"“Houston-area home sales fell 4 percent last year, but 2007 stillmarked the
second-best year on record after sales peaked in 2006. The largest piece of
the market, homes priced between $80,000 and $150,000,were the hardest hit last
year, falling 11.6 percent."
As to land prices, we have just barely begun a housing slump that many say
could last ten to twenty years. People (you know some) are in denial. Most of
the ASKING price for land around here is not much different than it was at the
fevered peak in '05, but nobody is buying any of it.
Bubble mentatity goes on for a while after bubbles burst.
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