statewide candidates endorsed by TREPAC/Texas Association of REALTORS
John Cornyn - R
U.S. Senate
Michael Williams - R
Railroad Commissioner
Wallace Jefferson - R
Chief Justice, Texas Supreme Court
Dale Wainwright - R
Justice, Texas Supreme Court, Place 7
Phil Johnson - R
Justice, Texas Supreme Court, Place 8
Let your 90,000 REALTOR voices be heard by voting for candidates who support free enterprise and private-property rights. We don't want our commissions taxed or real estate transfer taxes. We need candidates who will support the right views on the appraisal process, eminent-domain, mortgage fraud, insurance,etc.
Information borrowed from TEXAS REALTOR Magazine.
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