It’s not always easy to tell how national real estate news pertains to Texans. That’s why we’re providing links to articles from other sources, along with comments to help you put them in perspective.

Real estate a key economic driver in Texas
Report cites real estate as third most important industry to Texas economic strength
According to the latest data from the U.S. Bureau of Economic Analysis and the Real Estate Center at Texas A&M University, real estate is among the top three most important private industries in Texas (Report: Real estate is Texas’ 3rd most important private industry by Steve Brown - Dallas Morning News). Accounting for 7.8% of the Texas total gross domestic product in 2006, real estate ranked behind only manufacturing (13.4% ) and mining & energy (9.8%). Analysts also noted that more than 10 local jobs are created for every $1 million of real estate revenue. Read the full report.

State of the Texas economy
Gov. Perry discusses Texas economy, including impact of real estate
In a recent interview with the Dallas Business Journal, Texas Governor Rick Perry cited the strict home equity laws in Texas as a key reason the state is weathering the current economic storm relatively well (“Governor discusses Tex. Economy” by W. Scott Bailey – Oct. 27). Many, including Perry, believe home equity laws are one reason Texas has one of the lowest mortgage default rates among the 10 most populous states in the country.

Good news for Texas real estate
Reports continue to cite strength of Texas real estate market
Following the emergence of several reports highlighting Texas, one thing has become clear: real estate is alive and well in the Lone Star State. Texas has been identified as a bright spot among the national market by many sources. Most recently, Forbes Magazine named Austin and San Antonio the top two cities in the nation for the “Best Bang for the Buck” with Houston (#4) and Dallas (#7) trailing closely (“Best and Worst Bang for the Buck Cities” by Abha Bahattarai – Oct. 10). In addition, NBC’s Today Show cited two other Texas cities as the best places to invest in real estate, including Amarillo (#2) and Corpus Christi (#4).

Six states account for 60% of all U.S. foreclosures in third quarter
More than one-quarter of foreclosure activity took place in California
California, Florida, Arizona, and Nevada continue to post the highest foreclosure rates in the nation, with Michigan and Georgia also listed near the top of this undesirable list (Foreclosure Activity Decreases 12 Percent in September by RealtyTrac - Oct. 23). Texas is in the 24th spot, with foreclosures in September down 15% over the previous month and 37% lower than the same period last year. While there have been some spots in Texas with increased foreclosure rates as well as cities with slowing real estate sales, real estate markets in our state continue to compare well to many others in the nation.

Abbott reaches agreement with Bank of America, helps Texas homeowners
Settlement resolves issues in eight states
Oct. 6, 2008 - Texas Attorney General Greg Abbott and six other state attorneys general reached a nearly $8 billion agreement with Countrywide Financial Corporation after an investigation into the lending giant's practices.

“Today’s agreement will help keep struggling homeowners out of foreclosure and in their homes,” Attorney General Abbott said. “Under the loan modification program negotiated by the states, Texas families can benefit from frozen or reduced interest rates, loan term extensions and conversions to fixed rate mortgages. As a result, this agreement not only assists homeowners, but also helps shore up communities and markets that have been affected by the residential mortgage lending crisis.”

View the entire press release and watch a video from the Office of the Attorney General.