Don’t know about Texas recourse or nonrecourse mortgages.
But one factor best explains why Texas did not have a bubble comparable to ours: cheap land.
Texas is flat, no ocean, mountains, or TJ next door to inhibit building. Plus a low-tax, developer-friendly government. Throwing up houses is easy and cheap, dependent on labor costs and materials, which didn’t much go up.
With no bubble to pop, their house prices aren’t falling much, and are even rising in some areas. Having oil, natural gas, and ag. also helps.
