It's something that needs to be more directly addressed by Washington than it has been." in Houston, "You cannot say it's just a Texas problem. Said Sandra Flanigan, vice president and bank analyst at PaineWebber Inc. If you do, the price gets close to zero," said Jay Janis, a California S&L executive and former chairman of the Federal Home Loan Bank Board, the federal agency that regulates S&Ls. "There's a dumping problem - there's all that property. Investors from around the country who poured money into the state during its go-go years in the early and mid-1980s are watching anxiously, knowing the size of their losses depends on the outcome of the debate and its effect on the Texas economy. The harder the government pushes to dispose of this inventory, the lower the prices will go and the less the original lenders will recover. The list includes hundreds of thousands of repossessed homes, condominiums, shopping centers and business complexes - no one knows the exact number because no one in government has added them up. government should sell the growing surplus of property it has inherited from debtors and from failed banks and savings and loans. What is disputed - hotly disputed - is how the U.S. No one disputes that an economic upswing is the long-term remedy, even though predictions of recovery rise and fall with oil prices. No one disputes the severity of the problem. Smilow, a vice president of the Federal National Mortgage Association - Fannie Mae - a government-chartered, privately run company that buys home loans and sells securities. "It's very serious, very severe and unlike anything I've seen in my 25 years in the housing finance industry," said Michael A. Texas homes that sold for $48 a square foot three years ago now go for $25 a square foot.
They are burdened with the biggest real estate glut since the Depression of 1929. But nowhere is the problem more acute than in Dallas, Houston, Austin, San Antonio and other Texas cities. The cycle is being played out in many other areas of the country, from Denver to Peoria to Miami. The stockpile of repossessed property here has grown so big it has created a chain reaction, fueling the recession that bred most of the vacancies in the first place. The sudden appearance of an extra 100,000 homes in three years results from record foreclosures in the wake of fallen energy prices and a Texas-size building spree that turned sour. That's the size of the task facing real estate sellers in Houston, where nearly 200,000 homes are vacant, about twice the average for most cities of comparable size. DALLAS - Imagine trying to sell all the residential property in Arlington and Alexandria - roughly 100,000 houses, apartments and condominiums - all at once during a recession.
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