Whither Texas: Boom or Bust or Both?

by Wolf Richter
Wolf Street

“The only word to describe the Dallas housing market is ‘frenzy.’”

At Houston auto dealers, new vehicle sales in June plunged 22% from a year ago, with new truck sales down 18% and new car sales down 29%, according to TexAuto Facts via Greater Houston Partnership. It’s not a blip: Year-to-date new vehicles sales dropped 19%, with trucks down 13% and cars down 27%.

Those are scary numbers for car dealers. They’re highly leveraged, and a sudden, prolonged plunge like this is causing a lot of gnashing of teeth.

Houston’s total retail sales, including auto sales, dropped 9.8% in June and 10.3% year-to-date.

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