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Oklahoma City housing should weather Chesapeake Energy's job cuts

Homebuilders, Realtors and some apartment managers and owners will feel effects from Chesapeake Energy's job cuts, but the rest of the local economy will help cushion the blow, industry leaders said.
by Richard Mize Modified: October 8, 2013 at 9:23 pm •  Published: October 9, 2013

Housing — the markets for both single-family homes and apartments — will feel Chesapeake Energy Corp.'s job cuts.

But the residential market as a whole probably won't be rocked because the rest of the Oklahoma City economy is still sound, housing leaders said Tuesday.

Even so, the estimated 640 high-income jobs lost in one fell swoop, “that's an attention getter,” said Robert Crout, a developer in Mustang and president of the Central Oklahoma Home Builders Association.

Builders could “step back and take a look and re-evaluate (their) plans,” Crout said. “On the other hand, I just heard a third-quarter economic outlook from a national housing expert (with) the National Association of Home Builders saying that the Oklahoma market is now back to normal and that within two years, they expect it to be 130 to 140 percent of normal.”

Realtors should brace for spooked would-be buyers, said Keith Taggart, president of the Oklahoma City Metro Association of Realtors.

The effect on demand should be minimal, but the jolt still could affect “the psyche of buyers,” said Taggart, managing broker for Coldwell Banker Select's office in Mustang.

After talking with others in the Realtors association leadership Tuesday afternoon, he said. “We feel it's probably not going to have much of an immediate effect. It still takes a long time before it has a real adverse effect on the market.”

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by Richard Mize
Real Estate Editor
Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked...
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