No one can deny that Houston’s been hit hard by the oil crisis. Harder, in fact, than the disastrous crash of the late 80’s. That crash saw oil prices drop from $35 per barrel ($101 in today’s terms, adjusted for inflation) to under $10 ($22 in today’s dollar).
According to NASDAQ, oil sat at around $30 a barrel as of February 2016. In June 2014, a barrel cost nearly $114—a significantly greater drop than the crisis that brought Houston to a standstill 30 years ago.
Naturally, people are worried. The energy sector has been hit hard, and we don’t want to downplay the crisis, particularly for those experiencing layoffs or having to close their doors. But for our purposes, we look at how the oil industry is hitting the Houston real estate market.
While it can be really easy to listen to doomsaying, there are a few things we have to remember to keep things in perspective.