Houston home prices fall for the first time in 14 years.

The Houston Chronicle ^ | 4 April 2009 | Nancy Sarnoff

[MeneMeneTekelUpharsin]

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. ....

[MeneMeneTekelUpharsin]

Trying to make Obama look bad with this story. Folks around here say this economic situation is NOT going to affect us. Seems like a lot of gloom and doom stories to me.

[blam]

"Folks around here say this economic situation is NOT going to affect us."

They're saying the same thing here too...I'm in Mobile.

[Does so]

Corresponds with Katrina?

[PAR35]

For a long time, I’ve considered $70 a foot a fair price for a house - a little more for a larger lot or special amenities. $72.71 is probably ok over the long run if you like the house.

[anymouse]

More like hurricane Ike. Ike trashed a lot of Houston area houses. Ripping off parts of roofs, downing trees, plus some flooding. Not as bad as Galveston, but any on-the-ball homeowner would be requesting the reassessment of their property value to mitigate a rise in their property taxes.