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Edited on Thu Aug-20-09 10:13 PM by TexasObserver
And as you note, this one is going down because it is tied heavily to California real estate debt.
I have copied for quoting the following, because it speaks definitively to how much worse for Texas the recession of 20 years ago was. For Texas, the collapse 20 years ago was far, far worse than this recession.
Between 1980 and 1994, 599 Texas banking institutions failed. In 1989 alone, 223 Texas banks or thrifts were closed -- an average of four a week.
"We in Texas should have fewer problems than other states this time around, and of course it's nothing compared to the 1980s," said Dick Evans, CEO of Cullen/Frost Bankers (CFI), the San Antonio-based parent of Frost Bank, a $15 billion institution that acquired some failed banks during that period.
While Texas bore the brunt of the savings and loan crisis, it has escaped the worst of the current financial meltdown, in part because its housing market never got as bubbly as those in California and Florida.
The state ranks right in the middle of the pack in terms of foreclosures, with the 26th highest foreclosure rate in the nation, according to RealtyTrac.com. The top five are the housing bubble states of Nevada, California, Arizona, Florida and Utah. What's more, the Federal Housing Finance Agency said this spring that Texas house prices dropped only 0.6% over the past year.
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