Oil downturn causes Midland housing market slide

​​​MIDLAND – The single-family housing market in this West Texas city has been hit hard by falling oil prices.

Foreclosures are up 40 percent over the last year, and the inventory has more than doubled from 399 homes at the end of 2014 to 885 listings now, according to ProTeck Valuation Services.

ProTeck’s national 2016 Home Value Forecast put six Texas cities in the bottom ten: Abilene, El Paso, Houston, Killeen, McAllen, and Midland.

The Texas Association of Realtors reported that Midland home sales were down 22 percent in fourth quarter 2015 to 439 sales.​