While there are some areas of Dallas hit hard by foreclosures, where home buyers got in over their heads through creative financing and over valuation of home values, the majority of Dallas and its surrounding communities have managed to fare well over the past year.

Growth Continues is Housing and Jobs

One thing to keep in mind as we watch the rest of the nation struggle with a slumping housing market, skyrocketing foreclosures, and plummeting home values, it that while we are given a broad view of the national outlook, we must consider the individual circumstances of our own communities. Despite the doom and gloom forecasting, there are pockets of prosperity in communities around the country.

Here in the Dallas area, the economy continues to show signs of growth. Jobs are expected to continue to attract new residents to North Dallas, at a projected rate of 6.4 million people over the next 20 years. With new jobs and new residents comes an increased need for housing.

The market has also remained strong in North Dallas, with 2007 posting one of the best years ever for home sales at around $17.7 billion. Home prices in this area also were strong, showing 18 percent growth between 2006 and 2007. Despite a slowdown in activity, they are still expected to grow another 6.4 percent by the end of 2009.

Now is a Great Time to Buy or Refi

If you are looking to invest in property for profit, right now is probably not a good time to buy into housing. Unless you are a professional investor who is well versed in foreclosure acquisitions, you are not going to realize the spectacular gains that were seen in previous years. Also, banks are requiring excellent credit and substantial down payments to finance homes.

If you can meet the stringent credit requirements, right now may be a very opportune time to shop for a home, or to refinance an existing mortgage. Rates are being slashed almost daily, and consumers will begin to experience the benefits of prime rates that are at their lowest since 2004. For the home buyer who is looking for long-term growth and stability, right now may be a perfect time to buy.

The Foreclosure Myth

There is much in the news about the rising rate of home foreclosures, and an abundance of infomercials telling you how you can make millions profiting from them. Keep in mind that anyone making a killing in the foreclosure market is well versed on the ins and outs of investing in these properties. They are not amateurs. They also have the cash reserves needed not only to broker a financially beneficial deal for themselves, but to invest in rehabbing the property to make it sellable.

Unfortunately, many bitter homeowners who have had to walk away do so only after inflicting tremendous damage to the property. When you buy into a foreclosure, you take on the property as-is, with no guarantees or warranties. You are responsible for any and all repairs the home requires, which in some cases can require significant amounts of time and money.

Also, many homes have been so heavily leveraged that the amounts owed on them sometimes exceed the property