Texas, Housing and Mortgages

"Don't mess with Texas" is one popular bumper sticker I used to see, but not so much anymore. But one thing is for certain: Texas has one of the best housing and mortgage markets in the nation. Why? One word: oil. The price of crude has been booming the past few years (remember $4 a gallon gas?) and the Lone Star State is a major energy center. Housing is healthy because the jobs picture in Texas is good. But there is something else afoot here. Home prices in Texas never boomed during the 'Go-go' years, which means they never busted. You can thank – in part – tight second lien restrictions in the state. Meanwhile, look at the numbers: California ranked first in terms of home loan fundings last year with $325 billion. Texas was second with $82 billion. The figures are courtesy of MortgageStats.com, an affiliate of National Mortgage News…