FACING FORECLOSURE? KNOW THE FACTS AND PROTECT YOUR RIGHTS

COLLEGE STATION (Real Estate Center) – Texas is experiencing its highest residential foreclosure rate since the late '80s. All residential foreclosures are governed by strict statutory rules, and Real Estate Center attorney Judon Fambrough says homeowners in jeopardy should know these rules to protect their rights.

"For example, how many days' notice must the homeowner be given to satisfy the amount in arrears before the entire amount of the unpaid loan may be declared due and owing?" Likewise, Fambrough said, "What are the qualifications, if any, of the person who conducts the foreclosure sale? How many times a year can a foreclosure sale occur, and on which day of the week, and during what hours?"

These and other questions are answered in “A Homeowner’s Rights under Foreclosure," available on the Center's website.

2010 TEXAS CONSTRUCTION OUTLOOK UPBEAT

NEW YORK (McGraw-Hill) – The value of Texas construction starts will advance 16 percent to $52.5 billion this year, according to the 2010 Texas Construction Outlook from McGraw-Hill Construction.

Growth is expected for each of Texas' major metropolitan areas: Austin is expected to climb 30 percent, Houston 17 percent, Dallas 16 percent, El Paso 8 percent, and San Antonio 6 percent.

Other highlights from the report:

• Housing starts in Texas are expected to advance 31 percent to $21.8 billion in 2010, with single-family housing growing 31 percent and multifamily housing gaining 34 percent.

• Nonresidential construction starts will slip 1 percent to $17.6 billion, suffering from declines in commercial and industrial starts.
• Federal stimulus funding will assist public works and utilities construction as starts rebound 21 percent to $13.1 billion in 2010.

JOB GROWTH TO FUEL AUSTIN APARTMENT DEMAND

AUSTIN (Marcus & Millichap) – The Capital City's robust employment growth is expected to resume in the coming months, attracting job seekers from areas hit hard by the recession, according to the 2010 National Apartment Report by Marcus & Millichap.

A recovery in the global economy will be particularly beneficial for Austin firms, as technology sales in emerging markets will revive the local manufacturing sector, which has declined by 15 percent since peaking in 2007.

Following are some of the most significant aspects of the Austin Apartment Research Report:

• Job growth is expected to gain steam this year. Companies are forecast to expand local payrolls at a 2.5 percent clip with the addition of 19,000 positions.
• A sharp reduction in multifamily development activity is expected in 2010 as 2,500 units come online. Last year, 7,900 apartments were delivered.
• Population gains and job growth will fuel a 2.1 percent increase in apartment demand this year, resulting in a 40 basis point improvement in vacancy to 10.6 percent.
• Asking rents are forecast to rise 0.6 percent in 2010 to $849 per month while effective rents retreat 0.7 percent to $752 per month.

MORE PEOPLE PREP FOR HOMEOWNERSHIP

MIAMI (Associated Press) – More people were preparing to buy a home in December than in November, according to the National Association of Realtors’ seasonally adjusted index of sales agreements.

Agreements rose 1 percent between November and December to a reading of 96.6, a bit lower than the 97.1 level analysts expected.

The index has risen nine out of the last ten months.