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Dropping Oil Prices Hit Houston's Housing Market04:10

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A view of the Houston skyline during the afternoon on March 26, 2013 in Houston, Texas.  (Scott Halleran/Getty Images)closemore
A view of the Houston skyline during the afternoon on March 26, 2013 in Houston, Texas. (Scott Halleran/Getty Images)

Oil is currently hovering at around $29 a barrel, down 70 percent from a year and a half ago. The repercussions of the drop are being felt across the oil industry in the U.S., yet other industries are also being affected.

In Houston, tumbling oil prices are hurting what had previously been a very hot housing market. Single-family home prices are down nearly 8 percent since the summer.

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