April 14, 2008 (WiredPRNews.com) — According to a recent report by McKinneyNews.net, McKinney, Texas’ housing market–albeit not as strong as the economy would like it to be–is the strongest in Collin County.
The North Texas city’s population has seen a steady increase for the past five years. In fact, “McKinney’s growth in the past five years is greater than the total number of residents in 1997.” Still, the strength of a population increase does not make any reflection in that of the housing market. The number of single family permits in 2008 is the lowest its been in five years.
According to Regie Neff, Assistant City Manager for the City of McKinney, the sluggish housing market of McKinney is the same experience being found across the nation. “This is reflective of a nationwide trend on housing starts,” Neff said. “It’s a lot of inventory housing unsold [from previous years].”
Although this may sound dismal for the rapidly growing Collin County town of McKinney, other cities within the county are faring far worse. Interestingly, McKinney leads the local economic situation in population as well as the unemployment rate. “Growth is still up, especially when compared to the only other city in Collin County with more than 100,000 residents last year; more than seven percent for McKinney compared to one percent for Plano.”
This news brought to you by Joan Severson of Re/Max DFW Associates. For more information about foreclosures in the McKinney area, contact Joan at 972-588-8588 or visit http://www.joansellsdallas.com
Dallas Real Estate Reporter