Another great real estate article from the Texas Real Estate Center.
NEW YORK (CNNMoney.com) – Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.The Market Composite Index — the organization's measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent. The report's Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
Friday, December 5, 2008
MORTGAGE APPLICATIONS MORE THAN DOUBLE
Another great article from the Texas Real Estate Center.
NEW YORK (CNNMoney.com) – Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.
The Market Composite Index — the organization's measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent. The report's Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
NEW YORK (CNNMoney.com) – Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.
The Market Composite Index — the organization's measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent. The report's Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
MORTGAGE APPLICATIONS MORE THAN DOUBLE
Another great article from the Texas Real Estate Center.
NEW YORK (CNNMoney.com) – Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.
The Market Composite Index — the organization's measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent. The report's Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
NEW YORK (CNNMoney.com) – Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.
The Market Composite Index — the organization's measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent. The report's Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
TEXAS OUTPERFORMS NATION IN NONFARM EMPLOYMENT
I recieved this in an email that I recieve regularly from the Texas Real Estate Center, located at the Texas A&M University.
COLLEGE STATION (Real Estate Center) – Texas relentlessly added more jobs in October despite more job losses for the nation. Texas’ nonfarm employment rose 2.2 percent from October 2007 to October 2008 compared with a decrease of 0.9 percent for the United States.
The state’s seasonally adjusted unemployment rate rose from 4.3 percent in October 2007 to 5.6 percent in October 2008. Over the same period, the nation's seasonally adjusted unemployment rate rose from 4.8 percent to 6.5 percent.
Despite recent oil price decreases, the state’s mining industry continued to gain more jobs and ranked first in job creation, followed by the professional and business services, leisure and hospitality industry, education and health services industry, and construction industry.
All Texas metros had positive employment growth rates from October 2007 to October 2008. McAllen-Edinburg-Mission ranked first in job creation followed by Laredo, College Station–Bryan, Midland and Longview.
The state’s actual unemployment rate in October 2008 was 5.4 percent. Petroplexes Midland and Odessa ranked first and second in lowest unemployment rate followed by Amarillo, Lubbock, Abilene and College Station–Bryan.
The complete economic review is available on the Real Estate Center's website.
COLLEGE STATION (Real Estate Center) – Texas relentlessly added more jobs in October despite more job losses for the nation. Texas’ nonfarm employment rose 2.2 percent from October 2007 to October 2008 compared with a decrease of 0.9 percent for the United States.
The state’s seasonally adjusted unemployment rate rose from 4.3 percent in October 2007 to 5.6 percent in October 2008. Over the same period, the nation's seasonally adjusted unemployment rate rose from 4.8 percent to 6.5 percent.
Despite recent oil price decreases, the state’s mining industry continued to gain more jobs and ranked first in job creation, followed by the professional and business services, leisure and hospitality industry, education and health services industry, and construction industry.
All Texas metros had positive employment growth rates from October 2007 to October 2008. McAllen-Edinburg-Mission ranked first in job creation followed by Laredo, College Station–Bryan, Midland and Longview.
The state’s actual unemployment rate in October 2008 was 5.4 percent. Petroplexes Midland and Odessa ranked first and second in lowest unemployment rate followed by Amarillo, Lubbock, Abilene and College Station–Bryan.
The complete economic review is available on the Real Estate Center's website.
Tuesday, December 2, 2008
From small town to boom town
Liberty Hill defies real estate downturn with many new neighborhoods
By Charles EalyAMERICAN-STATESMAN STAFFSunday, November 30, 2008
At least one area in Central Texas is thriving these days despite the real estate slowdown: Liberty Hill, the small town just north of Cedar Park and Leander.
In fact, Liberty Hill is in the only real estate zone in Travis, Williamson, Bastrop and Hays counties where more homes have sold this year than last. Through October, 150 homes have sold there, with a median price of $217,000. That compares with 112 homes sold through October 2007, with a median price of $229,840.
"We're not growing as much as we were, and sales are flattening out a bit," says Shane T. White, a broker/owner of ReMax Town & Country in Liberty Hill. "But we're still doing OK."
And he thinks the area is "on the verge of explosive growth" once the economy bounces back, mainly because of its proximity to Austin, which is about 40 minutes away if you drive down the new 183-A tollway. "183-A opened us up as a bedroom community," he says.
White and other real estate agents say one of the big draws for the area is the quality of schools. The Texas Education Agency rates the district as "recognized," which means that 75 percent of all students taking TAKS exams earned a passing grade, with a high school completion rate of 85 percent and an annual dropout rate of no more than 2 percent. Less than 23 percent of the state's school districts have that rating, and less than 3 percent of districts get the higher "exemplary" rating.
"Our family moved out to West Texas for a year, and I can tell you that the Liberty Hill schools are far more advanced," says Christie Weems of City Real Estate and Mortgage.
"There's a real sense of community here, and everyone turns out for the high school football games, even people who don't have children in school," she says. Part of the reason, of course, may be that the Liberty Hill Panthers are two-time Class 3A state champions.
Neighborhoods spread like wildflowers
But there are other reasons for Liberty Hill's growth. A big factor: More subdivisions are going up in what was once a rural area.
......Small-town charm but thinking big.
Despite its recent growth, Liberty Hill still has a small-town feel. The historical downtown area has cozy shops and dining spots, a quaintness that survives despite the nearby bustle along Texas 29.
And land along the highway is poised for even more rapid development, mainly because a new sewer system is going in, which is expected to bring an influx of fast-food restaurants and other establishments, White says.
"McDonalds has already bought the Star Burgers site," Weems says of a funky-looking local burger joint off of Texas 29.
Not everyone is excited about the growth prospects. Proposals to widen Texas 29 from Georgetown to Liberty Hill have stirred up controversy in recent months, and some landowners are worried about whether they'll be forced to sell their property.
But construction probably won't begin for 20 to 25 years, Williamson County officials say, and they expect that wider roads will be necessary because most of the county's growth is expected to be along Texas 29, west of Interstate 35.
Whatever happens, Liberty Hill residents probably won't have to drive so far to get to the city in 20 years. It looks like the city is coming to them.
cealy@statesman.com; 445-3931
For the full article, please visit http://www.statesman.com/business/content/business/stories/statesmanhomes/11/30/1130liberty.html
By Charles EalyAMERICAN-STATESMAN STAFFSunday, November 30, 2008
At least one area in Central Texas is thriving these days despite the real estate slowdown: Liberty Hill, the small town just north of Cedar Park and Leander.
In fact, Liberty Hill is in the only real estate zone in Travis, Williamson, Bastrop and Hays counties where more homes have sold this year than last. Through October, 150 homes have sold there, with a median price of $217,000. That compares with 112 homes sold through October 2007, with a median price of $229,840.
"We're not growing as much as we were, and sales are flattening out a bit," says Shane T. White, a broker/owner of ReMax Town & Country in Liberty Hill. "But we're still doing OK."
And he thinks the area is "on the verge of explosive growth" once the economy bounces back, mainly because of its proximity to Austin, which is about 40 minutes away if you drive down the new 183-A tollway. "183-A opened us up as a bedroom community," he says.
White and other real estate agents say one of the big draws for the area is the quality of schools. The Texas Education Agency rates the district as "recognized," which means that 75 percent of all students taking TAKS exams earned a passing grade, with a high school completion rate of 85 percent and an annual dropout rate of no more than 2 percent. Less than 23 percent of the state's school districts have that rating, and less than 3 percent of districts get the higher "exemplary" rating.
"Our family moved out to West Texas for a year, and I can tell you that the Liberty Hill schools are far more advanced," says Christie Weems of City Real Estate and Mortgage.
"There's a real sense of community here, and everyone turns out for the high school football games, even people who don't have children in school," she says. Part of the reason, of course, may be that the Liberty Hill Panthers are two-time Class 3A state champions.
Neighborhoods spread like wildflowers
But there are other reasons for Liberty Hill's growth. A big factor: More subdivisions are going up in what was once a rural area.
......Small-town charm but thinking big.
Despite its recent growth, Liberty Hill still has a small-town feel. The historical downtown area has cozy shops and dining spots, a quaintness that survives despite the nearby bustle along Texas 29.
And land along the highway is poised for even more rapid development, mainly because a new sewer system is going in, which is expected to bring an influx of fast-food restaurants and other establishments, White says.
"McDonalds has already bought the Star Burgers site," Weems says of a funky-looking local burger joint off of Texas 29.
Not everyone is excited about the growth prospects. Proposals to widen Texas 29 from Georgetown to Liberty Hill have stirred up controversy in recent months, and some landowners are worried about whether they'll be forced to sell their property.
But construction probably won't begin for 20 to 25 years, Williamson County officials say, and they expect that wider roads will be necessary because most of the county's growth is expected to be along Texas 29, west of Interstate 35.
Whatever happens, Liberty Hill residents probably won't have to drive so far to get to the city in 20 years. It looks like the city is coming to them.
cealy@statesman.com; 445-3931
For the full article, please visit http://www.statesman.com/business/content/business/stories/statesmanhomes/11/30/1130liberty.html
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