Austin #1 on Another Forbes List

Forbes.com is speaking highly of Austin once again. Our city just ranked #1 on their “Best Cities for Recession Recovery” list posted on June 10, 2009. Forbes gives credit to our relatively low unemployment rate and diverse economy that includes the University of Texas, Texas government, and high-tech employers like Dell.

Other good news more specific to the real estate market is that nationwide pending home sales are up for the third month in a row. The National Association of Realtors® says “buyers are responding to very favorable market conditions.” These conditions include more affordable home prices, record low interest rates, and the rush for first-time home buyers to purchase homes before November 30th in order to benefit from the up to $8000 tax credit.

Sources: Forbes.com The Best and Worst Cities for Recession Recovery and NAR’s Pending Home Sales Up for Three Months in a Row