Property Tax Expert, Trey Rome, About Texas’ Economy and Housing Market

DALLAS, Jan. 17, 2023 /PRNewswire/ — Trey Rome is president of the Texas Property Tax Lienholders Association (TPTLA) and involved in the 2023 Texas Legislative Session. Rome is founder and CEO of Home Tax Solutions, the largest property loan originator in Texas. Last year he won the “Outstanding Young Alumni Award” from Dallas’ SMU Cox School of Business. Below are his opinions about Housing and the Texas Economy.

Texas’ Economy

When you look at the past ten years in Texas, we have had a bull market fueled with record-low interest rates. Pandemic-era policies of debt forbearance, PPP loans, and dropping payments on mortgages, student loans, and rent allowed households to become flush with money, leading to record lows in delinquency rates, foreclosures, and bankruptcies. Credit scores improved; asset prices boomed. With all that spending, we are experiencing rapid inflation caused by billions of dollars printed and dumped into circulation. We are now paying the price with inflation (mostly impacting purchasing power of the low-income segment) and are on the quest to reduce record inflation sending prices soaring. The party is over, stimulus and relief programs have ended; now we are dealing with the financial hangover. The Fed shows no signals of slowing future interest rate hikes, the market shows signs that we may be on the precipice of a recession. Savings rates are on the way down and we are starting to see credit defaults from highly leveraged people/companies needing help to maintain the double whammy of increased interest rates and lower revenues/income. Credit card spending and debt are climbing, buying power continues to decrease (especially for low-income earners), and property tax bills substantially increased due to the upsurge in appraised market values (15%-20%) across Texas. In Dallas County, property taxes are up ~ 15% county-wide. Sadly, I believe more Texas property owners will appear on delinquent property tax rolls because of these economic indicators.

Texas’ Housing Market

Housing prices and interest rates are high; mortgage rates are approaching 7%. This raises monthly payments which have priced out many buyers who would have easily qualified for the same house last year. It also has started to cool the country’s historically hot housing market. However, a unique aspect of the Texas housing market is an enormous amount of people relocating to central Texas, which should keep demand high and supply somewhat tight.

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Property Tax Expert, Trey Rome, About Texas’ Economy and Housing Market


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SOURCE Home Tax Solutions

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