Ted Jones, VP and National Chief Economist for Stewart Title, spoke to the South Padre Island Realtors and other members of SPI Board of Realtors on Wed., August 22nd. He reported that our sales have increased but our inventory of properties is still high. Our prices are still inflated for our listings for the most part was his comment.
He was very concerned about the national debt and the direction our country is going to solve this problem. Jobs are still a big issue too.
Other real estate markets, especially the Rio Grande Valley and Houston are doing great selling their inventories of homes and stabilizing the values of their properties. He blames our slower reduction of inventory on our high listing prices.
We feel honored to have had Ted Jones speak to our group. He is an amazing economist. If you have any questions, please feel free to call Alta or Gayle.