Monday, June 27, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Preview the Paper Preview the Paper

Preview this week's Paper
A limited number of pages are displayed in this preview.
Preview this Week’s Issue ›
Subscribe Today ›

Lost & Found

Found: Husky on Hwy. 181 in Floresville near Whataburger. Call 210-997-6010.

VideoLost: Yellow Maine Coon named Felix, missing since May 22 from F.M. 536, Floresville. Call if found, 210-365-6305.
*Includes FREE photo online! mywcn.com/lostandfound
More Lost & Found ads ›

Help Wanted

Although we make every effort to spot suspicious ads before they run, one may occasionally get into print. If that happens, we ask the consumer to call us ASAP so that we can take corrective action.
Diesel Mechanics Needed Coastal Plains Trucking is currently hiring for Diesel Mechanics to work in the following locations: Stockdale, TX – Charlotte, TX – Jal, NM (housing provided at this location only) These positions are full time and offers medical, dental, vision, STD, Life, 401k benefits and bi-weekly pay. Mechanic Responsibilities: Vehicle Maintenance and Repair on Transport and Bobtail Tanker trucks. Qualifications: Must have own tools Certification in Brakes is a plus Experience preferred working on Diesel trucks. Prefer experience working on Kenworth and Peterbilt trucks and PACCAR, Cummins and engines. Experience changing tires and performing all PM work. Detail oriented, organized, takes pride in work and is safety minded. Compensation - Depending on experience – hourly pay with overtime. CDL NOT REQUIRED To apply: Log in to www.coastalplainsllc.com to complete an application Or contact Human Resources at 830-996-3002.
More Help Wanted ads ›

Featured Videos





Video Vault ›

Commentaries


The Economist: The American Dream?




E-Mail this Story to a Friend
Print this Story

Disclaimer:
The author of this entry is responsible for this content, which is not edited by the Wilson County News or wilsoncountynews.com.
Dr. M. Ray Perryman
November 16, 2012 | 1,544 views | Post a comment

Although the economy has been in a recovery phase for a while now, the national housing market is only recently showing signs of new life. Texas was spared the worst of the downturn, with a smaller price bubble and oversupply and, thus, a faster return to “normal.” In some areas of the United States, however, there is still a long way to go to reach a healthy state in the residential real estate market (and prior peaks may not be surpassed for decades, if ever).

When the housing downturn began, home ownership had reached almost 70% nationwide. After World War II, lower-priced developments and higher income levels led to increasing home ownership. In addition, the size of houses expanded. In 1973, the average single-family home was 1,525 square feet, compared to 2,248 square feet in 2006.

The total market value of all US homes more than doubled between 1999 and the peak in 2006/2007, with prices for individual homes up an average of about 50%. The jump in value was uneven, with the east and west coasts generally rising more than the center of the nation. For some metropolitan areas, prices more than doubled.

In Texas, prices rose by far less (closer to 25% in Houston, for example). We may have lamented that fact in the early 2000s as we watched the huge profits some lucky sellers were realizing in “hot” markets such as Las Vegas, but our lack of a big run-up in prices protected us from much of the damaging fallout when the bubble burst. Texas markets have almost recovered lost ground and are likely to continue to improve as the state economy and population grow.

The alternative to owning a home is, of course, renting. The US Bureau of Labor Statistics (BLS) recently looked at how spending by homeowners and renters has changed over the past 25 years. Using data from the Consumer Expenditure Survey, the BLS found that both owners and renters spent more for housing (adjusted for inflation) in 2010 than they did in 1986, up 11% for owners to $18,503 and up 16% for renters to $12,843.

However, overall total spending for both groups was essentially unchanged. In addition to housing, several other categories of spending also rose. The largest percent change was in healthcare and its subcategory health insurance (up 145% over the period for homeowners and 124% for renters), with gasoline, entertainment, and personal insurance and pensions also up for homeowners (though renters actually spent 6% less for entertainment). To offset these higher costs, consumers reduced spending for apparel and apparel services, food (particularly the subcategory food away from home), and transportation (though not the gasoline component).

No one would argue that the housing crisis is a proper or desirable way to improve affordability, though that will inevitably be one outcome, particularly once the job market improves. The changing patterns in consumer spending illustrate the increasing importance Americans have placed in their housing compared to cars, clothes, and eating out.

There is some empirical evidence (such as a study by economists at the Boston branch of the Federal Reserve Bank) that only those who suffered from the housing crisis directly or through someone close to them are likely to change their behavior based on it. For people who have merely seen the news stories and statistics, the decision of home ownership is far less likely to be affected. Age is also a factor, with younger people less confident that buying a house is a good idea than older individuals who may be more apt to see the recent pattern as an aberration in an otherwise known trend.

A survey supported by a major real estate firm (Coldwell Banker) concluded that Americans now have more respect for home ownership, and pointed out that a home is far more than a financial decision, but an emotion-laden aspect of happiness that isn’t easily measured by dollars.

Over the past several years, the housing market saga has been played out in the media with stories of displaced families, foreclosures, and bankruptcies. Against this backdrop of bad news, the natural question has arisen regarding whether home ownership is still “the American Dream.” The answer is as much psychological as it is economic.

Dr. M. Ray Perryman is President and Chief Executive Officer of The Perryman Group (www.perrymangroup.com <http://www.perrymangroup.com> ). He also serves as Institute Distinguished Professor of Economic Theory and Method at the International Institute for Advanced Studies.
 
‹ Previous Blog Entry
 

Your Opinions and Comments


Be the first to comment on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Commentaries Archives


Commentaries
Commentaries page govtrack.us
Commentaries who represents me?
Voncille Bielefeld homeAllstate & McBride RealtyHeavenly Touch homeTriple R DC Experts

  Copyright © 2007-2016 Wilson County News. All rights reserved. Web development by Drewa Designs.