Discount Listing Services

TEXAS EXISTING HOME SALES DROP IN FEBRUARY

2011-03-29T16:10:00.001-05:00

COLLEGE STATION (Real Estate Center) – Just over 12,000 existing single-family homes were sold in Texas last month, a 10 percent drop from February 2010. That's according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

The median home price in Texas was up 3 percent from February 2010, at $145,800. There was a 7.2-month inventory.

San Antonio was down 12% with the average price at $146,400.00, which is up 4% from same month last year.

There is currently 7.9 months of inventory on the market (not including shadow inventory held by banks in pre-foreclosure status).

Home prices falling in most major US cities

2011-03-29T10:37:00.000-05:00

NEW YORK (AP) -- Home prices are falling in most major U.S. cities, and the average prices in four of them are at their lowest point in 11 years. Analysts expect further prices declines in most cities in the coming months.

The Standard & Poor's/Case-Shiller 20-city index released Tuesday shows price declines in 19 cities from December to January. Eleven of them are at their lowest level since the housing bust, in 2006 and 2007. The index fell for the sixth straight month.

Home values in Atlanta, Las Vegas, Detroit and Cleveland are now below January 2000 levels.

The only market where prices rose was Washington, where homes prices gained 0.1 percent month over month.

"The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery," said David M. Blitzer, chairman of the Index Committee at Standard & Poor's.

The pain is not uniform, however. It is worse in cities where foreclosures and short sales are dominating the market and pushing home prices down. That includes Detroit and Cleveland, which are struggling with weak local economies. Miami, Phoenix, Las Vegas and Atlanta are reeling from overbuilding during the housing boom.

California cities are faring better. San Diego was the only city besides Washington where home prices have risen year over year.

Home prices in the nation's capital are up 3.6 percent year over year and have risen nearly 11 percent since they bottomed out in March 2009. And among the 20 cities, prices there have held up the best since 2000, appreciating almost 84 percent.

The Case-Shiller report measures home price increases and decreases relative to prices in January 2000 and gives an updated three-month average for the metropolitan areas it looks at.

30-Year Fixed-Rate Mortgage Edges Up to 4.81 Percent

2011-03-27T16:00:00.000-05:00

March 25, 2011

MCLEAN, Va. -- Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), which shows rates increasing from the previous week influenced by inflationary and ongoing geopolitical concerns. The 30-year fixed-rate mortgage matches its February 3, 2011 level of 4.81 percent.

30-year fixed-rate mortgage (FRM) averaged 4.81 percent with an average 0.7 point for the week ending March 24, 2011, up from last week when it averaged 4.76 percent. Last year at this time, the 30-year FRM averaged 4.99 percent.

15-year FRM this week averaged 4.04 percent with an average 0.7 point, up from last week when it averaged 3.97 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.62 percent this week, with an average 0.6 point, up from last week when it averaged 3.57 percent. A year ago, the 5-year ARM averaged 4.14 percent.

1-year Treasury-indexed ARM averaged 3.21 percent this week with an average 0.6 point, up from last week when it averaged 3.17 percent. At this time last year, the 1-year ARM averaged 4.2 percent.

Frank Nothaft, vice president and chief economist at Freddie Mac, reports, "Mortgage rates were up this week compared to last, but still remain at relatively low levels. The rate uptick was related to higher than anticipated inflation data for February and ongoing geopolitical concerns. The 12-month growth rate in the consumer price index rose 2.1 percent in February, compared to 1.6 percent in January; however, most of the increase was due to food and energy prices, which tend to be volatile. The core index rose 1.1 percent, slightly up from 1.0 percent in January."

"The housing market recovery experienced a setback during the start of this year. Existing home sales fell 9.6 percent from January to February and were down 2.8 percent from February 2010. Sales of new homes declined for the second consecutive month in February to record lows dating back to 1963. Even new construction on one-family homes fell 11.8 percent in February to the third slowest pace since 1959."

NOVEMBER HOME SALES DOWN, PRICES UP

2010-12-21T15:13:00.001-06:00

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

2010-12-04T07:11:00.000-06:00

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.

October Home Sales:

2010-11-30T20:38:00.002-06:00

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

2010-11-09T20:29:00.000-06:00

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.”

RETURN OF THE JUMBO LOANS?

2010-11-09T20:28:00.000-06:00

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.

San Antonio September Home Sales:

2010-10-22T13:13:00.002-05:00

Homes Sold: 1,434
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

2010-10-08T13:16:00.000-05:00

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.

SAN ANTONIO HOME APPRECIATION LEADS TEXAS

2010-10-08T13:15:00.000-05:00

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.

President Obama to "Pocket Veto" H.R. 3808

2010-10-07T12:42:00.001-05:00

The White House Blog
Why President Obama is Not Signing H.R. 3808

Mortgage rates drop to lowest on record

2010-10-07T09:14:00.000-05:00

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.

TEXAS ATTORNEY GENERAL HALTS FORECLOSURES

2010-10-05T20:22:00.001-05:00

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.

Free Markets Create Jobs

2010-10-04T12:22:00.001-05:00

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…”

Many title companies to stop writing policies for some foreclosures

2010-10-03T12:37:00.002-05:00

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.

TEXAS HOME SALES DOWN, PRICES UP

2010-09-24T13:35:00.000-05:00

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.

U.S. Home Sales Improved in August

2010-09-23T12:20:00.002-05:00

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.

Discount Listing Services...Just 4.44%

2010-09-23T09:51:00.001-05:00

OMNI Associates is now offering MLS Listing Services For Only 4.44%, which includes listing on Realtor.com and total internet exposure.

Available only in the San Antonio, Texas area.

MARKETS MOST LIKELY TO APPRECIATE

2010-09-17T14:03:00.000-05:00

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.

FHA INSURANCE PREMIUM CHANGING

2010-08-31T20:29:00.000-05:00

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."

Pre-owned Home Sales

2010-08-29T13:04:00.002-05:00

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

2010-08-29T13:01:00.001-05:00

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

2010-08-18T05:23:00.000-05:00

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.

It's a myth ... there is no federal sales tax on home sales.

2010-08-05T15:00:00.000-05:00

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.

Mortgage rates bounce back. Did you miss the bottom?

2009-04-09T12:04:00.001-05:00

Applications for conventional purchase mortgages are up 22 percent since the end of February, and demand for refinancings is up 129 percent, Freddie Mac said, citing data from the Mortgage Bankers Association.
Full Story

With Affordability Up, Home Buyers Return to the Market

2009-04-08T09:48:00.000-05:00

Based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home in February 2007 and February 2009, a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance. The number of households that can afford to purchase a home today is 55.4 million, compared with 38.4 million two years ago, according to figures compiled by NAHB.

“With affordability up dramatically, reports from our builders in the field indicate that foot traffic in new homes is on the rise and consumer interest is increasing with each passing day. These are encouraging signs that the housing market may be finally reaching a bottom,”
(Full Story Link)

Reasons Banks Reject Short Sale Offers

2009-03-29T11:16:00.002-05:00

Unless a property is advertised as "Short Sale Approved", no one knows for sure if the property will sell as a Short Sale. Generally, if a property has had an offer submitted to the lender previously for approval and the offer was rejected by the lender or countered, the listing agent will have a pretty good idea of whether or not the lender will agree to a short sale and how much they are willing to accept for a particular property.

If there hasn't been an offer previously submitted, the listing agent is treading in uncharted territory and no one will know for sure if a Short Sale is viable. At that point, everyone involved in the Short Sale is hopeful the offer will be accepted by the lender.

Reasons Lenders May Reject an Offer:

1. Short Sales List Price Is Too Low: A short sale list price generally has little bearing on the actual price a bank may accept. The list price may be too high to attract an offer or too low for the bank to accept. The house needs to be listed at an attractive price to entice an offer from a prospective buyer, but not too low that the bank will automatically reject. Having an experienced Short Sale specialist that is very familiar with the local area and property values in your area will be your best defense in getting the lender to accept an offer on your property.

2. Seller Does Not Qualify for a Short Sale: If the seller is asking for debt forgiveness and they have assets they are at a disadvantage if they are unwilling to work out a repayment plan with the bank. The bank will want to see current financial's and a hardship letter from the seller that explains why they can not afford to pay back the shortfall difference. The seller needs to explain what hardship they have suffered. Just wanting to walk away and get a cheaper house is not a reason to do a Short Sale and most likely the lender will deny the short sale request.

3. Short Sale Package is Incomplete: It is extremely important to have an agent that is experienced in Short Sales to put your package together and submit to the lender. These lenders are overwhelmed and understaffed. If the package is not labeled and packaged as they direct, they may reject the Short Sale just because it did not meet their specifications.

4. Buyer Does Not Qualify: The desire that many prospective buyers have to purchase a home at a great (below market) price and the financial means to do so are two different animals. It is important to have a qualified buyer before an offer is made. Agents will require proof of funds or pre-approval letter prior at the time an offer is made to alleviate going through the whole negotiation process with the lender only to have the buyer not be able to obtain financing.

Buying a Bank-Owned home? What you need to know.

2009-03-27T12:29:00.002-05:00

If you are thinking of buying a home, chances are you may be involved in a transaction where the home is owned by a lender, or is needing lender approval, as is the case for Short Sales.

Make your first offer, your best offer. When writing an offer for a property where a lender is involved, it is best to make it as simple as possible, and make it your best because in many cases the lenders do not counter offer. In some cases where multiple offers are submitted, they may ask all buyers to re-submit their highest and best before they decide.

Be prepared for lenders to ask you to signed their own purchase contract. These contracts should include just about everything that a normal contract has, but you need to read it very carefully, as with any contract, so that you know what the process will be and what needs to happen, and when.

Most lenders will not make repairs. If you find out the home needs repairs, you may ask for a credit and some lenders will issue credit, they most likely will not do repairs unless is a safety or health problem that needs to be address in to obtain financing, such as FHA.

Some lenders are requiring to pre-approve buyers themselves before considering an offer. You will not be required to get the loan from them, and you can also insist on them accepting your current approval. Some lenders however, make no exceptions. Having too many credit checks may affect your score in a negative way, so be cautious when letting that take place. A plus on this is that you'll get to see what they can offer you.

Lenders are not required, or able, to disclose all the things a regular seller is. Because the lenders do not have a personal knowledge of the property, they are not able to disclose many things. However, they are not exempt from every thing. You agent will give a disclosure that states what the lenders are exempt from. So this being the case, you must be extra careful as to the inspection of the home.

CLOSE ON TIME. Many lenders have a per diem charge of about $100/per day is you do not close on time. So you must stay on top of the transaction to make sure there no delays cause by something on your side.

$2,000 Cash Back On Any New Home.

2009-03-25T16:26:00.002-05:00

You'll receive $2,000 cash back on any new construction home purchased from a home builder if I'm your registered agent at time of contract signing. Please contact me for details at 210-849-1800 or at danmurphy@remax.net.
Builder inventory link HERE.

Republicans float subsidy for housing investors.

2009-03-25T12:14:00.001-05:00

"If you buy a distressed home in your community or neighborhood and maintain it until the market recovers, you can keep the gain from your investment," the Texan said, summing up his proposal.

Hitwise Rankings: remax.com Climbs to No. 5

2009-03-25T07:40:00.000-05:00

Could consumers in transition be thinking about buying? In February, remax.com jumped from the seventh spot to the fifth spot on the Top 20 Hitwise Real Estate Rankings - passing up Rent.com for the first time in five months.

Hitwise, a subsidiary of Experian, has been collecting and analyzing data directly from Internet Service Providers (ISPs) since 1997. The data is based on the percentage of online traffic to the domain name.

Top 10 Hitwise Real Estate Ranking Report, February 2009

1. realtor.com - 6.97 percent
2. Yahoo! Real Estate - 4.38 percent
3. Zillow - 3.10 percent
4. ZipRealty - 2.53 percent
5. remax.com - 2.05 percent
6. Rent.com - 1.89 percent
7. hud.gov - 1.70 percent
8. Homegain - 1.66 percent
9. ServiceMagic - 1.63 percent
10. Trulia - 1.50 percent

Copyright © 2009 RE/MAX International Inc. 3/24/09

HOUSING VALUES RISE, Texas Tops The List.

2009-03-24T14:19:00.000-05:00

DALLAS (Dallas Morning News) – Only four U.S. housing markets experienced an increase in value during January, and three of those were in Texas, according to a survey released Monday. First American CoreLogic reports that Austin–Round Rock saw a 3.9 percent increase in housing market value.
Houston–Sugar Land–Baytown reported a 3.6 percent increase and Dallas-Plano-Irving home values jumped 1.5 percent. Throughout Texas, home prices were up by just under 2 percent. By comparison, home prices nationwide fell 11.6 percent in January compared to a year ago.

APPLICATIONS INCREASE FROM FALLING MORTGAGE RATES

2009-03-24T14:15:00.000-05:00

DALLAS (Dallas Morning News) – Last Wednesday, the Federal Reserve said it would buy up to $300 billion in long-term U.S. Treasuries and increase purchases of Fannie Mae- and Freddie Mac-backed securities to $1.25 trillion, up from $500 billion.

Less than a day after the Fed’s action, fixed rates on conforming 30-year mortgages dropped as much as half a percentage point to well under 5 percent, and many analysts doubt that rates will be headed back up anytime soon.

Except for a day or so in December, rates are at the lowest levels since at least 1965, according to mortgage giant Freddie Mac.

"What you've done is you've created affordability," said Scott Simon, head of mortgage-backed securities at Pacific Investment Management Co. "This will make housing bottom sooner than it would have bottomed, and at a higher price than it would have otherwise bottomed."

The rate drop is likely to encourage more borrowers to see whether they can qualify for the lowest rates.

The question remaining is whether lower rates will jump-start the housing market. As much as three-quarters of the mortgage application activity in recent months has been for refinancing rather than home purchases.

Most 2009 buyers may be first-timers

2009-03-24T07:57:00.000-05:00

More than half of those planning to buy in the next 12 months would be first-time homebuyers (53.5 percent), which compares to the 41 percent market share actually taken by first-time homebuyers in 2008, according to the National Association of Realtors.

By Inman News, Tuesday, March 24, 2009.
Inman News

San Antonio Texas Property Taxes.

2009-03-23T13:59:00.002-05:00

I highly recommend that every Bexar County property owner read this artic www.sanantoniofairtaxes.org

Top mistakes today's home sellers make

2009-03-23T13:33:00.003-05:00

By Dian Hymer, Monday, March 23, 2009.
Inman News

Low interest rates could spark a pickup in the home-sale market in some areas. If you're inclined to sell, here are some mistakes you'll want to avoid.

The biggest mistake sellers make is listing at an unrealistic price. If you want or need to sell, your home must be priced at or under current market value, particularly in places where prices are declining.

To avoid pricing too high or too low, carefully research your local market before selling. If you can't get the price you want, and you don't have an urgent need to sell, wait for a better market.

Entire Story

Domino effect of first time home buyers tax credit...Will it happen?

2009-03-22T08:35:00.002-05:00

We believe that most home owners don't understand how the $8,000 tax credit will benefit them. The Government believes that first time buyers will purchase existing homes which will allow existing home owners to move up to larger more expensive homes and so forth.

This domino effect will therefore reduce inventories and stimulate the housing market and pull the economy out of the recession. It makes sense in that $100K homes would be purchased by first time home buyers allowing those sellers to move into $200K homes and so forth.

The only problem with this plan is that they are counting on these first time buyers to be credit worthy and have saved the money they need for down payments and closing cost. However, many of these potential purchasers are part of the "got-to-have-it-now" generation who have not saved and now realize they must stop spending and start saving. They have stopped using their credit cards and are instead paying off their credit card debt. They are not buying cars or houses.

Many existing home owners will benefit from the tax credit but will there be enough to dramatically impact our recovery? Will the government extend the program past December 1, 2009? I guess we'll just have to wait and see how it unfolds.

It's a once in a life time gift!

2009-03-21T14:47:00.005-05:00

Full Story Here.

March 21 (Bloomberg) -- The Obama administration put the finishing touches on a plan to remove troubled assets from banks’ balance sheets that will be unveiled early next week.

Treasury Secretary Timothy Geithner intends to expand the Federal Reserve’s new $1 trillion Term Asset-Backed Securities Loan Facility to buy frozen assets, according to people familiar with the proposal. The revamped Fed program will sit alongside the Treasury’s planned public-private investment funds, while the Federal Deposit Insurance Corp.’s role will probably involve buying distressed loans, the people said.

Blogger comment: With so much government money (our money) being spent on the repair of the financial system, interest rates at 80 year lows and hyper-inflation coming soon, the bottom of the real estate market can't be far off.

When interest rates start going back up, it will be rapid. When hyper-inflation begins, prices will skyrocket. It saddens me to think of all of the people that are currently waiting for the housing market bottom, only to have possibly already missed it. When you can buy a property for 40%-50% off at 4.5% (or less) interest, jump on it. It's a once in a life time gift!

REPORT: The Healthiest Housing Markets for 2009

2009-03-21T13:07:00.002-05:00

San Antonio, Texas is #4 in the nation.

2008 total building permits: 10,261

San Antonio is another Texas market that is still adding jobs, about 18,000 last year. A city of more than 2 million people now, its population is also growing, at a 2.8 percent annual clip through last year. Existing-home prices are barely declining in San Antonio, down less than 1 percent in the last year, to an affordable median price of $152,800, 25 percent below the national average of $200,500, according to the National Association of Realtors. The upper end of the housing market was hurt recently when AT&T announced it would be moving its corporate headquarters to Dallas.

Busiest builders: D.R. Horton, K.B. Home, Centex Homes, Pulte Homes, Fieldstone Communities

Should You Buy A House?

2009-03-20T05:56:00.000-05:00

Take this 10 point quiz.

A CONSUMER GUIDE TO THE FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT

2009-03-20T05:11:00.002-05:00

A CONSUMER GUIDE TO THE FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
February 2009.

FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT:
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009.

The amount of the homebuyer federal income tax credit is the lesser of 10% of the cost of the home bought or $8,000.

Any single-family residence (including a condo, co-op, or townhouse) may be an eligible property under the homebuyer income tax credit, provided it will be used as the homebuyer's principal residence.

This homebuyer income tax credit reduces income tax liability. The $8,000 tax credit is a clean refundable credit, unlike the one that was passed last summer, which required a repayment. If you qualify as a first-time buyer (i.e., haven't been a homeowner in the past 3 years), then you can claim the $8,000 to reduce your tax burden. If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference. Example: you owe $2,000 in taxes on April 15, 2010. But if you bought a home before the stimulus expiration on Dec. 1, 2009, then you will get a tax refund check for $6,000 from the IRS.*

In order to be eligible for the homebuyer income tax credit in full, the homebuyer can have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.

The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer's spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property.

A homebuyer who utilizes revenue bond financing may be eligible for the homebuyer income tax credit.

There is no repayment of the homebuyer income tax credit by the homebuyer.
However, if the eligible property is resold within three years of purchase, the entire amount of homebuyer income tax credit is recaptured on the sale.

The First-Time Homebuyer Federal Income Tax Credit is effective for purchases on or after January 1, 2009 and before December 1, 2009. This guide reflects a modification from the First-Time Homebuyer Federal Income Tax Credit, which remains in effect for homes purchased by eligible homebuyers between April 9, 2008 and Dec. 31, 2008.

U.S. NEW HOME CONSTRUCTION SURGES.

2009-03-17T15:01:00.000-05:00

WASHINGTON (Associated Press) – Construction of new homes and apartments in February was 22.2 percent higher than in January, according to a report issued today by the Commerce Department. Total activity was at a seasonally adjusted annual rate of 583,000 units.

Despite the increase, construction activity was 47.3 percent below where it was a year ago. Last month’s surge was led by a big increase in apartment construction, which can be highly volatile from month to month.

Increases were reported in all areas of the country except the West, which has been hardest hit by the current housing slump.

San Antonio home prices stay flat

2009-03-17T06:27:00.000-05:00

By Jennifer Hiller - Express-News

San Antonio's home prices remain in neutral — good news when many other housing markets look more like a car crash on the side of the road.

San Antonio's median price remained steady at $145,100 compared to February 2008 when the median price was $144,900, according to the San Antonio Board of Realtors.

And while fewer homes sold last month than at the same time last year — 1,097 homes sold, down 26 percent from February 2008 — San Antonio's home buyers have shifted into house-hunting mode the last few months, according to SABOR.

The number of homes under contract and nearing a sale increased in February for the fourth month in a row — a sign that buyers are shaking off the Thanksgiving, Christmas and New Year's holidays and getting into house-hunting mode for the traditional springtime and summer buying season.

Real Estate Divorce Scam

2009-03-15T13:50:00.002-05:00

The married couple bought their home for approximately $300,000 in 2005, at the height of the market. Now, just four years later, their home is worth a mere $150,000. The couple divorced, and the wife quit claimed the home to the husband as a part of the divorce settlement. The husband, in turn, decided to short sale the home. The wife, using her maiden name, submitted an offer on the home. The bank, not recognizing the relationship between the two, accepted the short sale offer. The couple is now planning on remarrying in 3-4 months.

‘Hospital of the future' opens in Stone Oak

2009-03-14T14:23:00.002-05:00

By Joni Simon - Contributing Writer/North Central News
The role of the north central area as the new medical heart of San Antonio was cemented further on Monday when the Methodist Hospital System opened Methodist Stone Oak Hospital, the city's first new full-service hospital in nearly 20 years. The hospital is also attached to a 120,000 square-foot medical office building, where physicians and specialists in all fields will practice.

The Top 10 Foreclosure States as of February

2009-03-12T12:28:00.004-05:00

Click map to enlarge.
1. Nevada: 1 in 70 homes
2. Arizona: 1 in 147 homes
3. California: 1 in 165 homes
4. Florida: 1 in 188 homes
5. Idaho: 1 in 358 homes
6. Michigan: 1 in 360 homes
7. Illinois: 1 in 369 homes
8. Georgia: 1 in 389 homes
9. Oregon: 1 in 446 homes
10. Ohio: 1 in 451 homes

*Courtesy of RealtyTrac

What is a Realtor's VOW? Why must I register to do an MLS Search?

2009-03-11T13:32:00.003-05:00

Real estate brokers now have a new powerful tool called a Virtual Office Website (VOW), due to a settlement between the US Department of Justice and the National Association of REALTORS®. Broker sites can now provide more information to their customers than non-REALTOR® websites, and this is important as consumers are constantly looking for more information when they are looking to buy or sell real estate.

Registration is required to access this level of real estate information through the settlement agreement because it was determined that this information should only be shared when there is an expressed working relationship with the consumer and REALTOR®.
(Full Article)

Positive real estate housing developments.

2009-03-11T11:53:00.003-05:00

Real Estate Outlook: Balancing the News
By Kenneth R. Harney

There are some positive real estate housing developments out there.

Let's start with housing affordability. What will ultimately get the turnaround ball rolling will be the ability of ordinary consumers, in large numbers, to afford to buy a home with their current incomes at current mortgage rates. And right now, the affordability equation is at its most favorable point in decades. In local markets across the country, more households with median incomes can now afford to buy the median-priced house than at any time since 1970, when the National Association of Realtors first began its "Housing Affordability Index." Thanks in part to rising household incomes and continuing declines in the prices of housing being sold, the index jumped by 3 points in January alone and now stands at its all-time record high.

Here's another significant trend that gets almost no media attention: Almost all economists agree that a huge obstacle standing in the way of a housing recovery is the big overhang of unsold houses in inventory in many local markets. But inventories have been steadily declining over the past couple of months, and in January alone dropped another 3 percent to the lowest level in more than two years.

We are burning off the excess unsold supply of houses clogging local markets -- and that bodes well for stabilizing prices in the months ahead. Add in Congress's new $8,000 nonrepayable tax credit for buyers who haven't owned a house during the past three years and you've got the potential to pull hundreds of thousands of people off the sidelines and into the market during the remainder of 2009.

Loan Scam Uses RE/MAX Name to Dupe Consumers

2009-03-11T07:47:00.001-05:00

By Deborah Ball, RE/MAX Times Associate Editor

A fake company is using the RE/MAX name to scam consumers for loans - and RE/MAX International asks you to be on the alert for suspicious activity.

Real Estate Transfer Tax Is Proposed.

2009-03-10T15:16:00.004-05:00

To address budget shortfalls due to the economic slowdown, lawmakers in Austin are turning to the real estate industry as the funding source for their special interest programs. Many of these programs have absolutely nothing to do with anything related to the real estate industry. Three bills have already been filed calling for the implementation of a sales tax on real estate transactions, also known as a real estate transfer tax, and there will be more such bills in the coming weeks.

Please call your state senator and voice your opinion on this critical issue.

Foreign Investors: Now is the Time to Get into the U.S. Real Estate Market.

2009-03-10T11:29:00.003-05:00

There has never been a better time for foreign investors to purchase real estate in the United States. Simply put, historically low home prices plus the rising value of many foreign currencies equals a real estate investment that is second to none. People all over Europe are recognizing this opportunity and taking this chance to own their own home in the U.S. Recently, in many cities, foreign investors are coming to real estate agents requesting to buy numerous homes at a time. Why? It is really one of the safest investments that you could possibly make.

It is only a matter of time before the U.S economy stabilizes and recovers from the current recession. With President Obama so determined to stabilize the housing market, change is bound to come sooner rather than later. When that happens, homes purchased during this down time will spike in value and investors will see a dramatic return on their investment.

Get ready to fight the Appraisal District.

2009-03-09T14:56:00.002-05:00

In many neighborhoods, property values are sinking. But property taxes? Many of us are still paying like it’s 1999.

Homeowners across the country are starting to realize that property taxes, which are supposed to be based on property values, are not sinking as fast as they should be. Your municipality is not likely charging you more out of spite - even if property tax hikes sometimes feel that way.

Here’s what’s happening: To be more efficient, most local governments only appraise your house every couple of years. On the years they don’t physically look at your home to decide what it’s worth, they base the assessment on the assumption that home values will increase marginally from year to year.

Your property tax appraisal report should arrive in the mail soon. If the assessed value looks high, challenge it. If your challenge is successful, you will realize a savings of a few hundred dollars off your tax bill.

Half Acre Lot With Views! $57,750

2009-03-07T13:38:00.002-06:00

Priced below county assessed value. Beautiful half acre, oak tree studded, corner lot on a cul-de-sac/dead-end street with outstanding views. Neighborhood amenities include fishing lake, olympic size swimming pool, tennis courts, clubhouse, par 3 golf course, jogging trails and much more. Some view lot's in the neighborhood sell for more than twice this much! The lot across the street sold for $75K. Hurry, this bargain won't last!
Call Dan Murphy at 210-849-1800.

Point Bluff in Rogers Ranch $555,000

2009-03-07T13:33:00.002-06:00

Prestigious luxury Custom home, with encl. pool, in (gated) Point Bluff at Rogers Ranch. Beautiful ceiling treatments and art niches thru-out. Floor to ceiling slate front, gas/wood burning fireplace. Large downstairs split master with outdoor pool access. Separate shower/Jacuzzi tub and huge 14x11 walk-in closet. All bedrooms have a full bath plus a half bath down. Office/study off entry. Kitchen has dbl. ovens, granite island and custom 42" cabinets. 3 car garage finished out w/ slat-wall paneling. Four bedroom, 4 1/2 baths. 3,784 square feet. Call Dan Murphy 210-849-1800

Encouraging sign for the markets ahead.

2009-03-06T08:24:00.001-06:00

Good news? Housing inventory is down: The total number of homes for sale has dropped to a two-year low; that’s an encouraging sign for the markets ahead.

Builder magazine’s list of “Healthiest Housing Markets for 2009.”

2009-03-04T18:38:00.000-06:00

The Good News! Congratulations, Texas! Five Texas cities swept the top spots on Builder magazine’s list of “Healthiest Housing Markets for 2009.” Houston ranked first, Austin second, Fort Worth third, San Antonio fourth and Dallas fifth. Texas continues its trend of weathering the recession better than most other states. The state’s major metros top the nation in home price appreciation over the last year according to a study done by California’s First American CoreLogic, Inc.

Austin–Round Rock leads the country’s largest core-based statistical areas (CBSA) in home price appreciation with a 3.7 percent increase in 2008, according to First American CoreLogic. Houston–Sugar Land–Baytown experienced a price appreciation of 3.3 percent over the last year, putting it right behind. Dallas-Plano-Irving homes appreciated 1.92 percent and San Antonio’s homes 0.17 percent, putting them third and fourth in the nation.

Of the 958 smaller communities the study observed, College Station–Bryan experienced the sixth highest home price appreciation, with an increase of 6.78 percent. Overall, Texas homes saw an appreciation of 1.83 percent in 2008, putting the Lone Star State sixth among all state rankings.

Home Buyer Tax Credit Checklist: Do You Qualify?

2009-03-04T14:57:00.000-06:00

By LEE FERRAN: ABC News
According to the new plan, first-time home buyers who buy a home this year will be eligible to receive an $8,000 tax credit -- if they meet a battery of qualifications.

"For first-time home buyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman, in a news release. "This important change gives qualifying home buyers cash they do not have to pay back."

Foreclosure Scams Up as 'Piranhas' Circle.

2009-03-04T13:48:00.001-06:00

ABC News, by Matt Gutman.
It was $3,500 Nickie Struthers couldn't afford -- but desperate to stave off foreclosure, the 45-year-old and her fiance, Dr. Dan Howard, a surgeon, scribbled their signatures on the check they thought would yield salvation. She handed the check to someone she'd done business with in the past, a mortgage broker-turned-foreclosure rescuer. But months went by, and the broker seemed to disappear. He had promised to modify her loan, she said, "but he wouldn't take our phone calls, e-mails, nothing. I never thought this would happen."

Details of Home Loan Plan Are Released.

2009-03-04T10:59:00.002-06:00

Click here for the details of the Home Loan Plan. It's called the Making Home Affordable initiative.

National Association of Realtors Scam Alert.

2009-03-03T14:45:00.001-06:00

WASHINGTON (National Association of Realtors) – The National Association of Realtors (NAR) has learned that its name is being used as part of a property rental scam.

In this scam, rental property is offered to consumers, who are led to believe that NAR is functioning as an intermediary to receive rental deposits from prospective tenants and, upon receipt of the deposit, to deliver the keys to the property to the tenant. The tenant is instructed to send money via Western Union to NAR's purported agent in the United Kingdom.
NAR has contacted law enforcement officials to have the matter investigated.
Complaints can be filed with the Internet Crime Complaint Center, sponsored by the Federal Bureau of Investigation and the National White Collar Crime Center.

San Antonio Ranks High as Energy Efficient City.

2009-03-03T14:39:00.001-06:00

WASHINGTON (U.S. Environmental Protection Agency) – Texas' four major metros are among the 25 U.S. cities that boasted the most Energy Star–certified buildings last year.

Has housing found a floor?

2009-03-03T14:27:00.001-06:00

By Irwin Kellner, MarketWatch
PORT WASHINGTON, N.Y. (MarketWatch) -- Home prices are closer to stabilizing today than at any time in the past nine years.
Based on the latest data, median selling prices for new and existing homes combined now equal 2.9 times median household incomes, nationwide. This is exactly the ratio that prevailed during the halcyon days of the 1980s, when sales and construction of housing were booming. Three years ago, just before the housing bubble burst, this ratio was 4.5 times incomes.

Rent or Buy?

2009-02-28T07:43:00.001-06:00

Go out and buy a home. Owning a home you can afford certainly beats paying rent forever. Don't worry about the market going down. The market will go back up. It always does. This is the third time we have seen this cycle since 1980. Get a home you'll love to live in. Fix it up the way you like. If the home is affordable and the payments (loan, insurance, property tax) are not more than 25% higher than your rent, you're at least breaking even. In long run, you will be building equity.

The pros and cons of the first-time home buyer tax credit.

2009-02-28T07:34:00.001-06:00

LOS ANGELES (MarketWatch) -- Did you hear the one about the tax pro who took the first-time home buyer credit on his client's 2008 return -- although the client hasn't bought the house yet? Believe it or not, the taxpayer has already received the refund.

Five reasons to buy a home this year

2009-02-28T06:50:00.001-06:00

Affordability returns to housing, and buyers have loads of negotiating power.
If you're qualified to buy a home now, the purchase makes sense for your situation and you're prepared to live in that home for at least five years, there are five reasons why you may be headed for a great deal:

Rental Property in a Buyer’s Market

2009-02-27T15:36:00.001-06:00

Would you buy a rental property? Today’s buyer’s market is a great opportunity to do this, but check these three things first:

1. Do you have enough reserves to pay both mortgages without a renter? I usually recommend that you have enough to afford the house for six months without rental income. This will make sure you have time for any necessary home improvements, and to survive in case finding a renter is hard.

2. Do you have patience? Owning a rental is a lucrative investment—but it’s going to take a lot of work, time, and money at the outset. Don’t start renting at a time when you’re expecting big life changes or a busy career time.

3. Do you have a REALTOR®? Renting can be even more complicated than selling your home. You’re going to want an experienced local real estate professional to help you organize things. He or she can also advise you on how long you can expect to wait before finding a renter.

Texas was top in job growth last year

2009-02-10T14:27:00.000-06:00

According to a recent analysis by bizjournals.com,five Texas cities ranked among the top ten, with three securing the top three spots.

Houston added 57,300 jobs in 2008, giving it the best year of any U.S. market. Dallas–Fort Worth was next with 43,300 additional jobs, then San Antonio, which was up by 14,900 jobs.

Austin ranked fifth with 9,600 jobs added, and El Paso’s 5,300 additional jobs landed the city at ninth.

Bizjournals.com examines markets that have at least 250,000 nonfarm jobs and compares employment figures for the final month of the past two years. Seventy-two of the 88 markets studied suffered declines in employment in 2008.

Home prices up in some San Antonio areas.

2009-01-29T20:25:00.001-06:00

Most of the San Antonio metro area saw a drop in home prices in 2008.

Interest rates on home loans plunge; Lowest in 38 years.

2009-01-18T07:17:00.001-06:00

Surge in lending activity.

San Antonio home-price fall is biggest in decade

2009-01-16T09:25:00.001-06:00

By Aïssatou Sidimé - Express-News

The median price of existing homes suffered its steepest plunge in more than 12 years, dropping 7 percent in December.

The median price of a home in the San Antonio area was $139,900, down from $150,700 in December 2007. That decline occurred as total sales dropped 19 percent to 1,322 from 1,631 in December 2007.

Foreclosures highest since 1980s

2009-01-15T06:43:00.001-06:00

Mortgage lenders have moved to foreclose on the largest number of Bexar County homes since the late 1980s, filing to auction off a record 1,248 properties on Feb. 3.

2008 Home Starts:

2009-01-05T19:48:00.002-06:00

By Creighton A. Welch - Express-News
Single-family home starts declined 32 percent in San Antonio and single-family home sales were down 29 percent in 2008 compared with 2007, a worse than expected decline.

During 2008, 8,719 new homes were started and 11,112 homes closed, according to Metrostudy, a housing research firm that presented its numbers at the annual Greater San Antonio Builders Association housing forecast.

In 2007, there were 12,800 home starts and 15,675 closings.

As a result of deteriorating economic conditions, Metrostudy expects construction and sales to continue to fall for much of 2009 as the San Antonio area remains a buyers market for much of the year.

There are 38 months worth of vacant developed lots available, and there were 8,053 lots delivered in 2008, 7,326 less than in 2007.

New home inventory did decline during the past year, falling 30 percent from 7,532 new homes in the fourth quarter of 2007 to 5,147 in the fourth quarter of 2008.

2009 BIG YEAR FOR ALAMO CITY CONSTRUCTION

2008-12-12T15:05:00.000-06:00

SAN ANTONIO (San Antonio Express-News) – The local medical, military, civic and education sectors promise to keep construction strong next year.

More than $2 billion worth of projects are expected to begin next year in the Alamo City, and another $1 billion in new projects will be awarded in 2009.

University Health System is about to embark on $899 million worth of construction that will add one million sf to the South Texas Medical Center.

Twenty-nine contracts worth more than $700 million will be awarded for base realignment and closure (BRAC) and other military construction projects.

Construction also began this week on a $724 million expansion at Brooke Army Medical Center.

During the first half of the year, the North East Independent School District will advertise about $69 million worth of construction projects, said Doug McMurry with the San Antonio Chapter of the Associated General Contractors.

Earlier this month, the city council authorized the sale of nearly $180 million in bonds to finance public projects, including street and bridge improvements, a new public safety headquarters, police and fire station improvements, and infrastructure at the Texas A&M University campus on the south side.

Maybe It’s Time to Buy That First House

2008-12-06T08:27:00.000-06:00

Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.

S.A. called one of top housing markets

2008-11-25T06:48:00.000-06:00

By Aïssatou Sidimé - Express-News "The Mortgage Bankers Association proclaimed San Antonio one of the top markets in the U.S. for home buyers, citing its high employment rate, population growth and better-than-average price appreciation as key factors.
San Antonio’s median home prices continued to perform better than all U.S. regions, dipping 1 percent in October from October last year, versus an 11.3 percent drop nationwide, according to data released Monday by the National Association of Realtors.

San Antonio is in the Southern region, which showed a 5.8 percent decline in median prices during the same period — the best regional performance in the nation.

“With 95 percent employment and people moving in, your glass is more than half full,” said David Kittle, chairman of the Mortgage Bankers Association, which tracks mortgages made by nonbank lenders. “You are the benchmark for the rest of the country in lending and building.”

Kittle also praised Bexar County’s low tax rate, saying it continues to attract businesses that hire new employees who are looking for homes.

Population growth in Texas is expected to remain above 2 percent next year compared with a negative projected growth rate for the United States."

US home prices at 2004 levels, sales off 3.1 pct.

2008-11-24T13:08:00.001-06:00

WASHINGTON (AP) - Nationwide sales of existing homes fell more than expected last month, as economic fears made buyers leery even though prices plunged to the lowest level in more than four years. And the decline is expected to get worse because October's results reflect sales contracts signed before Wall Street's nosedive.
The National Association of Realtors said Monday that sales of existing homes fell 3.1 percent to a seasonally adjusted annual rate of 4.98 million units in October, from a downwardly revised pace of 5.14 million in September. Sales had been expected to fall to a rate of 5.05 million, according to economists surveyed by Thomson Reuters.

The median sales price plunged 11.3 percent from a year ago to $183,000. That was the largest year-over-year drop on records going back to 1968, and the lowest median sales price since March 2004.

To help stabilize home prices, the Realtors group is calling on lawmakers and the administration of President-elect Barack Obama to spend $50 billion to subsidize lower mortgage rates, projecting that doing so would stimulate about 500,000 more home sales.

"If home prices overshoot downward, than it can lead to collateral damage to the economy," said Lawrence Yun, chief economist at the Realtors group. The cost, he added, would be "very reasonable" compared with the billions the government is spending to rescue major banks.

Since October's sales reflect contracts signed in August and September, sales could well fall further amid the fallout from the recent stock market plunge and sinking economy.

DESPITE MARKET, SALES TO FIRST-TIME HOMEBUYERS HIGH

2008-11-24T06:40:00.001-06:00

ORLANDO (Dallas Morning News) – Sales to first-time homebuyers are at their highest in seven years. Over 40 percent of homes recently sold went to first-time buyers, according to a 10,000-person survey by the National Association of Realtors.

Other survey findings include:

a record 32 percent of buyers found their houses first on the Internet;
almost 90 percent looked for information online during their home search;
almost 80 percent were concerned about commuting costs;
43 percent said heating and cooling costs were very important factors when they made their purchase; and
more than 40 percent of sellers had to offer incentives to buyers, including assistance with closing costs and home warranty policies.

BUILDER CONFIDENCE FALLS

2008-11-24T06:37:00.001-06:00

NEW YORK (CNNMoney) – Homebuilders’ confidence sunk again in November to a record low, according to the National Association of Home Builders/Wells Fargo housing market index.

Builder confidence fell to a seasonally adjusted reading of nine, the lowest recorded level since the index began in 1985.

A reading below 50 indicates that builders who think home-sales conditions are poor outnumber those who think the environment is positive for sales. November's reading was the sixth record low set or matched in the past seven months.

Of over 400 builders surveyed, 98 percent believe consumer concern about the economy was a key problem in the market. Also, almost all unanimously agreed that buyers’ inability to sell their existing homes, continued sour market news and tight mortgage lending conditions contributed to the bleak market.

Only 16 percent plan to build more homes in the first half of 2009, while 49 percent plan to build fewer homes. Overall, those surveyed anticipate constructing 17 percent fewer homes in the first six months of 2009 as compared with the last half of this year.

U.S. HOUSING STARTS LOWEST SINCE 1959

2008-11-24T06:35:00.001-06:00

WASHINGTON (Houston Business Journal) – Home starts reached an annual rate of 791,000 last month, the lowest level since 1959, the U.S. Commerce Department reported this week.

The October rate plunged 4.5 percent from the revised reading of 828,000 in September.

Home starts rose 7.5 percent in the West and 1.5 percent in the South but dropped 31 percent in the Northeast and 13.7 percent in the Midwest.

Building permits fell 12 percent to an annual rate of 708,000 in October, breaking the previous low of 709,000 in March 1975.