Texas relies on property taxes (~2.5% of home value). This is one reason homes in Texas will never appreciate. If you work all your life, pay off your house, you still can't afford the property taxes in retirement.
Drivel. Property is down in Texas for the same reason it is down all over the country and 27% are underwater--no doc loans were the rule and derivatives junking all that trashy paper together were sold here and overseas to the gullible by the greedy. The market crashed and here we are.
And just because you put a roof over your head doesn't guarentee you or grant you the right to make a profit.
Real estate is still the backbone of the country, private property one of the key reasons we became a country.
It makes more sense to tax individuals and property than nickel diming every single purchase--and would be far fairer.