Oil is pushing its way down to below $47.50 per barrel as of Monday, and there’s no sign it’s going to change anytime. Some worry the recent plunge in oil prices could cause home prices to slip in the oil-producing markets of Texas, Oklahoma, Louisiana, and elsewhere, writes Jed Kolko, the chief economist for Trulia. “But it typically takes two years for oil prices to fully affect home prices in those markets,” Kolko writes. “At the same time, lower oil prices could boost home values in the Northeast and Midwest.” Paul Diggle, property economist at Capital Economics, says in a client note that any drag on housing in oil-driven markets from drop in demand and from decline in employment in the United States would be offset by increased consumer spending power. More here.