Sticks in the Ground

TEXAS FORECLOSURES UP 22 PERCENT

 

HOUSTON (Houston Business Journal) – Foreclosures in Texas last month were up 22 percent over January 2010, according to a report released yesterday by RealtyTrac.

Texas had a total of 14,897 foreclosure filings last month. That was about 33.5 percent more than in December 2010 and represented about one in every 653 homes.

Harris County had the bulk of filings — about 3,875.

At the national level, foreclosure filings increased 17 percent year-over-year in January to about 261,333, or about one in every 497 housing units.

.....blogging from Kingwood, TX

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METROSTUDY: JOB GROWTH, HOME STARTS SUGGEST H-TOWN RECOVERY

 

HOUSTON (Metrostudy) – The Bayou City's economy is showing signs of recovery according to a recent Metrostudy report.

The Houston economy had over 13,000 more jobs at the end of 2010 than it had at the beginning, a .5 percent increase after a loss of 102,800 jobs in 2009.

Overall, Metrostudy recorded 18,752 home starts in 2010, a 1.1 percent increase over 2009. This is the first increase in new home activity after three straight years of decline, according to the Metrostudy report.

Houston closed 20,579 homes in 2010, a 10 percent decline from 2009. Closings have outpaced starts since first quarter 2007, so the market has absorbed inventory.

Total new home inventory stands at a 5.9-month supply, below the six months that Metrostudy considers equilibrium for Houston. Finished vacant inventory has dropped to 5,320 units, a 3.1-month supply.

“The Houston market continues to face fewer market obstacles than most U.S. markets,” said David Jarvis, director of Metrostudy’s Houston division. “Texas’ pro-growth policies and business friendly environment will continue to benefit local housing markets and allow for 2011 to show moderate growth.”

.....blogging from Kingwood, TX

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Energy Star Guide

Keep your home comfortable year-round, get the ENERGY STAR Guide to Energy Efficient Cooling and Heating at http://bit.ly/anALxj

.....blogging from Kingwood, TX

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Is The Recession Really Over?

There has been a lot of “press” lately suggesting the recession is over, the implication being good times are just around the corner. Common sense and a stroll in the real world confirm that this notion, although perhaps technically accurate, is absolute madness.

Speaking specifically about the real estate industry at a recent conference Dr. Mark Dotzour, the chief economist for The Real Estate Center at Texas A&M University had this to say …..

"The health of the residential and commercial real estate industries depends not on gross domestic product (GDP), but on job growth" He added, "When the economy (i.e. GDP) grows by, say, 3 percent, but productivity also grows by 3 percent, it just means that currently employed workers produced 3 percent more things. Job growth is the essential engine of growth in this country. Until we start producing jobs, it's premature to say we are out of the recession."

We’ll keep working for the kind of change that’s necessary to return to a healthy housing market, but in all honesty, it’s going to be quite a while.

.....blogging from Kingwood, TX

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Houston Housing Cools

An anticipated property sales slowdown hit the Houston real estate market in July following the expiration of the federal homebuyer tax credit. The credit had propelled local home sales for four straight months; however home sales suffered a double-digit decline in July. Despite the drop, the average price of a single-family home still managed to climb to a two-year high.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), July sales of single-family homes throughout the Houston area fell 25.1 percent compared to July 2009. Sales volume faltered in all single-family home pricing segments except for the segment of properties priced under $80,000, which was flat.

The average price of a single-family home rose 2.7 percent from July 2009 to $224,764, the highest price since June 2008. The July single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 0.7 percent from one year earlier to $160,880.

The number of available properties, or active listings, at the end of July rose 18.6 percent from July 2009 to 55,247. That represents 1,313 more active listings than one month earlier, in June 2010, and reflects additional housing inventory that is remaining on the market as a result of reduced consumer interest following the expiration of the homebuyer tax credit.

Month-end pending sales for July totaled 3,267, down 16.4 percent from last year, suggesting that sales will be down again in August. The month’s inventory of single-family homes for June extended to 7.7 months compared to 6.5 months one year earlier, but remains healthier than the national month’s inventory of single-family homes of 8.9 months, as reported by the National Association of REALTORS®.

.....blogging from Kingwood, TX

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TEXAS ONE, RECESSION ZERO

TEXAS (The Atlantic) – Even in the middle of the Great Recession, Texas is faring well compared with the rest of the nation, racking up an ever-growing list of accomplishments.

In addition to ranking fourth in the country with the least amount of state debt, Texas has four cities in the Milken Institute’s Top Five Best Performing Cities Index, four among Forbes' list of top ten “Cities Where the Recession is Easing,” and four in last year’s Top Ten in Homebuilding.

Texas is home to three of the top five most resilient major metro areas for employment, with McAllen first, Austin third, San Antonio fifth and El Paso and Houston not far behind in the top 15.

The Lone Star State also claims 64 Fortune 500 companies — more than any other state — in addition to being dubbed Top State for Business for the second time in three years by CNBC.

The Atlantic says these accomplishments are because Texas’ major cities have chosen comparatively stable industries — Houston is the nation’s energy hub, Austin leads in education and technology, and San Antonio dominates the health care and education sector in addition to military spending.

“Our research shows that the more tax incentives and less regulation you have, and the less likely businesses are to get sued, the more likely it is they’ll want to come and prosper in your state,” said Brooke Rollins, president of the Texas Public Policy Foundation.

These factors support Texas’ position as a global economic leader, having the 15th largest economy in the world

.....blogging from Kingwood, TX

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Time Is Running Out

 

UPDATE 2/24/10  

There are less than 66 days left in which to enter a contract to purchase a home and qualify for the Homebuyer’s Tax Credit.

Here is a great new website that explains all there is to know about the tax credit, It also has an ELIGIBILITY TEST to help you assess your individual situation. The site is Homebuyer Tax Credit

.....blogging from Kingwood, TX

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Homebuyer Tax Credit Extended

The Homebuyer Tax Credit has been extended and expanded. It is extended to April 30, 2010 and adds tax benefits for current homeowners.

Current homeowners may qualify for as much as $6,500 on their joint tax return. They must have used the home sold or being sold as their principal residence consecutively for 5 of the last 8 years.

First-time homebuyers may still qualify for as much as $8,000 tax credit when filing jointly.

If the contract to purchase is in effect by the provisions expiration date, homebuyers will have until July 1, 2010 to complete their transaction.

Eligibility income limits have been increased to $125k for single and $225k for married taxpayers.

An $800,000 limit has been imposed on the cost of the purchased home.

This is a true tax CREDIT and has no repayment provisions as long as the taxpayer lives in the home for 3 years.

The intent here is to STIMULATE the housing market and we are quite confident it will have the desired result. This is real value that will make the choice of buying a home in the near term more compelling.

.....blogging from Kingwood, TX

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Important Taxpayer Amendments

UPDATE: Each of the property rights propositions discussed below gained voter approval in statewide voting. The property tax system in Texas will be improved for the taxpayer as a result.

Original Post:

On November 3rd Texans will have an opportunity to approve four significant changes to the state constitution. These amendments have the potential to  dramatically change the property tax structure of  the state in a good way.

Gabriel Lopez, legal council for the Texas Association of Realtors analyzed these four propositions and translated them into common sense English to help each of us make an informed decision.

Here is a summary (excerpted from Mr. Lopez's article) of the bottom line meaning of each of these important propositions:

Proposition 2
The central appraisers are using a practice called “highest and best use,” which is a method that allows a property to be valued on potential use rather than the current use.  Proposition 2 will  mandate that a residence be appraised only as a residence, regardless of what the highest and best use of the property may be.

Proposition 3
Passing this amendment would allow the state to have direct enforcement and oversight over every appraisal district. This would ensure that there is uniformity of the appraisal processes across the state. This is important because state funding for public schools is based on the taxable property in each school district.

Proposition 5
The main responsibility of the board of equalization is to hear appeals of the appraised value to taxable property and to resolve disputes between taxpayers and the appraisal districts. Appraisal districts have had a difficult time appointing boards in rural counties. By allowing appraisal district to pool together their qualified applicants, it would enable those counties to ensure that the appraisal process is handled professionally and in a timely manner.

Proposition 11
This amendment would narrow the scope under which private property could be taken by eminent domain. It essentially would eliminate the taking of private property for either private economic development (e.g., a shopping mall) or to boost tax revenues. Lastly, as of Jan. 1, 2010, the power of eminent domain could be granted only by a two-thirds vote of the Texas Legislature.

The entire article is available on line at Lost in Translation.

Be sure to make your voice heard on November 3rd.

.....blogging from Kingwood, TX

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Rainwater Harvesting – What’s the Benefit

Capturing and reusing rainwater for landscape use is obviously a way to conserve the municipal water supply, but, according to gardening experts, the rainwater is high in nitrogen and trace minerals, a real bonus for plants.

The Community Associations of The Woodlands recently installed a rainwater harvesting tank, the first of its kind at a public building in South Montgomery County. The 2,500-gallon tank collects rainwater from the office roof at the Parks, Recreation and Environmental Services facility in The Woodlands, providing drip-irrigation to more than 1,000 square feet of demonstration gardens at the site.

The public is invited to see the system and learn about rainwater harvesting methods for home and business at Woodlands Landscaping Solutions on Saturday, September 26, from 9 am to 12 noon at 8203 Millennium Forest Drive. The free, annual, how-to event promotes water-wise gardening.  For more information, visit http://www.thewoodlandsassociation.org, click on Environmental Services and then Woodlands Landscaping Solutions or call 281-210-3900.

P>.....blogging from Kingwood, TX

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