February 2012 Home Sales Reflect Stronger Market and Improved Economy
Existing home sales across the state surged in February, reflecting a stronger market, an improving economy and “better weather than February last year,” said Real Estate Center Research Economist Dr. Jim Gaines.
“In some cases, the increased sales occurred within the lower-priced home market as mortgage lending requirements have improved,” Gaines said.
Sales in Texas last month were up 21 percent over February 2012, according to Multiple Listing Service (MLS) data compiled by the Center. The National Association of Realtors reported an 8.8 percent year-over-year jump in sales.
Median prices continued to be flat across the state as a whole, but they exhibited wide variation among individual markets, with some markets showing significant surges and others further declines.
“Median price in the four major markets (Dallas, Houston, Austin and San Antonio) were essentially flat, with more significant changes occurring in the smaller markets where large percentage changes can occur more easily,” Gaines said.
Source: Real Estate Center
Read More5904 Sceptre Drive, Rockwall, TX 75032 – Episode 300
Desired Pond Property for Luxuriant Living. A haven nestled in Rockwall’s Established Gated Lakeside Community, Chandlers Landing. Charming Bridge, Waterfall and Serene Landscaping welcomes guest. Entry Level designed for entertaining. Modern Kitchen is Gourmets Canvas with granite, stainless appliances, large butcher block island, breakfast bar, open to living. Firelit Master Retreat upgraded bath. Expansive outdoor living and immense backyard allows for years of memory making, smiles and laughter. Paddle boat rides, fishing and firefly gazing are steps away at Sovereign Park Pond.
For more info: www.TheMattesonGroup.com
Coldwell Banker Apex, Realtors
214.405.3640
Your trusted real estate advisors providing a joy filled experience!
Texas Getting $428 Million from National Mortgage Deal
Federal and state officials yesterday announced a $25 billion foreclosure settlement with five of the nation’s largest mortgage lenders. Of that, $428 million will come to Texas. But will it be enough to help?
Of Texas’ share, $141 million will go into the state’s treasury, while the remaining $287 million will go toward restructuring mortgage loans and to some borrowers whose homes were foreclosed.
But only 2 percent of mortgage holders in Texas may qualify, and they’ll probably receive less than $2,000 each. On top of that, the process could take as long as three years.
Real Estate Center Research Economist Dr. Jim Gaines said it looks like the benefit to Texans will be small.
“Of the 3.6 million mortgage loans in Texas, we’re going to maybe — maybe — help 85,000 of them,” he said.
The five lenders involved in the settlement were Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.
Source: San Antonio Express-News
Read MoreTexas Property Values Up in 2011!
The state comptroller’s estimate of statewide property values showed an increase from $1.67 trillion in 2010 to $1.69 trillion in 2011 — a 1.3 percent difference.
According to the Austin American-Statesman, state budget writers had expected property values to drop 1 percent last year.
Property values affect how much funding schools receive, and although Joe Wisnoski of Moak Casey & Associates, a school financing consulting firm, said the increase will likely make “very, very little difference in the bottom line of school districts,” others say it could still be a positive sign for Texas.
“We’re certainly above the trend line across the board, but it’s still early,” said Dale Craymer, president of the business-backed Texas Taxpayers and Research Association. “If current trends hold, we will be in relatively good shape.”
Source: Austin American-Statesman
Read MoreNew Rules for HOAs in Texas
A number of new state regulations are now in effect that limit some of the powers of homeowner associations (HOAs).
Homeowners living in a neighborhood with an HOA now must be permitted to:
- Display the U.S. or Texas flag, or flags of military branches. Free-standing flagpoles no more than 20 feet tall are also allowed.
- Hang a religious display on the front door. (HOAs can, however, require the display be no larger than 25 square inches.)
- Collect rainwater in barrels and use solar panels, within limits.
In addition, HOAs must go through a judge to foreclose on owners who fall behind on dues, and the HOA must give the owner a payment plan.
HOAs also have to hold open meetings, post a notice of those meetings and adopt record retention policies.
Source: San Antonio Express-News
Read MoreSupply of DFW Homes Down!
At the end of 2011, the number of pre-owned single-family homes on the market in the Metroplex was at the lowest level in a decade.
About 27,000 homes were listed for sale with real estate agents in North Texas, 35 percent less than the record 41,647 listings in 2007 and the lowest number since 2001, according to statistics from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
“Since sales have maintained a fairly consistent level, the inventory measure is down under five months, which would normally indicate a very strong sellers’ market,” said Center Research Economist Dr. Jim Gaines.
And it’s not just existing homes that are down in number. The Dallas Morning News reported that around 3,000 finished vacant new homes are in the DFW area. That’s about a fourth as many as in 2007.
Source: Dallas Morning News
Read More
Recent Comments