That's largely because demand from the growing ranks of the employed pushed the supply of homes down from 4.5-month supply a year ago to only 3 month's worth by February. Texas led the nation in net job creation this decade thanks to a booming economy fueled by rising oil prices and broad based demand for goods and services in virtually all economic sectors, including manufacturing, construction, finance and services. The higher the number, the more positive the outlook. El Paso was second at 0.69, up 0.11. Unfortunately, aware an increasing number of buyers are out shopping for homes, some lenders are taking advantage of those who are not so savvy about the lending process.
Black communities have been hardest hit, the report says.
In Texas 7.8 percent of black borrowers got subprime home purchase loans, compared to only 2.3 percent for white borrowers, according to the study. The refinance market record was worse. Conversely, the study also found that some prime lenders are developing a favorable track record in minority markets, partly because of a federal law called the Community Reinvestment Act. Overall, the Texan home loan market grew significantly over the three-year study period and home purchase and refinance lending increased among all ethnic groups. However, black and Hispanic applicants remained a much smaller proportion of the total applicant pool relative to their proportion of the population.