national association of realtors

The New York Times is reporting that 23,000 condo buildings are likely to lose FHA lending approval, making it very difficult for condo buyers or owners to receive financing for new units.

The commercial real estate market in the Phoenix-area is suffering. The National Association of Realtors predicts 26 percent of all the office space in the region will go empty in the third quarter.

That's the worst vacancy rate in the country, and its 10 percent higher than the national average.

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Outside of Austin, the health of the U.S. condo market continues to deteriorate. It's well known that many formerly hot condo markets have come upon tough times.

In markets such as Fort Lauderdale and Miami where flippers would by and sell units many times before projects were completed, the meltdown has caused investors to flee, leaving the remaining owner-occupants with an oversupply of units and very few buyers.

In the midst of a rough week in the mortgage industry, it is worth taking a break from the doom and gloom to report that the Austin housing market has been relatively strong over the last year even as prices have decreased in other markets.

Whatever does happen in the national economy, the strength of the Austin housing market means that we will fare better than most areas of the country where the housing market is much more tenuous.

According to the Austin Business Journal: