There is a lot to be said for small communities; they bond in times of hardship and they pull together to overcome challenges, and they help each other out. However, this all sounds very neighbourly and friendly but when the problem is a very big one, such as a global economic downturn and national housing crisis – the problems can overwhelm a small community.
In the case of Houston County, they have had their fair share of drama as a result of the current crisis and it is touching many of the communities across this small county. Unemployment figures are creeping upwards and the number of foreclosures is similar to the surrounding counties in North Texas, rising.
The most recent high profile victim of the foreclosure crisis was the Executive Inn at Evansville, which has been taken over by the Mutual Bank (Mutual Hospitality Management Company). The Company operates twelve branches, with one of them in Houston County. The company has been involved in extensive negotiations with both city and county officials and have reassured them that they wish to continue operating the venue. Currently the Executive Inn is the premier hotel in the area for leisure, business and conventions.
Importantly for the local people, the new owners have pledged to retain all 127 employees at the hotel complex. At a time when there is such a close link between unemployment and home foreclosure, this will come as a huge relief to all concerned.
Unemployment trends across the county have made for disturbing reading as they continue to rise, currently sat at around 7.5 percent, this is way too high to be sustainable. In such a small county, either more people will be made homeless, or more people will have to travel further to find work, neither of which is what the local population wants. Maintenance of the community spirit and the ability to continue to work and support their families is all that the people of Houston County really want.
Despite the recent announcements of hundreds of billions of dollars being granted by the federal government to kick start the economy and the talk of Neighbourhood Stabilization Programs; the folk in Houston County are under no illusions, they will be left to fend for themselves whilst the aid is directed towards the worst hit areas such as California and Nevada. With so few actual physical foreclosures, the numbers are too small to attract attention, but for the communities that area affected, the impact is felt on a daily basis a property prices continue to fall, and the ability to get credit is reduced.
