Homes sold: 1,311
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.
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