Texas housing market on the rebound according to economist

According to Mark Dotzour, who is the director of Texas A&M University's Real Estate Center, it looks as if the state of Texas may have reached the bottom of its housing market a few months back. As such, he is ready to proclaim the inventory of homes through Texas - both unsold new homes and existing homes - are in a promising position.

“I feel now is the time to buy a house in most Texas cities,” said Dotzour through RECON, which is the center’s online newsletter “Housing affordability has never been higher, and I never thought I would see 5 percent mortgages in my lifetime. If you plan to live in the house for at least two or three years, now is the time to buy.”

Dotzour isn't the only one who sees a positive upswing in the economy's future. In fact, many economists are saying that now is the time to buy a house or to start building one. Not only are construction costs cheap, but so are mortgages and there are plenty of contractors available right now to do the work. According to Dotzour, mortgage rates are likely to remain low so long as the federal government continues to purchase the majority of residential mortgages.

At the same time, there is a possibility that the housing recovery will be stalled or otherwise adversely affected by other initiatives currently receiving attention in Washington, including taxation, health care, writing of legal and accounting standards and cap and trade.