In an article this past Sunday in the S.A. Express News a headline read, “Who’s afraid of $30 crude?” The article continued to state that Texas has a message for $30 crude doomsayers: Bring it on! A handful of shale patches in the state, which would be the world’s sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel according to Bloomberg Intelligence. “It may be harder to kill many U.S. E&P’s than analysts originally thought,” Bloomberg Intelligence analyst William Foiles said in the a report. “The wide range of break-evens undermines efforts to come up with a single threshold for U.S. shale producers. Still, with Iran entering the oil exporting business and the U.S. being allowed to export oil now, for me the just is still out concerning what and how exactly our Texas economy will be affected. There have been job layoffs, but from what I have read and understand is that those leaving the oil fields are finding their way to construction jobs in Texas. So, I report again that the Texas economy is doing wonderful in my opinion.
Nationally, weekly job aid rose 8,000 to a seasonally adjusted 285,000, the Labor department said. The four-week average increased slightly to 284,750. The number of people collecting job aid has dropped 5.5 percent in the past year.
Better news for homebuyers seeking a mortgage. Freddie Mac says the average rate on a 30-year fixed-rate mortgage slid to 3.72 percent this past week, down from 3.79 percent the week before.
February has just begun. We have Super Bowl Sunday behind us. Valentine’s Day is coming up. The San Antonio Stock Show and Rodeo is about to kickoff. Winter is in full swing. However, in Texas, you couldn’t tell that winter is in full swing. On Groundhog day, Texas Pete didn’t see his shadow (Texas Pete is our own weather forecasting rattlesnake in case you didn’t know). So, if all holds true, we should have an early Spring. Yes, it has been chili lately but, the sun keeps shining on our state. The sun keeps shining on our state’s economy and real estate market too. It is a wonderful time to buy a home in our beautiful state!
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