PMI's 2008 4th quarter Market Risk Index estimates the future of Texas housing over the next two years by calculating the risk of home price depreciation.
The DFW Metroplex has the lowest risk, best buy value in the state for purchasing homes, with an estimated home value depreciation risk of just 2.5 percent over the next two years.
In a bad economy, Collin County chief appraiser, Bo Daffin, believes slower, gradual, growth has kept Texas home values consistent.
"The base is more stable than other parts of the country that may have rocketed up and now have come down very hard," said Daffin.
There's certainly potential for crash in other Texas housing markets.
The Austin-Round Rock communities may wonder if they're still at the center of state political power.
Buying a home in the Austin area has a risk index of 17.4 percent that the home will decline in value over the next two years, according to the PMI study. In San Antonio, the risk index is 3.8 percent and in greater Houston, 2.7 percent.
All of the percentages reflecting increased risk over last years estimates, Daffin said.
You can't escape the risk that property purchased in this economy may not increase it's value for several years if at all.
"What we've seen as a general overall is market values on existing residential is flat to slightly declining," said Daffin.