Those of you who subscribe to the Houston Chronicle were met with an eye-opening front page article about the Houston real estate market, "Home Sales, Prices Drop Sharply Here:  Realtors say national uncertainty starting to weigh heavier on area."  The article proceeds to elaborate on the 31.7% drop in same-year sales for November. 

A bright light in all of this is the historically low interest rates available.  Well's Fargo was recently promoting a 30-year fixed rate of 4.875% on loans up to $625,000.

Another development is that we are seeing foreclosures and short sales in all of Houston's neighborhoods and at all levels, including luxury homes.   

The news for sellers is that homes are taking a little longer to sell, but Houston is still outperforming other cities nationally, and the low interest rates should help keep our market in balance.  The news for buyers and investors is that there are some incredible opportunities in terms of financing and value-priced properties available.