Lone Star Survivor
Why did Texas, remarkably, escape the worst of the burst of the real estate bubble? The state has had a comparatively low mortgage default rate through the recession, and Alyssa Katz looks at the broader secret to the state’s success, and what Washington might learn from it.
Why did Texas, remarkably, escape the worst of the burst of the real estate bubble? The state has had a comparatively low mortgage default rate through the recession, and Alyssa Katz writes that the broader secret to the state’s success may be that it limits “cash-out” refinancing and home-equity lending. Even though not everyone loves the state’s borrowing rules, maybe Washington can learn from Texas’s example.
