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Alex Charfen, Charfen Institute CEO, on why more people are flocking to Texas than any other state in the nation.
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Deep in the heart of Texas -- -- of an oil boom there is a real estate and found not only did the state escape the worst of the housing crisis.
People flocking to the lone star state in droves joining me now from the -- -- And -- -- urban institute now let's talk about what's happening 500000 people.
-- moving to Texas in 2011 looks like 2012 in the same thing why isn't about the State's economy that is bringing in an only homebuyers.
But new population.
You know I think we you need to look at where people go where that jobs are and Texas has been phenomenally creating jobs throughout this entire recession.
It is an incredibly business friendly state there's no state income tax I'm we're getting more more people here every single year in 2009.
My wife and I actually went look at the entire country.
We decided to move are accompanied -- Austin out of anywhere in the country could have moved.
And the rest of the world this starting to see the same thing right now I'm helping to California companies relocate to Texas just because the business climate is so phenomenal here.
You know there's no state income tax and the innocent attacks is obviously and then also we can look at home prices I know that you hear what have done many real -- transactions and other states.
That sure does not they really didn't get hit by the by the crisis like the rest of the country that -- was prices.
But -- inventories super low in the state and you well as a resident here so so -- -- saying what a huge price jump.
You know we're not seeing a huge price jump were seen appreciation here we are seeing an increase and we're seeing inventories at -- But the interesting thing to note is that Texas had guard rails up through the entire real estate run out.
You know in Texas you cannot borrow more than 80% of the fair market value of your house and you can't take out equity more than once a year.
So in states in the country like Florida Arizona -- California where you could take an equity -- every four months.
We didn't have that here and there was built in protection for homeowners so there's been stability here and I think that contributes to today.
People wanting to move to a very healthy market and we are seeing prices come up.
But they're not sky rocketing up there they're moving up and.
Healthy manner I'm wondering what's gonna happen anyway with regards to price as you mentioned the companies were taking a look at some of the top -- in the top ten healthiest cities 2013 for real estate.
Houston is a mayor San Antonio Austin Fort Worth -- of the Dallas Fort Worth area kind of a combination there I mean what we're saying here's these big companies.
That are in Texas and you know the names its Dallas southwest American ConocoPhillips ExxonMobil light I can go on -- not.
I mean these are companies that are expanding in and doing fairly well.
I'm wondering if there's going to be a big build in home building and this state up because of the need for housing.
We're already starting to see -- you know there is.
There's more groundbreaking is going on every day more homebuilders coming here more investment dollars coming here -- you mentioned -- companies that people know what.
What people don't know about as the -- -- have moved divisions or departments or entire groups here like apple FaceBook Amazon.
We have companies from around the country relocating here and putting big installations here because it's -- business -- say yes we are starting to see real estate really take off as far as -- -- Both single family multifamily and -- communities and commercial.
Does any good Governor Perry who's running commercials in California to get California's businesses and people to move to the stated -- he does not give up.
Average price of -- -- single Telecom 92000.
500 nine dollars in the great state of Texas and -- a -- Alex thank you very much for being here present.
Think trap me -- little while it's -- Texas to.
