More than 13,700 existing homes were sold in Texas last month, according to newly released data from Texas Multiple Listing Services (MLS). That's a 24 percent drop from November 2009.
Meanwhile, the median price for an existing home increased by 3 percent last month to $146,700, and there was a 7.6-month inventory.
San Antonio Homes sold: 1,249
Compared to last year: down 22%
Average price: $152,900
Compared to last year: up 8%
Months inventory on the market: 8
TEXAS CITIES RANK HIGH IN RECESSION RECOVERY
WASHINGTON, D.C. (Brookings Institution) – Austin, Dallas, San Antonio and Houston were among the top 15 U.S. cities in a global study to determine the level of recovery from the recession.
The report from the Brookings Institution Metropolitan Policy Program ranks 150 cities: 50 in the United States, 50 in Europe and 50 in the rest of the world. Austin was the highest-ranked U.S. city and No. 26 in the world. Dallas ranked fourth in the U.S. and 39th in the world.
San Antonio ranked 11th in the United States and 51st in the world. Houston landed at 15th in the United States and 61st in the world.
The report from the Brookings Institution Metropolitan Policy Program ranks 150 cities: 50 in the United States, 50 in Europe and 50 in the rest of the world. Austin was the highest-ranked U.S. city and No. 26 in the world. Dallas ranked fourth in the U.S. and 39th in the world.
San Antonio ranked 11th in the United States and 51st in the world. Houston landed at 15th in the United States and 61st in the world.
October Home Sales:
Homes sold: 1,311
Compared to last year: down 25%
Average price: $148,700
Compared to last year: up 7%
Months supply: 8.1
Compared to last year: down 25%
Average price: $148,700
Compared to last year: up 7%
Months supply: 8.1
THREE TEXAS CITIES AMONG NATION'S MOST AFFORDABLE
NEW YORK (Forbes) – Three Texas cities made Forbes’ list of ten most affordable U.S. cities.
San Antonio came in sixth with Houston right behind at seven. Austin claimed the final spot on the list and was noted as one of the nation’s hottest cities for high-tech jobs.
Forbes attributed the number of Texas cities on the list to the state’s business-friendly climate, rich natural resources and stable housing economy.
“The state (as a whole), and Houston and San Antonio (in particular) are deriving significant income from domestic in-migration. People are moving to Texas because of job availability and because of the cost of housing being so low,” said Real Estate Center Research Economist Dr. Jim Gaines. “Texas has always been a wide-open laissez-faire, low-control, low-regulation place.”
San Antonio came in sixth with Houston right behind at seven. Austin claimed the final spot on the list and was noted as one of the nation’s hottest cities for high-tech jobs.
Forbes attributed the number of Texas cities on the list to the state’s business-friendly climate, rich natural resources and stable housing economy.
“The state (as a whole), and Houston and San Antonio (in particular) are deriving significant income from domestic in-migration. People are moving to Texas because of job availability and because of the cost of housing being so low,” said Real Estate Center Research Economist Dr. Jim Gaines. “Texas has always been a wide-open laissez-faire, low-control, low-regulation place.”
RETURN OF THE JUMBO LOANS?
NEW YORK (Wall Street Journal) – Are jumbo mortgage loans back? According to Saturday's edition of the Wall Street Journal, yes.
Jumbo mortgage lenders originated $18 billion in loans in second quarter 2010, the Journal reported. That's a 20 percent increase from the first quarter (but still below 2007 levels, according to Inside Mortgage Finance Publications Inc.).
Jumbo mortgages are those that are too big to be bought by government-backed agencies such as Fannie Mae and Freddie Mac. Generally, they exceed $417,000.
Real Estate Center Chief Economist Dr. Mark Dotzour described the return of the jumbo loan as "truly good news."
"The fact that the spread between conventional loans and jumbos has narrowed to very low levels means that borrowing costs for higher priced homes is declining," Dotzour said. "This will encourage home sales in the higher price ranges of Texas homes."
According to Inside Mortgage Finance, J.P. Morgan Chase & Co.'s Chase Home Lending unit increased its jumbo mortgage volume by 146.2 percent in the first six months of this year over the same period last year. Wells Fargo & Co. increased by 47.5 percent, and PHH Corp. of Mount Laurel, N.J., increased by 64.6 percent.
Jumbo mortgage lenders originated $18 billion in loans in second quarter 2010, the Journal reported. That's a 20 percent increase from the first quarter (but still below 2007 levels, according to Inside Mortgage Finance Publications Inc.).
Jumbo mortgages are those that are too big to be bought by government-backed agencies such as Fannie Mae and Freddie Mac. Generally, they exceed $417,000.
Real Estate Center Chief Economist Dr. Mark Dotzour described the return of the jumbo loan as "truly good news."
"The fact that the spread between conventional loans and jumbos has narrowed to very low levels means that borrowing costs for higher priced homes is declining," Dotzour said. "This will encourage home sales in the higher price ranges of Texas homes."
According to Inside Mortgage Finance, J.P. Morgan Chase & Co.'s Chase Home Lending unit increased its jumbo mortgage volume by 146.2 percent in the first six months of this year over the same period last year. Wells Fargo & Co. increased by 47.5 percent, and PHH Corp. of Mount Laurel, N.J., increased by 64.6 percent.
San Antonio September Home Sales:
Homes Sold: 1,434
Change from last year: down 11%
Median price: $149,400
Change from last year: up 2%
Months inventory: 8.2
Change from last year: down 11%
Median price: $149,400
Change from last year: up 2%
Months inventory: 8.2
NEW LOWS FOR LONG-TERM MORTGAGES
AUSTIN (Austin Business Journal) – Long-term mortgage rates fell to a record low this week with the average rate on a 30-year fixed-rate mortgage in the week ending Oct. 7 of 4.27 percent, down from 4.32 percent last week.
A 15-year fixed-rate mortgage also fell from an average of 3.75 percent to 3.72 percent. The two rates represent the lowest long-term figures recorded since Freddie Mac began keeping track.
“The 12-month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the last six months ending in August and suggests inflation is running at a tepid pace at best,” said Freddie Mac Chief Economist Frank Nothaft. “This allowed mortgage rates to ease to new or near record lows.”
Additionally, the number of existing homes pending sale rose for the second consecutive month in August, up 4.3 percent, according to the National Association of Realtors. The association also reported that Austin home sales fell 15 percent year-over-year in August while sales so far this year have outperformed 2009.
A 15-year fixed-rate mortgage also fell from an average of 3.75 percent to 3.72 percent. The two rates represent the lowest long-term figures recorded since Freddie Mac began keeping track.
“The 12-month growth rate in the core price index for personal consumption, which the Federal Reserve closely tracks, has been drifting lower over the last six months ending in August and suggests inflation is running at a tepid pace at best,” said Freddie Mac Chief Economist Frank Nothaft. “This allowed mortgage rates to ease to new or near record lows.”
Additionally, the number of existing homes pending sale rose for the second consecutive month in August, up 4.3 percent, according to the National Association of Realtors. The association also reported that Austin home sales fell 15 percent year-over-year in August while sales so far this year have outperformed 2009.
SAN ANTONIO HOME APPRECIATION LEADS TEXAS
Oxford, Miss. (FNC) – As the U.S. housing market nosedived over the past decade, home prices in some cities actually improved, according to a report released this month by mortgage technology company FNC Inc. San Antonio, with a 3.2 percent increase since 2003, was the only Texas city to make the top ten.
Senior FNC economist Yanling Mayer conducted the study using FNC’s new Residential Price Index and identified the top 10 U.S. cities with the greatest annual appreciation in home prices since 2003:
• Baltimore, 7% increase
• Seattle, 5.7% increase
• Washington, D.C., 4.5%
• Los Angeles, 3.8%
• Portland, 3.8%
• San Antonio, 3.2%
• New York, 3.1%
• Nashville, 2.8%
• St. Louis, 2.4%
• Columbus, OH, 1.3%
Real Estate Center Research Economist Dr. Jim Gaines says the report is "further evidence of how Texas’ cities have fared relatively well during the current housing bust." Actually, San Antonio did better than the data indicate.
He notes, "The other cities listed generally experienced very severe value declines, so small increases from very low levels isn’t surprising. San Antonio, like other Texas cities, avoided a major decline, so the increase is even more significant."
FNC’s study shows that the median U.S. price appreciation (for 60 MSAs) is up 0.6% annually over the past seven years, which positions the top 10 cities all above the national average.
Senior FNC economist Yanling Mayer conducted the study using FNC’s new Residential Price Index and identified the top 10 U.S. cities with the greatest annual appreciation in home prices since 2003:
• Baltimore, 7% increase
• Seattle, 5.7% increase
• Washington, D.C., 4.5%
• Los Angeles, 3.8%
• Portland, 3.8%
• San Antonio, 3.2%
• New York, 3.1%
• Nashville, 2.8%
• St. Louis, 2.4%
• Columbus, OH, 1.3%
Real Estate Center Research Economist Dr. Jim Gaines says the report is "further evidence of how Texas’ cities have fared relatively well during the current housing bust." Actually, San Antonio did better than the data indicate.
He notes, "The other cities listed generally experienced very severe value declines, so small increases from very low levels isn’t surprising. San Antonio, like other Texas cities, avoided a major decline, so the increase is even more significant."
FNC’s study shows that the median U.S. price appreciation (for 60 MSAs) is up 0.6% annually over the past seven years, which positions the top 10 cities all above the national average.
President Obama to "Pocket Veto" H.R. 3808
The White House Blog
Why President Obama is Not Signing H.R. 3808
Why President Obama is Not Signing H.R. 3808
Mortgage rates drop to lowest on record
NEW YORK — Rates on 30-year and 15-year mortgages fell to their lowest points in decades.
Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans dropped to 4.27 percent, the lowest on records dating back to 1971. That's down from 4.32 percent the previous week.
Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans dropped to 4.27 percent, the lowest on records dating back to 1971. That's down from 4.32 percent the previous week.
TEXAS ATTORNEY GENERAL HALTS FORECLOSURES
HOUSTON (Houston Chronicle) – Because of current widespread scrutiny over how foreclosures are processed nationwide, the Texas Attorney General’s office has called for a halt on all foreclosures.
Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.
The action is being taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” including improperly signing documents related to the foreclosure process, said Jerry Strickland, a spokesman for Attorney General Greg Abbott.
The office also called for a halt on the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.
Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.
The action is being taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” including improperly signing documents related to the foreclosure process, said Jerry Strickland, a spokesman for Attorney General Greg Abbott.
The office also called for a halt on the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.
Free Markets Create Jobs
Texas Congressman Ron Paul:
“In this struggling economy it is essential for politicians to take a step back and think about what government has been doing to business in this country. In less than 200 years, the free market, property rights, and respect for the rule of law took this nation from a rough frontier to a global economic superpower. Today, however, our nation and our economy clearly are headed in the wrong direction…”
“In this struggling economy it is essential for politicians to take a step back and think about what government has been doing to business in this country. In less than 200 years, the free market, property rights, and respect for the rule of law took this nation from a rough frontier to a global economic superpower. Today, however, our nation and our economy clearly are headed in the wrong direction…”
Many title companies to stop writing policies for some foreclosures
USA Today:
"Would you buy the house? If there's questions about the title, you can't sell it, so who's going to buy it?"
Homeowners who have purchased properties that were foreclosed upon could also find their ownership challenged. A bank could have foreclosed upon a property and sold it to a third party. Later, the former homeowner may now come forward and say the foreclosure judgment has to be set aside because of faulty documents.
"Would you buy the house? If there's questions about the title, you can't sell it, so who's going to buy it?"
Homeowners who have purchased properties that were foreclosed upon could also find their ownership challenged. A bank could have foreclosed upon a property and sold it to a third party. Later, the former homeowner may now come forward and say the foreclosure judgment has to be set aside because of faulty documents.
TEXAS HOME SALES DOWN, PRICES UP
TEXAS (Real Estate Center) – Newly released data from Texas Multiple Listing Services (MLS) show existing home sales are down from last year while average and median prices are up.
“Texas home sales peaked this year in May rather than the normal June-July period because of the expired tax credit stimulus,” said Real Estate Center Research Economist Dr. Jim Gaines.
“August 2010 sales were down 14 percent from August last year but were up 3.6 percent from dismal July figures, which were down 27 percent from the previous year.”
Gaines said average and median prices showed “remarkable strength” given the generally weaker market, increasing by 5.3 percent and 1.9 percent from last August, respectively.
“The higher average price reflects some improvement in the upper-end market, which has been significantly depressed the past couple of years,” he said. “The number of properties offered for sale declined in August, leaving month’s inventory effectively unchanged from July. However, the total number of properties on the market this year is 14 percent greater than in August 2009.”
While total listings were down from the previous month, the average months inventory of unsold homes at the current sales rate remained virtually unchanged at 7.9 months.
“Texas home sales peaked this year in May rather than the normal June-July period because of the expired tax credit stimulus,” said Real Estate Center Research Economist Dr. Jim Gaines.
“August 2010 sales were down 14 percent from August last year but were up 3.6 percent from dismal July figures, which were down 27 percent from the previous year.”
Gaines said average and median prices showed “remarkable strength” given the generally weaker market, increasing by 5.3 percent and 1.9 percent from last August, respectively.
“The higher average price reflects some improvement in the upper-end market, which has been significantly depressed the past couple of years,” he said. “The number of properties offered for sale declined in August, leaving month’s inventory effectively unchanged from July. However, the total number of properties on the market this year is 14 percent greater than in August 2009.”
While total listings were down from the previous month, the average months inventory of unsold homes at the current sales rate remained virtually unchanged at 7.9 months.
U.S. Home Sales Improved in August
By DAVID STREITFELD
Published: September 23, 2010
The National Association of Realtors said that August sales were 4.13 million on a seasonally adjusted annual basis, down 19 percent from August 2009 but up 7.6 percent from the previous month.
One strong effect on prices will be the supply of homes on the market. Supply declined slightly in August but is still at an elevated level. It takes about year to sell a house, the Realtors’ group said. That is more than double the time in a healthy market.
Published: September 23, 2010
The National Association of Realtors said that August sales were 4.13 million on a seasonally adjusted annual basis, down 19 percent from August 2009 but up 7.6 percent from the previous month.
One strong effect on prices will be the supply of homes on the market. Supply declined slightly in August but is still at an elevated level. It takes about year to sell a house, the Realtors’ group said. That is more than double the time in a healthy market.
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MARKETS MOST LIKELY TO APPRECIATE
Forbes found when it commissioned Local Market Monitor to pinpoint the top ten markets that have the greatest likelihood of price appreciation, San Antonio ranked fifth.
Cities were chosen because they offered a mix of jobs weighted toward growth industries.
Cities were chosen because they offered a mix of jobs weighted toward growth industries.
FHA INSURANCE PREMIUM CHANGING
The Federal Housing Administration (FHA) is giving homeowners and buyers until Oct. 4 to lock in a low monthly insurance premium on FHA loans, according to Gibran Nicholas of the CMPS Institute, which trains and certifies mortgage bankers and brokers.
After that, the monthly insurance premiums on FHA loans will increase by over 63 percent.
A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before Oct. 4 would pay an insurance premium of $88.46 per month. If the same homebuyer waits until after, the insurance premium would jump to $148.01.
Although the upfront mortgage insurance premium is going down, "the real impact to the homebuyer is actually a net increase in their out-of-pocket costs because the monthly premium is going up by 63 percent," Nicholas said.
"Remember, sellers can pay the upfront premium or it can be financed into the loan amount, so homebuyers rarely pay the upfront premium out of pocket," he said. "On the other hand, the increase in the monthly premiums will be paid right out of the homebuyer’s pocket with their mortgage payment each month."
After that, the monthly insurance premiums on FHA loans will increase by over 63 percent.
A homebuyer purchasing a $200,000 home using a $193,000 FHA mortgage before Oct. 4 would pay an insurance premium of $88.46 per month. If the same homebuyer waits until after, the insurance premium would jump to $148.01.
Although the upfront mortgage insurance premium is going down, "the real impact to the homebuyer is actually a net increase in their out-of-pocket costs because the monthly premium is going up by 63 percent," Nicholas said.
"Remember, sellers can pay the upfront premium or it can be financed into the loan amount, so homebuyers rarely pay the upfront premium out of pocket," he said. "On the other hand, the increase in the monthly premiums will be paid right out of the homebuyer’s pocket with their mortgage payment each month."
Pre-owned Home Sales
US existing home sales dropped sharply in July. The sales of the month is 27.2% lower when compared to June following expiration of the home buyer tax credit. According to the National Association of Realtors figures, it is the lowest in more than 10 years with an annualized rate of 3.83 million.
New Home Sales
The Commerce Department said Wednesday August 25, 2010 that new home sales fell 12.4 percent in July from a month earlier to a seasonally adjusted annual sales pace of 276,600. That was the slowest pace on records dating back to 1963.
July homes sales down, up for year
San Antonio home sellers and real estate agents aren't quite singing the summertime blues, but sales of existing homes slowed considerably in July.
The number of home sales dropped 25 percent in July when compared with the same month in 2009, dipping to 1,491, according to data released Tuesday by the San Antonio Board of Realtors.
The likely culprit of the unseasonable doldrums: the federal government's $8,000 carrot offered to first-time home buyers and $6,500 to some current homeowners, which was available to those who could go under contract by the end of April.
The tax credits boosted the number of home sales in the springtime, but most of those deals had closed by the time July rolled around.
“What we saw in the spring market was a surge in sales for the tax credit,” said Marietta Alba, SABOR chairwoman.
But sales volume is still up 6 percent for the year, with 10,922 sales so far compared with 10,297 by the same time in 2009.
The expiring federal tax credits are also a likely reason the median sales price rose slightly, to $160,800.
Alba said that July saw an unusually high number of sales of homes above $500,000 — a group of buyers unlikely to be swayed by the federal tax credit — and a lower number of sales below the $200,000 mark most popular with first-time buyers.
Earlier in the year, the number of first-time buyers in the market helped push the median price down slightly.
The number of home sales dropped 25 percent in July when compared with the same month in 2009, dipping to 1,491, according to data released Tuesday by the San Antonio Board of Realtors.
The likely culprit of the unseasonable doldrums: the federal government's $8,000 carrot offered to first-time home buyers and $6,500 to some current homeowners, which was available to those who could go under contract by the end of April.
The tax credits boosted the number of home sales in the springtime, but most of those deals had closed by the time July rolled around.
“What we saw in the spring market was a surge in sales for the tax credit,” said Marietta Alba, SABOR chairwoman.
But sales volume is still up 6 percent for the year, with 10,922 sales so far compared with 10,297 by the same time in 2009.
The expiring federal tax credits are also a likely reason the median sales price rose slightly, to $160,800.
Alba said that July saw an unusually high number of sales of homes above $500,000 — a group of buyers unlikely to be swayed by the federal tax credit — and a lower number of sales below the $200,000 mark most popular with first-time buyers.
Earlier in the year, the number of first-time buyers in the market helped push the median price down slightly.
It's a myth ... there is no federal sales tax on home sales.
An Internet rumor continues to spread false information about a supposed tax on home sales. The erroneous e-mail claims that a provision of the healthcare reform bill passed earlier this year will place a tax on "all real estate transactions" in 2013. Not true.
The e-mail includes a guest editorial in a Spokane newspaper with the false claim. It doesn't, however, mention the corrected information sent to the newspaper the next day from the local association of REALTORS®.
To learn more about this myth, read this explanation from FactCheck.org.
The e-mail includes a guest editorial in a Spokane newspaper with the false claim. It doesn't, however, mention the corrected information sent to the newspaper the next day from the local association of REALTORS®.
To learn more about this myth, read this explanation from FactCheck.org.
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