MIDLAND, Texas – Falling oil prices have walloped the single-family market in Midland, located the oil-rich Permian Basin of far West Texas.
Residential foreclosures are up 40 percent over the last year and the inventory of homes for sale in Midland has more than doubled from 399 homes at the end of 2014 to 885 listings today, according to ProTeck Valuation Services.
ProTeck’s national 2016 Home Value Forecast places six Texas cities in the Bottom Ten: Abilene, El Paso, Houston, Killeen, McAllen and the hardest hit of them all: Midland.
Many drilling rigs have been mothballed as oil has fallen from $107 a barrel in June 2014 to $30 today.
Midland showed a 22 percent drop in the number of homes sold in the fourth quarter to 439 sales, says the Texas Association of Realtors.