Why did Texas survive the real estate crisis?

Intersting Washington Post article credits Texas tough home equity lending restrictions as saving the Texas real estate market. Home equity lending is restricted to 80% of the market value of the home. In many parts of the country, home equity became a piggy bank with home owners extracting paper value as soon as they could. Of course, as real values plummeted , this put the borrowers underwater. In 2006, 88% percent of mortgages purchased by Freddie Mac were at least 5% higher then the balances being refinanced.

http://www.washingtonpost.com/wp-dyn/content/article/2010/04/03/AR2010040304983.html

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