It's a great day for Real Estate in Central Texas!

STATE OFFERS FUNDS TO FIRST-TIMERS

2011-01-18T14:21:00.002-06:00

DALLAS (Dallas Business Journal) – The Texas Department of Housing and Community Affairs is offering $45 million to consumers through its first-time homebuyer program.

“Despite all the negatives we hear from other states, the fact is that the Texas economy — and the demand for homeownership — both remain quite healthy,” said Michael Gerber, executive director of the state agency. “Many families want and are ready to take that exciting step toward homeownership, and TDHCA wants to help them achieve their dreams through safe, reliable lending products offered through the state, coupled with responsible homebuyer education."

The Texas Mortgage Credit Program will help reduce borrowers' tax liability by offering a credit in exchange for taking a certified homebuyer education class. Homebuyers could save up to $2,000 in annual taxes.

Waterfront Retreat!!

2010-08-26T11:08:00.002-05:00

EVERYTHING BIGGER IN TEXAS, INCLUDING BUSINESS

2010-07-17T14:46:00.000-05:00

TEXAS (CNBC) – Texas has reclaimed the top spot from Virginia as CNBC’s number one state for business.

The news source's study measures states on 40 different metrics in ten key categories including cost of doing business, workforce, quality of life, economy, transportation and infrastructure, and technology and innovation.

According to government figures, the Texas economy is the 15th largest in the world in addition to being home to 64 Fortune 500 companies — more than any other state.
Although the state ranked high overall, it did fall short in the "cost of doing business" category, where it came in at number 30.

Try a tankless water heater for energy efficiency

2010-07-02T06:57:00.001-05:00

Looking for another way to increase energy efficiency in your home? Tankless water heaters, also called instantaneous or demand water heaters, provide hot water only as it is needed. Traditional storage water heaters produce standby energy losses that cost you money. We do not leave our homes heated while vacationing. We only heat our homes when there is a demand for heat. In the same way, a tankless water heater is used only when there is a demand for hot water.

Tankless water heaters heat water directly without the use of a storage tank. Therefore, they avoid the standby heat losses associated with storage water heaters. When a hot water tap is turned on, cold water travels through a pipe into the unit. In an electric tankless water heater an electric element heats the water. In a gas-fired tankless water heater a gas burner heats the water. As a result, tankless water heaters deliver a constant supply of hot water. You don't need to wait for a storage tank to fill up with enough hot water.

For homes that use 41 gallons or less of hot water daily, tankless water heaters can be 24% - 34% more energy efficient than conventional storage tank water heaters. They can be 8% - 14% more energy efficient for homes that use a lot of hot water, around 86 gallons per day. You can achieve an even greater energy savings of 27% - 50% if you install a tankless water heater at each hot water outlet.

OPEN HOUSE TODAY (6/27 2-4pm)! 1513 Parkwood

2010-06-27T11:24:00.001-05:00

BEST CITIES FOR YOUNG PROFESSIONALS

2010-06-25T14:04:00.001-05:00

AUSTIN (Austin Business Journal) – Texas cities were prominent in a new listing done by Forbes.com on the best cities for young professionals.

Houston ranked first with Dallas ranking sixth and Austin not far behind, ranking tenth.

The list was determined by factoring in unemployment rate, average wage, affordability and public company presence. Only cities with populations greater than one million were included.

TEXAS RANKS HIGH WITH FASTEST GROWING CITIES

2010-06-25T14:03:00.000-05:00

TEXAS (USA Today) – According to Census population estimates, Texas is still highly regarded, having four of the ten fastest-growing cities in the country among cities with populations greater than 100,000.

From 2008 to 2009, 11 of the nation’s 25 fastest-growing cities with a population size greater than 100,000 people were in Texas.

Frisco was ranked number one while Austin, Dallas suburbs such as McKinney, Carrollton and Lewisville, and oil centers Odessa and Midland ranked high on the list.

TAX CREDIT CLOSING DEADLINE EXTENDED

2010-06-21T10:56:00.001-05:00

WASHINGTON, D.C. (InmanNews.com) – The Senate approved an amendment to the recent tax credit bill in which homebuyers who were under contract by April 30 will receive an additional three months to finish closing and claim the homebuyer tax credit.

Extending the deadline from June 30 to September 30 will allow lenders to clear the backlog of 180,000 homebuyers nationwide who qualified for the tax credit.

The amendment does not extend the deadline for homebuyers who do not have a contract in place.

EXPANDING JOBS IN AUSTIN, ROUND ROCK

2010-06-08T09:29:00.000-05:00

AUSTIN (Austin American-Statesman) – Three companies in the Austin-Round Rock area may receive tax rebates for their expansion projects, increasing the number of employment opportunities in the area.

St. David South Austin Medical Center at 901 W. Ben White Blvd. proposed a $72 million expansion that will add more than 100,000 sf and retain 1,157 jobs.
Bazaarvoice’s $5 million expansion expects to add approximately 100 employees to its headquarters at 3900 N. Capital of Texas Highway.

The Sears Customer Care call center, at 1300 Louis Henna Blvd. proposed a $5 million expansion and plant improvement.

Both Austin and Round Rock city councils have given preliminary approval to all three projects, but final approval must come from the state comptroller’s office.

Website: New & Improved!

2010-06-01T10:26:00.004-05:00

Check out our newly redone website at www.ShinOakRealty.com

Celebrate Perennial Gardening Month

2010-05-20T09:34:00.002-05:00

June is a perfect month to plant new perennials that will flower in June and beyond into summer and fall. At one time gardeners did most or even all of their perennial planting in the early spring season. Summer environmental conditions were considered too harsh for new plantings. This is not true any more! June is a time to discover new perennials at your local botanical garden, arboretum, or the display gardens at your favorite garden center. It is also time to participate in a neighborhood or city wide garden tour to study perennials and garden design.

Garden centers carry a wide selection of perennials that may be planted in June. It is a good time for the gardener to find more mature specimens of favorite summer bloomers at the garden center. It is also a good time to plan and plant a sequential summer perennial display of old-favorites and new cultivars. There are many spectacular flowering performers for the sultry summer season.

For full article and planting and maintenance tips, visit: http://www.perennialplant.org/

MAY BRINGS 2010'S LOWEST MORTGAGE RATES

2010-05-18T17:24:00.001-05:00

McLEAN, Va. (The Wall Street Journal) – Home mortgage rates reached their lowest level of the year, according to Freddie Mac’s weekly survey of mortgage rates.

The 30-year fixed-rate mortgage averaged 4.93 percent, down from 5 percent a week ago.

The 15-year fixed-rate mortgage fell from 4.36 percent to 4.3 percent while the five-year Treasury-indexed hybrid adjustable-rate mortgage showed to be 3.95 percent.
One-year Treasury-indexed ARMs averaged 4.02 percent.

ECONOMICALLY SPEAKING, TEXAS MSAS RANK HIGH

2010-05-17T09:40:00.001-05:00

PALM CITY, Fla. (Policom Corporation) – Houston, Dallas and Austin are among the 20 strongest metropolitan areas in the nation, according to POLICOM Corporation’s annual economic strength rankings.

“The top-rated areas have had rapid, consistent growth in both size and quality for an extended period of time,” said William H. Fruth, president of POLICOM. “The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation.”

Of 366 metro areas nationwide, Houston–Sugar Land–Baytown ranked fourth, Dallas–Fort Worth–Arlington ranked tenth and Austin–Round Rock–San Marcos ranked 12th.
POLICOM specializes in analyzing local and state economies.

ACC BRANCHES OUT

2010-05-14T16:02:00.001-05:00

LEANDER (Austin American-Statesman) – Austin Community College (ACC) has purchased 100 acres from the RB 270 Partnership. The land at US 183A and CR 269 will eventually be home to a new campus.

“Leander is a growing area, and our master plan calls for a campus in that community at some point in the future,” said Ben Ferrell, ACC’s executive vice president of finance and administration.

2010-05-04T16:42:00.000-05:00

2010-05-04T16:11:00.001-05:00

2010-05-04T15:25:00.000-05:00

A FEW POINTS ABOUT INTEREST RATES!!

2010-05-04T09:50:00.001-05:00

Less is more

If you're new to investing or real estate and don't know the first
thing about interest rates, here's a good tip: the higher the interest
rate, the more expensive it's going to be. High interest rates mean
you will have to pay back more on the money you borrow. Another good
rule of thumb is that affordability increases if you use an
adjustable rate mortgage (it's easier to qualify this way). Of
course, there will be a wide range of prices that you can choose
from, depending on what kind of financing you choose.

Not even the Fed knows for sure

The Fed holds a considerable amount of power, but they can't control
everything. Mortgage interest rates are affected by many unpredictable
political, economic and social events. So there is no guarantee what
direction interest rates will go, despite the forecasts of the
experts. Therefore, make your financial decision based on where
things are today including your budget, your needs and your future
plans.

Locking in rates assures your lowest interest

If you do decide you want to lock in at a certain interest rate, you
will need to complete a loan application and send it to your lender as
soon as possible. This must be done so that your commitment doesn't
run out before your loan is approved. Follow up and be se sure that
the lender is receiving all of the necessary documentation. Get a
property appraisal, which usually costs about $300, through your loan
agent as soon as possible.

Don't obsess and miss a good real estate deal

Although rising interest rates can create more problems for home
buyers, waiting and hoping for low rates is not necessarily a smart
move. You may end up paying a higher price. Also, refinancing is
always an option in the event that interest rates come down.

Visit again soon! I have more information that you will need!

TEXAS CITIES BEST PLACES FOR JOBS

2010-04-30T14:33:00.001-05:00

FORT WORTH (Fort Worth Star-Telegram) – For the second year in a row, Texas cities took half of the top ten spots in Newgeography.com's annual ranking of the best cities in the nation in which to find a job.

Austin–Round Rock–San Marcos ranked first, San Antonio–New Braunfels second, Houston–Sugar Land–Baytown third, Dallas-Plano-Irving fifth and Fort Worth–Arlington seventh.
Among the medium-sized cities that Newgeography.com ranked, El Paso was fifth, McAllen-Mission-Edinburg was sixth and Corpus Christi was seventh.

College Station–Bryan was the third best smallest city in which to find a job. Killeen–Temple–Fort Hood was fourth.

The rankings are based on three-month rolling averages of monthly employment data from the Bureau of Labor Statistics from November 1999 to January 2010.

Time to heat up the grill!

2010-04-29T15:11:00.001-05:00

With the official start of summer right around the corner, the aroma of grilled foods will again become a regular part of the evening. Whether you are a beginner or a master of the grilling arts, here are a few tips to help your grilling this season.

First, make sure the grill grate is clean. A stiff wire grill brush is ideal for this task, but a crumpled ball of aluminum foil will work too. Once the debris has been removed from the grate, it should be lubricated to minimize food sticking. If you can remove the grate from the grill, cooking spray can be used. But do not use cooking spray over a lit grill! Another method is to fold a paper towel into a small square, dip it in vegetable oil, and use tongs to rub it over the grill grate.

With the grill preparation out of the way, it's time to start cooking. When grilling, it is best to minimize the times the food is turned over. The more often food is turned, the longer it will take to cook, which often leads to food that is tough and dry. Don't use a fork for turning, as a fork will puncture the meat causing juices to be lost. If a sugary sauce, like barbeque sauce, is going to be applied to the food, it should be applied at the end of the cooking time because these sauces will burn if applied too early.

TEXAS EXISTING HOME SALES, PRICES UP IN MARCH

2010-04-28T15:31:00.001-05:00

TEXAS (Real Estate Center) – A total of 19,330 existing single-family homes were sold in Texas last month, up 16 percent from March 2009, according to MLS data compiled by the Real Estate Center at Texas A&M University.

The median price was up 4 percent to $144,600 during the same period, and the state finished the month with a 7.1-month inventory of existing homes.

U.S. NEW HOME SALES SURGE

2010-04-28T15:27:00.001-05:00

HOUSTON (Houston Business Journal) – New home sales surged 26.9 percent from February to March, according to the Department of Commerce.

The nationwide increase, which was the largest one-month gain in five decades, was accompanied by a 23.8 percent increase in new home sales year over year.
There were 228,000 new homes on the market at the end of March, a 6.7-month inventory at the current sales rate.

Last month's sales increase was credited partially to fairer weather and buyers hurrying to beat the expiration of the government's homebuyer tax credit.

U.S. NEW HOME SALES SURGE

2010-04-28T15:10:00.001-05:00

RISK OF MAJOR HOME PRICE DECLINE LOW IN TEXAS

2010-04-27T16:04:00.000-05:00

COLLEGE STATION (Real Estate Center) – A new study from the Real Estate Center at Texas A&M University explains why Texas’ housing market fared far better than other states during the current downturn. It also suggests why the state’s economy is expected to continue to do better than the rest of the nation in the coming months.
“Texas’ lower-than-national-average housing cost is one reason for the state’s higher-than-national-average growth rate,” said Dr. Ali Anari, a Center research economist and one of the study’s authors. “When Texans are able to spend more on nonhousing goods and services, the state’s economy is strengthened and more people attracted.

“These results illustrate one of the key reasons the Texas economy outperforms the United States in terms of job growth almost every year,” said Center Chief Economist Dr. Mark Dotzour. “The fact that Texans pay less of their income for housing means they have more to spend on other things that add to the overall quality of life. Texas offers a lower cost of living than many places in the United States.

“This allows Texas employers to be able to attract workers at a reasonable wage rate that allows them to compete successfully in the global economy,” said Dotzour.
Since 1987, the average annual expenditure for shelter per consumer increased in every major American metropolitan market.

Texas data for the study came from the Dallas-Fort Worth and Houston-Galveston-Brazoria metro areas because they are among the major metropolitan areas for which consumer expenditure data are available. These two metros accounted for 60.3 percent of Texas labor force last year and 64 percent of Texas GDP the previous year.
“Houston and Dallas consumers spent the smallest shares of their incomes on shelter in 2008 (18.6 percent),” said Anari.

The two Texas metros in the study had virtually no increase in their shelter expenditure shares from 1987 to 2008. Houston’s share rose 1 percent while Dallas’ share increased 2.2 percent.

For more information on the study's findings, read the Center's news release.

TEXAS LENDING INCREASES

2010-03-23T16:19:00.000-05:00

AUSTIN (Austin Business Journal) – Despite the national recession, Texas banks increased their lending levels in 2009, with a cumulative $247.1 billion in loans sent out from the state’s 629 banks, according to the Federal Deposit Insurance Corporation (FIDC).

That is compared with $233.5 billion lent from Texas banks in 2008 and $229.1 billion during 2007.

The FDIC does not discern between the types of lending that has occurred when making its calculations. Industry experts warn that the increased lending activity is good news if it was used to prompt business expansion, but not if it was caused by increased credit card debt.

Local bankers indicate that much of their increased lending activity was from businesses applying for loans at Texas banks after being turned down by national banks.

High oil prices and banking regulations adopted in Texas following the real estate bubble of the late 1980s and early 1990s largely muted the recession’s effects. Those regulations, coupled with the Lone Star State’s business sector diversity, are contributing to its strong lending position, said John Heasley, general counsel for the Texas Bankers Association.

Nationally, total loan and lease balances fell to $7.2 trillion in 2009 from $7.8 trillion in 2008 and $7.9 trillion in 2007, reported the FDIC.

FORECLOSURE PREVENTION PLAN UNVEILED

2010-03-09T15:15:00.000-06:00

NEW YORK (New York Times) – April 5th will mark the beginning of a new program by the Obama administration intended to end the foreclosure crisis — one that will pay homeowners to sell their homes.The program will allow owners to sell their homes for less than they owe and give them cash to expedite the process.

Hundreds of thousands of delinquent borrowers will be encouraged to sell their houses through short sales, in which properties are sold for less than the balance of the mortgage.

The new program will give the servicing bank $1,000, and another $1,000 may go toward a second loan, if one exists. The distressed homeowners will also receive $1,500 in relocation assistance.

Borrowers could suffer less damage to their credit ratings under the new program, and they will receive the lender’s assurance that they will not later be sued for an unpaid mortgage balance.

GOVERNMENT REFINANCING PROGRAM EXTENDED

2010-03-03T11:08:00.000-06:00

WASHINGTON, D.C. (Associated Press) – Homeowners have received another year to refinance their loans under the Home Affordable Refinance Program, the Federal Housing Finance Agency announced yesterday.

The program, which was originally scheduled to end June 10 but now expires June 30, 2011, allows borrowers who owe up to 25 percent more than their homes are worth to refinance at lower interest rates.

The Treasury Department reports that, so far, the program has helped about 220,000 homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac, far less than the projected four to five million.

$2.25 BILLION TAGGED FOR TEXAS ROADS

2010-03-03T11:02:00.001-06:00

AUSTIN (Austin Business Journal) – Texas expects to receive $2.25 billion for about 450 highway projects statewide from American Recovery and Reinvestment Act road construction funding.

About 320 of the projects are currently under construction.

These dollars are leveraged with state funds, including about $12 million awarded last month to Central Texas projects, according to the Texas Department of Transportation.

Nationwide, the bill signed last year is expected to pump $26.1 billion into the nation’s road infrastructure.

Vice President Joe Biden and U.S. Transportation Secretary Ray LaHood announced the funding yesterday.

TEXAS: FRIGID WEATHER, HOT HOUSING MARKETS

2010-03-01T09:58:00.001-06:00

COLLEGE STATION (Real Estate Center) – Which Texas cities made Forbes' list of best housing markets in the country, and which North Texas city has gone off "the deep end"?

Find out on this week's edition of the Real Estate Red Zone podcast.

Hosts Bryan Pope and Edie Craig come in from the cold to talk about the latest news in Texas real estate.

To subscribe to the free podcast, just click on the RSS feed found on the podcast page. The podcast is also listed in iTunes. And don't forget to tell your friends about it.

FACING FORECLOSURE? KNOW THE FACTS AND PROTECT YOUR RIGHTS

2010-02-16T14:59:00.001-06:00

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

2010-02-13T10:19:00.001-06:00

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

2010-02-06T13:02:00.001-06:00

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

2010-02-02T15:21:00.001-06:00

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.

WATER PARK PLANNED FOR CEDAR PARK

2010-01-29T15:30:00.002-06:00

CEDAR PARK (Austin Business Journal) – Schlitterbahn Waterparks plans to build a $360 million resort development and convention center in this city north of Austin.

The city will provide $6 million for the 95-acre project’s infrastructure costs.

The Lower Colorado River Authority has not yet determined how the water park may affect local conservation efforts.

The Cedar Park location is a partnership between Rick Redmond, Schlitterbahn Waterparks and Cedar Park city hall.

IPHONE APP AIDS IN HOME SEARCH

2010-01-16T10:24:00.001-06:00

HOUSTON (Houston Chronicle) – The National Association of Realtors has turned the iPhone into an industry tool with this week’s launch of a free application that allows users to access four million listings nationwide.

Realtors with this application can:
• search nearby homes based on their current location using the iPhone’s GPS;
• sort, refine and filter search results for every property listed on Realtor.com;
• find open houses within a 20-mile radius of the user’s location;
• call or email the listing agent; and
• make notes about a property.

The Houston Association of Realtors is also developing an iPhone application, which should be available in early April.

FARMERS INSURANCE SCALES BACK RATE HIKE

2010-01-12T15:24:00.000-06:00

AUSTIN (Dallas Morning News) – After originally proposing a statewide rate increase of 10 percent for Texas homeowners, Farmers Insurance has agreed to cut the rate hike by more than half.

State Insurance Commissioner Mike Geeslin, who called the initial rate plan "excessive and unfairly discriminatory," signed a consent order Monday agreeing to a 4.5 percent increase for the 300,000 customers of Farmers' largest home insurance subsidiary.

Farmers, the state's third-largest home insurer, said the rates were necessary because of increased property losses and a jump in the cost of reinsurance, which insurers buy to help pay claims after a catastrophic event.

The order does not require the company to lower its rates until March 16, and the new rates will stay in effect until at least March 16, 2011.

Federal Housing Tax Credit

2010-01-07T16:10:00.006-06:00

Wondering if you would qualify for the Federal Housing Tax Credit as a 1st time home buyer or a repeat buyer? Check out their website to see if you qualify! Lots of useful information on the site.

http://www.federalhousingtaxcredit.com

Let me know if you have any questions - I can recomment several wonderful lenders that would be happy to answer any additional questions that you might still have!

BEST PLACE TO INVEST? TEXAS, REPORT SHOWS

2010-01-06T08:45:00.001-06:00

AUSTIN (Austin Business Journal) – Grubb & Ellis Co. ranked Austin the best U.S. city for long-term investment in commercial real estate, while Houston placed sixth.
The California-based company expects commercial real estate to falter at a slower rate in 2010, bottoming out at the end of the year and beginning a slow recovery in 2011.

Grubb & Ellis forecasts the investment market to rebound slightly in 2010, with some assets entering the market. This uptick should prompt increased sales volume of 20 to 30 percent. The forecast also predicts the record-high office vacancy rates to continue, stretching as high as 19 percent by the end of the year.

TEXAS CITIES DOMINATE LIST OF TOP PERFORMERS

2009-11-14T13:08:00.001-06:00

LOS ANGELES (Milken Institute) – Texas metros, led by number one Austin–Round Rock, claimed four of the top five spots and nine of the top 16 in the 2009 Milken Institute/Greenstreet Real Estate Partners Best-Performing Cities Index.

Also making the list were Killeen–Temple–Fort Hood (2), McAllen-Edinburg-Mission (4), Houston–Sugar Land–Baytown (5), San Antonio (11), Fort Worth–Arlington (12), Dallas-Plano-Irving (13), El Paso (14) and Corpus Christi (16).

Austin–Round Rock was the first metro to ever be ranked number one twice on the index, the last time being in 2000.

But it doesn't stop there. Nine other Texas metros made the top 25 out of the 124 smallest metros that were studied.

Those were Midland (1), Longview (2), Tyler (4), Odessa (5), College Station–Bryan (14), Texarkana (17), Waco (18), Laredo (20) and Abilene (21).

Leaders in this year’s index, which ranks U.S. metros based on their ability to create and sustain jobs, are all metros that succeeded in avoiding the worst of economic declines driven by falling housing markets and job losses in manufacturing and global trade.

Regional economic factors also strongly influenced the rankings this year, with the oil and gas sector, technology and alternative energy providing stability among metros in Texas, North Carolina, Washington and Louisiana.

Another factor helping Texas metros move up in the rankings is the state’s favorable business climate and its ability to attract jobs and corporations away from higher-cost states.

TEXAS CITIES GET MILLIONS FROM HUD

2009-11-03T14:16:00.001-06:00

TEXAS (Austin Business Journal, San Antonio Business Journal) – Local governments statewide have obtained funding from the U.S. Department of Housing and Urban Development (HUD), notably Austin, San Antonio and Bexar County.

The capital, given $13.4 million, and Alamo City and its surrounding county, given a combined $25.7 million, are receiving grants from HUD for community development and production of affordable housing.

The City of San Antonio will receive $14.6 million in Community Development Block Grant funds; $640,466 in Emergency Shelter Grant funds; $7 million in HOME Investment Partnerships Program funding; and $1 million in Housing Opportunities for Persons with AIDS funding.

Separately, Bexar County will receive $1.7 million in Community Development Block Grant funding and $650,999 in HOME funding.

HOME is a federal block grant program that can be used by state and local governments to develop affordable housing.

Other local governments receiving grants include Brownsville, Edinburg, Harlingen, Laredo, McAllen, Mission, Pharr, Round Rock, San Benito, San Marcos, Victoria and Williamson County.

Home Buyer Tax Credit extended!!

2009-10-29T14:23:00.000-05:00

WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.
Copyright 2009 The Associated Press. All rights reserved.

A little Texas.....

2009-10-29T11:27:00.000-05:00

This is a must read for all Texans, used-to-be Texans, adopted Texans or
wanna-be Texans.

JUST TEXAS
Pep , Texas 79353
Smiley , Texas 78159
Paradise , Texas 76073
Rainbow , Texas 76077
Sweet Home , Texas 77987
Comfort , Texas 78013
Friendship, Texas 76530

Love the Sun?
Sun City , Texas 78628
Sunrise , Texas 76661
Sunset, Texas 76270
Sundown, Texas 79372
Sunray , Texas 79086
Sunny Side , Texas 77423

Want something to eat?
Bacon , Texas 76301
Noodle , Texas 79536
Oatmeal , Texas 78605
Turkey , Texas 79261
Trout , Texas 75789
Sugar Land , Texas 77479
Salty, Texas 76567
Rice , Texas 75155
Pearland , Texas 77581
Orange , Texas 77630
And top it off with:
Sweetwater , Texas 79556

Why travel to other cities? Texas has them all!
Detroit , Texas 75436
Cleveland , Texas 75436
Colorado City , Texas 79512
Denver City , Texas 79323
Klondike , Texas 75448
Nevada , Texas 75173
Memphis , Texas 79245
Miami , Texas 79059
Boston , Texas 75570
Santa Fe , Texas 77517
Tennessee Colony , Texas 75861
Reno , Texas 75462
Pasadena , Texas 77506
Columbus , Texas 78934

Feel like traveling outside the country?
Athens , Texas 75751
Canadian, Texas 79014
China , Texas 77613
Egypt , Texas 77436
Ireland , Texas 76538
Italy , Texas 76538
Turkey , Texas 79261
London , Texas 76854
New London , Texas 75682
Paris , Texas 75460
Palestine , Texas 75801

No need to travel to Washington D.C.
Whitehouse , Texas 75791

We even have a city named after our planet!
Earth , Texas 79031
We have a city named after our state
Texas City , Texas 77590

Exhausted?
Energy , Texas 76452

Cold?
Blanket , Texas 76432
Winters, Texas

Like to read about History?
Santa Anna , Texas
Goliad , Texas
Alamo , Texas
Gun Barrel City , Texas
Robert Lee , Texas

Need Office Supplies?
Staples, Texas 78670

Want to go into outer space?
Venus , Texas 76084
Mars , Texas 79062

You guessed it. It's on the state line.
Texline , Texas 79087

For the kids...
Kermit , Texas 79745
Elmo , Texas 75118
Nemo , Texas 76070
Tarzan , Texas 79783
Winnie , Texas 77665
Sylvester , Texas 79560

Other city names in Texas , to make you smile......
Frognot , Texas 75424
Bigfoot , Texas 78005
Hogeye , Texas 75423
Cactus , Texas 79013
Notrees , Texas 79759
Best, Texas 76932
Veribest , Texas 76886
Kickapoo , Texas 75763
Dime Box , Texas 77853
Old Dime Box , Texas 77853
Telephone , Texas 75488
Telegraph , Texas 76883
Whiteface , Texas 79379
Twitty, Texas 79079

And last but not least, the Anti-Al Gore City
Kilgore , Texas 75662

And our favorites...
Cut n Shoot, Texas
Gun Barrell City , Texas
Hoop And Holler, Texas
Ding Dong, Texas and, of course,
Muleshoe , Texas

Here is what Jeff Foxworthy has to say about folks from Texas ...

If someone in a Lowe's store offers you assistance and they don't work
there, you may live in Texas ;

If you've worn shorts and a parka at the same time, you may live in Texas ;

If you've had a lengthy telephone conversation with someone who dialed a
wrong number, you may live in Texas ;

If 'Vacation' means going anywhere south of Dallas for the weekend, you may
live in Texas ;

If you measure distance in hours, you may live in Texas ;

If you know several people who have hit a deer more than once, you may live
in Texas ;
If you install security lights on your house and garage, but leave both
unlocked, you may live in Texas ;

If you carry jumper cables in your car and your wife knows how to use them,
you may live in Texas

If the speed limit on the highway is 55 mph --you're going 80 and
everybody's passing you, you may live in Texas ;

If you find 60 degrees 'a little chilly,' you may live in Texas ;

If you actually understand these jokes, and share them with all your Texas
friends, you definitely live in Texas ..

Here are some little known, very interesting facts about Texas .
1. Beaumont to El Paso : 742 miles
2. Beaumont to Chicago : 770 miles
3. El Paso is closer to California than to Dallas
4. World's first rodeo was in Pecos , July 4, 1883..
5. The Flagship Hotel in Galveston was the only hotel in North America built
over water. Destroyed by Hurricane Ike -2008!
6. The Heisman Trophy was named after John William Heisman who was the first
full-time coach at Rice University in Houston ..
7. Brazoria County has more species of birds than any other area in North
America
8. Aransas Wildlife Refuge is the winter home of North America 's only
remaining flock of whooping cranes.
9. Jalapeno jelly originated in Lake Jackson in 1978.
10. The worst natural disaster in U.S. history was in 1900, caused by a
hurricane, in which over 8,000 lives were lost on Galveston Island .
11. The first word spoken from the moon, July 20,1969, was " Houston ," but
the space center was actually in Clear Lake City at the time.
12. King Ranch in South Texas is larger than Rhode Island ..
13. Tropical Storm Claudette brought a U.S. rainfall record of 43' in 24
hours between Friendswood and Alvin in July of 1979...
14. Texas is the only state to enter the U.S. by TREATY, (known as the
Constitution of 1845 by the Republic of Texas to enter the Union ) instead
of by annexation. This allows the Texas Flag to fly at the same height as
the U.S. Flag, and may divide into 5 states.
15. A Live Oak tree near Fulton is estimated to be 1500 years old.
16. Caddo Lake is the only natural lake in the state.
17. Dr Pepper was invented in Waco in 1885. There is no period in Dr Pepper
..
18. Texas has had six capital cities:
Washington -on- the Brazos, Harrisburg , Galveston ,Velasco, West Columbia
and Austin ..
19. The Capitol Dome in Austin is the only dome in the U.S. which is taller
than the Capitol Building in Washington DC (by 7 feet).
20.. The San Jacinto Monument is the tallest free standing monument in the
world and it is taller than the Washington monument.
21. The name ' Texas ' comes from the Hasini Indian word 'tejas' meaning
friends. Tejas is not Spanish for Texas ...
22. The State Mascot is the Armadillo (an interesting bit of trivia about
the armadillo is they always have four babies. They have one egg, which
splits into four, and they either have four males or four females.).
23. The first domed stadium in the U.S. was the Astrodome in Houston ..

Cowboy's Ten Commandments posted on the wall at Cross Trails Church in
Fairlie , Texas :
(1) Just one God.
(2) Honor yer Ma & Pa.
(3) No telling tales or gossipin'.
(4) Git yourself to Sunday meeting.
(5) Put nothin' before God.
(6) No foolin' around with another fellow's gal.
(7) No killin'.
(8) Watch yer mouth.
(9) Don't take what ain't yers.
(10) Don't be hankerin' for yer buddy's stuff.

Y'all git all that?

CAPITAL'S RESIDENTIAL PERMITS GOOD SIGN

2009-10-27T16:23:00.001-05:00

AUSTIN (Austin American-Statesman) – A third-quarter increase in builder-issued residential permits is a sign of the capital’s new-home market stabilizing, according to Houston-based Bohlke Consulting Group LLC.

The single-family residential permit tracking firm reported that a total of 2,185 permits were issued between July and September, a 9.2 percent increase over the same period last year.

It was the strongest quarter in more than a year, according to the firm’s vice president of consulting services, Gary Bohlke. This was despite a 45.3 decrease in permits in September from the year’s peak in July.

Bohlke expects builders to seek 6,700 to 7,000 permits this year, up from 2008 numbers.

AUSTIN WATER PLANT APPROVED

2009-10-27T16:15:00.001-05:00

AUSTIN (Austin Business Journal) – The city council has voted in favor of funding the city’s fourth water treatment plant, a decision that will create thousands of local jobs.

The $849 million Water Treatment Plant 4 will bring an estimated 3,000 additional construction jobs to Austin.

The current economic climate has allowed the city to build the plant for 20 percent less. However, opponents say the plant will raise water rates by 15 percent.
The plant will sit on 92 acres in northwest Austin at FM 620 and Bullick Hollow Rd. The land was purchased last year with funds approved by a 1984 bond vote.

TEXAS TURBINES LEADING ENERGY INDUSTRY

2009-10-27T14:29:00.001-05:00

WASHINGTON (American Wind Energy Association) – Texas leads the nation in total megawatts of wind-generated energy installed and in megawatts added during the third quarter.

The American Wind Energy Association (AWEA) reported this week that Texas added 436 megawatts of energy during the third quarter alone, 185 more than that added by the second leading state, Oregon.

The wind farms that comprised this addition to Texas clean energy production were Panther Creek III, Roscoe IV and Sunray II, with 199.5, 197 and 39 megawatts created, respectively.

The state’s total operating wind capacity is at 8,797 megawatts.

Texas wind farms Gulf Wind, Papalote Creek and Penescal II are currently under construction. When completed in 2009 or 2010, they will generate 283.2, 179.9 and 201.6 megawatts of power, respectively.

NEW INITIATIVE SEEKS STABLE HOUSING MARKET

2009-10-20T15:56:00.001-05:00

WASHINGTON (U.S. Department of Housing and Urban Development) – The Obama Administration yesterday announced a new initiative for state and local housing finance agencies (HFAs). It will help support low mortgage rates and expand resources for low- and middle-income borrowers to purchase or rent homes that are affordable over the long term.

The initiative has two parts: a new bond purchase program to support new lending by HFAs and a temporary credit and liquidity program to improve the access of HFAs to liquidity for outstanding HFA bonds.

The HFA Initiative will provide hundreds of thousands of affordable mortgages for working families and enable the development and rehabilitation of tens of thousands of affordable rental properties.

According to HUD, it will do this at little or no cost to taxpayers because it is paid for by the HFAs themselves and, as a temporary program, it incentivizes HFAs to transition back to market sources of capital as quickly as possible.

"Through this initiative, the administration aims to help HFAs jumpstart new lending to borrowers who might not otherwise be served and to better support the financing costs of their current programs — key components in stabilizing the housing market overall," said Treasury Secretary Tim Geithner.

HFAs will pay a fee to have access to both programs under the HFA Initiative. These fees have been designed to cover expected costs to the Treasury Department and the taxpayer.

More information is available on HUD's website.

TEXAS CITIES LABOR AWAY

2009-10-13T16:09:00.000-05:00

TEXAS (San Antonio Business Journal) – Four of the five best labor markets in the country are in Texas, according to a new study compiled by Portfolio.com.
Austin leads the way, followed by San Antonio. Houston ranks fourth and Dallas–Fort Worth fifth.

Landing at third is Baton Rouge.

All 100 metropolitan areas in the study, including those in Texas, have seen employment decline since last year. However, while 5 percent of the nation’s private-sector jobs have disappeared since June 2008, the collective decline for the 'Texas Four' has been 2.6 percent.

The Texas markets still have 589,500 more jobs than they did five years ago.
Portfolio.com used a nine-part formula to analyze employment trends in the nation’s 100 largest labor markets. The formula used midyear U.S. Bureau of Labor Statistics data for 2004–09, including unemployment rates and trends, and raw and percentage changes in private-sector employment.

CENTRAL TEXAS MARKET BOTTOMING OUT?

2009-10-02T16:41:00.000-05:00

AUSTIN (Austin American-Statesman) – Central Texas' new-home market might be bottoming out, according to Residential Strategies Inc. and its third-quarter starts and closings figures, released Thursday.

Third quarter home starts were down 5.4 percent from the same quarter last year to 2,239 but up 17 percent from second quarter 2009.

"This is a positive sign and perhaps a signal that the successive quarterly decline in activity may be coming to an end," said Ted Wilson, a partner with Residential Stategies.

TEXAS CITIES RANK HIGH ON ECONOMY, HOUSING PRICES

2009-09-17T15:44:00.001-05:00

TEXAS (Dallas Morning News) – Texas metros boast the strongest economies, according to a just-released analysis by the Brookings Institution.

Austin ranked first in a second-quarter comparison of 100 U.S. cities. Dallas–Fort Worth ranked fourth and El Paso sixth.

Houston's economy landed it at ninth, but the Bayou City ranked first among cities with the biggest increases in home prices. Local home prices jumped 4.9 percent over the last year.

Third-ranked DFW had a 3.8 percent increase in home prices, while tenth-ranked San Antonio had a 3.1 percent increase.

TEXAS METROS AMONG BEST TO LIVE, WORK

2009-09-08T16:06:00.000-05:00

NEW YORK (Forbes.com) – Dallas, Houston and Austin are among the top four U.S. cities in which to earn a living, according to Forbes Magazine.

The magazine found Dallas to be the most desirable city in the nation to live and work, while Houston was second and Austin came in fourth.

Among the best reasons to take up residence in Houston or Dallas, according to Forbes, is the number of top-ranked companies headquartered in each city: 38 and 15, respectively.

The rankings were determined by median income, cost of living, job growth and the quality of the business environment.

TAX CREDIT EXPIRES SOON

2009-09-04T18:24:00.000-05:00

HOUSTON (Houston Chronicle) – The window for first-time homebuyers to take advantage of the $8,000 federal tax credit will close at the end of November.

To qualify for the credit, any transaction involving a first-time buyer must close before midnight on Nov. 30, 2009.

Tax credit guidelines are discussed in the Houston Chronicle and in past issues of RECON.

TEXAS TOPS U.S. IN HOUSING AFFORDABILITY

2009-09-01T15:29:00.001-05:00

COLLEGE STATION (Real Estate Center) – Texas beats the rest of the country when it comes to housing affordability, according to first quarter 2009 Texas Housing Affordability Index (HAI) numbers compiled by the Real Estate Center at Texas A&M University.

The numbers reflect the ability of a median-income family to purchase a median-priced existing home in their area. Texas had a ratio of 1.95 in first quarter 2009 compared with the nation's 1.55.

"The slowdown in the housing market nationally and within Texas has led to significantly increased housing affordability everywhere, and Texas continues to maintain its place as the most affordable high-growth state in the country," said Dr. Jim Gaines, research economist with the Center.
The index is posted on the Center's website.

TEXAS BANKS FAIRING BETTER THAN OTHERS

2009-08-31T10:25:00.000-05:00

AUSTIN (Austin American Statesman) – Texas banks are in better condition than others across the nation, according to a new report from Sheshunoff & Co. Investment Banking, an Austin-based financial industry consulting firm.

Compared with the national median on several key measures of bank health, Texas institutions have been more profitable and had stronger asset quality and healthier levels of capital, said John Blaylock, associate director of Sheshunoff. Those higher levels of capital, combined with a lower level of bad assets than banks nationwide, have given Lone Star banks more money to absorb losses in this recession.
The report said Texas banks are well diversified, doing significant business in energy, health care and agriculture, all of which have fared better than most other sectors.

Texas banks’ profitability declined from the first quarter to 0.69 percent in the second but was still higher than the national average of 0.49 percent.

Profitability levels have been rising for Austin-based banks since third quarter 2008 and hit 0.74 percent in the second quarter of this year. Area banks have been buoyed by the economic activity that revolves around the University of Texas and the state government.

Banks in the Dallas–Fort Worth and Houston areas had returns on average assets below the national median.

AUSTIN HOME SALES REACH HIGH

2009-07-25T13:26:00.000-05:00

AUSTIN (Austin American-Statesman) – Area existing home sales have hit the highest level in a year, according to the Austin Board of Realtors (ABOR).

June sales of 2,135 single-family homes were down 4 percent from last year. This marks the smallest decline since a 2 percent drop in July 2007.

May and April 2009 sales were down 19 and 18 percent, respectively.

"We've seen the year-over-year gap in sales volume close steadily throughout 2009, and that momentum continues this month," said Jay Gohil, chairman of ABOR.

While Texas has started seeing more signs of the recession, there is evidence nationwide that the housing market is beginning to stabilize. Sales of new and existing homes reached an annual rate of 5.1 million in May, the highest level in 2009.

FORECLOSURES FALL ACROSS STATE

2009-07-21T15:23:00.001-05:00

AUSTIN (Austin American-Statesman) – Residential foreclosures are at a five-month low in Central Texas, reflecting a trend in other parts of Texas, according to Foreclosure Listing Service (FLS) data.

"The tide may have changed," said FLS President George Roddy Sr., adding that the figures offer hope that foreclosure postings may have peaked.

Travis, Williamson, Hays and Bastrop counties posted a combined 1,072 properties for foreclosure in the August auction, down 27 percent from July.

The Dallas area saw foreclosures fall below 5,000 for the first time since March. In Bexar County, postings fell to their lowest level since March, according to Real Estate Foreclosures Inc.

You can help market your home

2009-07-20T07:34:00.000-05:00

Most REALTORS® will tell you that marketing is one of the keys to a successful home sale. Market the home effectively, and it’ll sell sooner. Spend less time on marketing, and the house may sit vacant for some time.

Although your Texas REALTOR® will be handling the bulk of the marketing, including the for sale sign, fliers, and open houses, there are a few things you can do on your own. Consider the opportunities you have to network. Tell your family, friends, neighbors, and co-workers that you’re selling your home in a great neighborhood — just in case they know someone who’s moving or otherwise looking. You never know what might happen. Your enthusiasm and ability to network may help drum up interest.

Texas Association of Realtors®

Check this out!!

2009-07-13T21:20:00.004-05:00

193 homes sold in Williamson County during the week of June 28th! And that is not the final count yet - it could still rise! That is the highest sales volume for any week in 2009! The summer is a great time for Real Estate!! www.ShinOakRealty.com or 512-515-6565 to talk to an experienced Real Estate agent today!

FULL PROPERTY TAX EXEMPTION FOR TEXAS VETERANS

2009-07-10T16:32:00.001-05:00

AUSTIN (North Texas e-News) – A new law allows certain Texas veterans to apply for exemption from 100 percent of their local property taxes. The exemption applies only to the person's residential homestead property.

Under HB 3613, which became law during the recent legislative session, the homeowner must receive 100 percent disability compensation from the U.S. Department of Veterans Affairs to qualify for the exemption.

To apply, veterans must complete the State Comptroller's Form 50-764 and submit it to the appraisal district office along with a copy of their driver’s license or ID card and a copy of the VA Disability Award Letter from the Department of Veteran Affairs showing the 100 percent service-connected disability.

TEXAS' SMALL BUSINESSES BOOMING

2009-07-10T16:31:00.001-05:00

TEXAS (Dallas Morning News) – The Lone Star State has managed to gain small businesses despite the recession, according to the U.S. Small Business Administration Office of Advocacy.

As the number of self-employed workers fell 2 percent nationwide to 15.9 million last year, Texas figures rose nearly 2 percent to 1.1 million.

The Small Business Economy report indicated a 1.4 percent rise in the number of Texas employer firms, to 449,681. Meanwhile, the number of U.S. employer firms remained flat at 6.1 million.

Nearly 90 percent of those businesses are estimated to employ fewer than 20 people.

NEW LISTING! Not on MLS yet!

2009-07-10T12:19:00.001-05:00

How the new government regulations

2009-06-30T15:56:00.002-05:00

The mortgage industry is certainly under going many changes to help provide homebuyers better information when it comes to financing a home.We're providing this document to help you understand some of the new regulations and investor requirements that are taking effect - especially those that impact timelines. -Wells Fargo

First-Time Home Buyer Credit at a Glance

■ The tax credit is available for first-time home buyers (taxpayers who have not owned a principal residence in the three years prior to the date of purchase).
■ The credit is 10% of the cost of the home, not to exceed $7,500 ($8,000 for 2009). The credit is refundable, which means you'll receive it even if you don't owe any tax.
■ The credit is reduced for individuals with modified adjusted gross income (MAGI) between $75,000 - $95,000 ($150,000 - $170,000 if married filing jointly), and is eliminated for individuals with MAGI above those amounts.
■ Available for homes used as a principal residence and purchased on or after April 9, 2008 and before December 1, 2009.
■ For homes purchased in 2008, the taxpayer can claim the credit when filing the 2008 tax return.
■ For homes purchased on or after January 1, 2009 and before December 1, 2009, the taxpayer may claim the credit on a 2008 or in 2009 tax return.
■ The tax credit for a home purchased in 2008 is similar to an interest-free loan. It must be repaid over a 15 year period. Payments are made in 15 equal installments starting in 2010. Generally, the credit must be repaid sooner if the home is sold or no longer used as a principal residence before the 15-year period is up.
■ The credit for a home purchased in 2009 does not need to be repaid unless the taxpayer sells the home or stops using it as a principal residence within 3 years of purchase. This applies whether the taxpayer claims the credit in 2008 or 2009.

UPDATED MARKET REPORTS AVAILABLE ONLINE

2009-06-30T15:03:00.002-05:00

COLLEGE STATION (Real Estate Center) – The 2009 Market Reports for all 25 Texas Metropolitan Statistical Areas (MSAs) are now available on the Real Estate Center's website.

NEW PLANS HELP NEW HOMEOWNERS USE TAX CREDIT

2009-06-30T15:01:00.001-05:00

WASHINGTON (Nation's Building News) – The Texas Department of Housing and Community Affairs has introduced two loan programs designed to help first-time homebuyers apply the new $8,000 tax credit toward down payments and closing costs.

The 90-Day Down Payment Assistance Program and the Mortgage Advantage Program will allow consumers to receive a short-term loan before filing for and receiving the federal tax credit. Consumers can apply these loans toward down payments and closing costs.

Both programs provide assistance of up to 5 percent on the first lien mortgage, but the 90-day program maxes out at $7,000 while the Mortgage Advantage Program’s limit is $6,000.

Repayment times also vary for the two programs, at 90 days and 120 days, respectively.

More information about these programs is available at the Texas Department of Housing and Community Affairs' website.

You can get your tax credit now

2009-06-30T09:49:00.001-05:00

The following article appeared on the TexasRealEstate.com website:

You can get your tax credit now
By MARTY KRAMER, Consumer columnist

The U.S. Department of Housing and Urban Development is making it possible to monetize the $8,000 tax credit available to first-time homebuyers. Big whoop, right? What does that even mean?

That’s the problem with words like monetize. You hear it, probably have an idea of its definition, but don’t really understand what it means regarding the tax credit. If the tax credit isn’t about money, then what good is it anyway?

Here’s the deal. The tax credit was rolled out as exactly that: a credit on your federal income tax (or a payment to you if the credit amount exceeds your tax liability). From the start, Texas REALTORS® and homebuyers asked if there was some way to immediately apply that money to the downpayment of the home rather than wait for a “rebate” on your tax return. The answer was no.

“Monetizing the tax credit” is equivalent to changing the answer from no to yes.

This is great news if you’re a first-timer looking to purchase a home. HUD has given instructions to lenders about how buyers can use the credit as part of their downpayment of an FHA-insured home. Buyers must still come up with at least a 3.5% downpayment, which can be a gift from a family member, employer, or nonprofit, charitable organization.
You can use the money to increase your downpayment or pay for normal closing costs. HUD also has instructed that any fees associated with monetizing the tax credit not be excessive. The agency defines this as fees of no more than 2.5% of the anticipated credit. So if you qualify for the maximum $8,000 credit, the fees associated with making that money available at closing could be no more than $200.

Here’s HUD’s news release on the program. The way it actually works is that FHA-approved mortgagees and other qualified entities can buy your tax credit. You get the money now, the lender charges a reasonable fee, and you get thousands of dollars to apply to your home purchase. There are still some details being worked out before lenders in Texas offer this option. When the program is in place in our state, your Texas REALTOR® will be an excellent resource to help you with this and other aspects of your home purchase. Keep in mind that the tax credit is available only until Nov. 30, 2009. After that, there won’t be anything available for you to monetize.

TEXAS WORKERS MORE CONFIDENT

2009-06-23T16:11:00.000-05:00

TEXAS (Austin Business Journal) – The Texas Employee Confidence Index increased for the third month in a row, according to the Spherion Employment Report.

The index rose three points to 53.8 in May.

Report findings include:
• Thirty-two percent of workers believe the economy is getting weaker (down from 42 percent in April).
• Fifty-eight percent of workers believe fewer jobs are available (down from 70 percent in April).
• Fifty percent of workers are confident in their ability to find a new job (up from 45 percent in April).

NEW LISTING: 4BR/3BA Single Family House

2009-06-22T16:59:00.002-05:00

Check out Shin Oak Realty's newest listing!

For Sale: 4BR/3BA Single Family House in Liberty Hill, TX, $439,900

Shared via AddThis

TEXAS QUICK TO BOUNCE BACK FROM RECESSION

2009-06-22T10:45:00.001-05:00

TEXAS QUICK TO BOUNCE BACK FROM RECESSION, FORBES SAYS

WASHINGTON (Forbes) – Several Texas cities are poised for a quick recovery from the national recession, according to Forbes.

Austin–Round Rock ranked first on the magazine’s recent list of ten cities most likely to bounce back quickly.

Meanwhile, San Antonio ranked fifth, Dallas–Fort Worth–Arlington seventh and McAllen-Edinburg-Mission ninth.

To compile its list, Forbes looked at estimates from Moody's Economy.com of the projected gross domestic product of metropolitan areas across the United States, as well as unemployment figures from the Bureau of Labor Statistics and home prices, incomes and affordability data from the National Association of Home Builders.

Forbes also put together a list of ten worst cities for recession recovery. No Texas cities made that list.

PERRY MOVES TO PROTECT LANDOWNERS

2009-06-22T10:44:00.000-05:00

AUSTIN (Austin Business Journal) – Governor Perry signed legislation yesterday that will protect Texas landowners from eminent domain.

If approved by voters in November, House Joint Resolution 14 will establish greater protections for property owners by including landowner rights in the Texas Constitution.

"Land ownership is an essential part of Texas' culture, and we owe it to our citizens to protect their rights as landowners and members of the community from government entities that overstep their bounds and abuse eminent domain," Perry said.
The resolution will require two-thirds of all house members to approve any request granting eminent domain authority to a party.

The bill will also prevent government entities from labeling a neighborhood as “blighted” without taking into account each individual property.

TEXAS RANKS FIRST FOR BUSINESS

2009-06-22T10:25:00.001-05:00

TEXAS (Austin Business Journal) – Texas stands out as the top state for business, according to Directorship magazine.

Texas "has a pro-business tax climate that ranks third, a low cost of living, a relatively solid economy and a litigation environment that ranks tenth on our list," the magazine reported. "Texas also ranks first in the number of Fortune 500 companies located there."

Major corporate relocations and expansions such as Comerica's move to Dallas and Caterpillar's new plant in Seguin were highlighted as reasons for Texas' ranking.
Directorship evaluated states' overall economies, tax climates, cost of living and education to determine rankings.

10 Cities Most Likely to Bounce Back Quickly

2009-06-16T13:37:00.000-05:00

Some cities are likely to recover more quickly from the housing downturn than others. Forbes magazine has identified the top 10 cities that it believes are poised for recovery by examining unemployment figures, projected gross domestic product from Moody’s Economy.com, and housing affordability data from the National Association of Home Builders.

Overall, cities most likely to recover first are those with strong technology capabilities.

Here is Forbes’ top 10:
1. Austin-Roundrock, Texas
2. Fayetteville-Springdale-Rogers, Ark.
3. Boulder, Colo.
4. Huntsville, Ala.
5. San Antonio, Texas
6. Mobile, Ala.
7. Dallas-Fort Worth-Arlington, Texas
8. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
9. McAllen-Edinburg-Mission, Texas
10. Seattle-Tacoma-Bellevue, Wash.

Source: Forbes, Joshua Zumbrun (6/10/09)

MORE THAN ONE WAY TO LOSE YOUR HOME

2009-06-15T16:40:00.001-05:00

I came accross this article & felt it was worth passing it on. In my many years of Real Estate, I have seen many, many homeowners get behind on their HOA dues, etc. and never realized the seriousness of a simple HOA fee...

IRVING (Associated Press) – A growing number of homeowners who are current on their mortgages are discovering there are other ways to lose their homes.

Falling behind on homeowner association dues, for example.

Many homeowners are learning that condo and neighborhood associations may have the right to foreclose when dues are not paid. In fact, that right is often written into the purchase agreement signed by the homeowner.

According to Dallas-based Foreclosure Listing Services, foreclosure attempts initiated by homeowner associations in 19 Texas counties are up 30 percent from two years ago.

In the San Antonio area alone, foreclosure actions by homeowner associations jumped from 21 in April 2008 to 170 a year later, according to RexReport.com.

More than 59 million people live in more than 300,000 association-governed communities nationwide, according to the Community Associations Institute, the nation's largest group for homeowners and condo boards.

To learn more about what homeowner associations can and can't do under state law, read Judon Fambrough’s Tierra Grande article “Legislature Limits POA Power.”

TEXAS CITIES WITH 'NEXT GEN' APPEAL

2009-06-15T10:18:00.000-05:00

TEXAS (San Antonio Express-News, Next Generation Consulting) – Four Texas cities are among the top places in the nation for young professionals to live and work, according to a list released yesterday by Next Generation Consulting (NGC).

On NGC's "Next Cities" list, Austin ranked sixth among cities with populations greater than 500,000. San Antonio landed 17th and Houston 20th. Lubbock ranked 16th among cities with populations of 200,000 to 500,000.

To compile the rankings, NGC analyzed 45 categories for all U.S. cities with more than 100,000 people. Among those categories were earning, learning, vitality, around town, after hours, cost of lifestyle and social capital.

"Simply being the cheapest place to live, or the city with the most jobs, is not a long-term workforce strategy," said NGC founder Rebecca Ryan. "The next generation is very savvy about choosing where they'll live."

TEXAS' CLEAN SWEEP

2009-06-12T17:03:00.001-05:00

AUSTIN (Austin American-Statesman) – Texas received high marks as a clean-energy state in a recent study by Pew Charitable Trusts.

According to the study, Texas ranked second to California in the number of businesses and jobs tied to clean energy in 2007.

Pew researchers counted 68,200 businesses and 770,000 jobs across the United States. Of those, 4,802 businesses and 55,646 jobs were here.

The state also ranked third in clean-energy venture investments and fourth in clean-energy patents.

"Texas is a leader in the clean-energy economy and a strong national performer," said Kil Huh, who led the study. "Texas is the sixth-largest producer of wind energy in the world. The state's clean-energy economy is poised for incredible growth."

Can’t keep up with your mortgage payments? Here’s help

2009-06-11T14:52:00.001-05:00

If you’re falling behind on your mortgage, you shouldn’t wait to act. But you need not pay anyone to fix things on your behalf, either. Free help is available at MakingHomeAffordable.gov.

You can get your tax credit now

2009-06-11T14:25:00.001-05:00

By MARTY KRAMER, Consumer columnist

The U.S. Department of Housing and Urban Development is making it possible to monetize the $8,000 tax credit available to first-time homebuyers. Big whoop, right? What does that even mean?

That’s the problem with words like monetize. You hear it, probably have an idea of its definition, but don’t really understand what it means regarding the tax credit. If the tax credit isn’t about money, then what good is it anyway?

Here’s the deal. The tax credit was rolled out as exactly that: a credit on your federal income tax (or a payment to you if the credit amount exceeds your tax liability). From the start, Texas REALTORS® and homebuyers asked if there was some way to immediately apply that money to the downpayment of the home rather than wait for a “rebate” on your tax return. The answer was no.

“Monetizing the tax credit” is equivalent to changing the answer from no to yes.

This is great news if you’re a first-timer looking to purchase a home. HUD has given instructions to lenders about how buyers can use the credit as part of their downpayment of an FHA-insured home. Buyers must still come up with at least a 3.5% downpayment, which can be a gift from a family member, employer, or nonprofit, charitable organization.

You can use the money to increase your downpayment or pay for normal closing costs. HUD also has instructed that any fees associated with monetizing the tax credit not be excessive. The agency defines this as fees of no more than 2.5% of the anticipated credit. So if you qualify for the maximum $8,000 credit, the fees associated with making that money available at closing could be no more than $200.

Here’s HUD’s news release on the program. The way it actually works is that FHA-approved mortgagees and other qualified entities can buy your tax credit. You get the money now, the lender charges a reasonable fee, and you get thousands of dollars to apply to your home purchase. There are still some details being worked out before lenders in Texas offer this option. When the program is in place in our state, your Texas REALTOR® will be an excellent resource to help you with this and other aspects of your home purchase. Keep in mind that the tax credit is available only until Nov. 30, 2009. After that, there won’t be anything available for you to monetize.

Williamson County Stats

2009-06-08T20:42:00.004-05:00

I receive Stats on Williamson County from the Williamson County Assoc. of REALTORS each week, and I wanted to pass along this chart so you can see for your self how the market compares to last year. If you would like further explanation or information, please do not hesitate to call me at 512.515.6565 or my cell at 512.635.0404. Have a great evening!

AUSTIN: 2025

2009-06-06T11:16:00.001-05:00

AUSTIN (Austin Business Journal) – The population of the Austin metro area is projected to grow by more than 2.7 million by 2025, according to an analysis by bizjournals.

Austin's projected growth rate ranks fifth among 250 U.S. metros studied.
Bizjournals forecasts an 87 percent growth rate from the area's 2005 estimated population of 1.5 million to a 2025 projected population of 2.7 million, giving it the highest growth rate of any Texas city.

The McAllen-Edinburg area is projected to be the second-fastest growing area in Texas with an estimated 56 percent growth in population.

Among other Texas cities:
• Dallas–Fort Worth — 50 percent increase to 8.8 million
• Houston — 48 percent increase to 7.9 million
• San Antonio — 41 percent increase to 2.7 million

AUSTIN: 2025

2009-06-06T11:16:00.000-05:00

You can help market your home

2009-06-06T10:15:00.001-05:00

AUSTIN LEADS IN BIG-CITY JOB GROWTH

2009-06-06T09:59:00.001-05:00

AUSTIN (Austin American-Statesman) – The Austin area stood out for the third month in a row as the nation's strongest job market among big cities, according to data released Wednesday by the Bureau of Labor Statistics.

Among the 38 metro areas with a workforce of at least 750,000, only Austin gained jobs from April 2008 to April 2009.

The area posted a 0.4 percent gain, adding a total of 3,400 jobs and bringing the regional job count to 781,400.

Midland and Odessa also posted gains of 2.2 percent and 2.9 percent, respectively.

NEW LISTING! 333 Mustang Mesa, LH

2009-06-04T12:56:00.007-05:00

Shin Oak Realty just listed this beautiful 4 bedroom home on 4.48 acres. The property is located in the gated community of Sundance Ranch, just minutes North from the heart of Liberty Hill.
Also, included in the sale is a 32'x80' metal building, fully insulated with 2 over head garage doors. This shop is a hobbist's dream!

The home offers a spacious kitchen with large center island, granit countertops, built-in oven, pantry and breakfast nook. Master bedroom is located in the first floors and offers access to the screened in sun porch and sizeable master bath with garden tub and walk-in shower.

For additional information or to schedule a tour of this home, please contact our office at 512-515-6565.

$8,000 HOMEBUYER INCENTIVE AVAILABLE IN ADVANCE

2009-06-02T14:24:00.000-05:00

NEW YORK (CNNMoney.com) – The U.S. Department of Housing and Urban Development (HUD) announced Friday that its $8,000 incentive for first-time homebuyers has been tweaked from a refund at tax time to cash made available for assistance on down payments or closing costs.

The mechanics of the new program, according to National Association of Home Builders economist Robert Dietz, allow lenders to purchase tax credits from the buyers and then collect the rebate from the IRS.

Homebuyers must still come up with the Federal Housing Administration's mandatory down payment of 3.5 percent on their own, but they can use the tax credit to lower their principal balance and save on monthly payments.

"Families will now be able to apply their anticipated tax credit toward their home purchase right away,” said HUD secretary Shaun Donovan. “What we're doing will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

HURRICANE DANGERS COULD INCREASE, STUDY SHOWS

2009-06-02T14:21:00.001-05:00

I thought this article was intersting, even thought it does not directly effect our local real estate market.

GALVESTON (Associated Press) – Hurricane-related flooding and damage along the Texas coast is expected to be more severe in the coming years thanks to the effects of global warming, according to a study released yesterday by Texas A&M University researchers.

Engineering researchers with the university used Corpus Christi to illustrate how climate change will impact hurricane-related flooding and storm surge damage along the Texas coast.

The study projected that rising sea levels and more intense hurricanes from global warming will increase structural damage to homes and buildings in Corpus Christi by 60 to 100 percent in about 20 years and by more than 250 percent by the 2080s.

This would translate into projected damage increases of between $100 million and $250 million in around 20 years and between $250 million and more than $1 billion by the 2080s.

Jennifer Irish, an assistant professor of Coastal and Ocean Engineering at Texas A&M University in College Station, said such damage could happen anywhere along the Texas coast and even the rest of the U.S. Gulf Coast.

The study was funded by the National Commission on Energy Policy, a nonprofit group based in Washington, D.C.

Help for homeowners

2009-06-01T21:42:00.002-05:00

The American Recovery and Reinvestment Act has several provisions to help Texans facing foreclosure or unaffordable loan payments.

I have several PDF's on this topic that I can provide on this topic. Please just email me at Candice@ShinOakRealty.com and I will be happy to send them your way.

Home buying today - focus on value

2009-06-01T14:21:00.002-05:00

I ran this article in my e-newsletter this month. If you are interested in receiving my e-newsletter once a month, please just let me know at candice@shinoakrealty.com

With home prices down and the number of properties for sales high in many parts of the country there have been a lot of articles and blog posts about now being a great time to buy. While the consensus is that it is indeed a great time to buy a home, it is important to maximize value when making the purchase.

While many articles focus on price, pointing to an example home used to be priced at $200,000 and now can be purchased for $180,000, they are missing the point of finding value. While saving $20,000 on the purchase is great, consider whether that $20,000 could be used more effectively another way. Would spending that money allow the purchase of a similar home in a "better" neighborhood, a larger home, or a home with better amenities like a 2+ car garage, walk in closets, or central air conditioning?

Remember that buying a home in a down market should be about getting the best value for your money, not necessarily the lowest price. After all, home prices will go up again, and the homes that will appreciate the quickest, and have the highest values are the ones that are in the most desirable neighborhoods, with the most sought-after features. Purchasing a home in this buyers market provides an opportunity not only to enjoy a new home today, but to reap the rewards of appreciating values in the years to come.

Now OPEN SATURDAYS!!

2009-05-29T16:15:00.001-05:00

Shin Oak Realty is now open on Saturdays! There will be a Realtor on duty from 10 am until 3 pm each Saturday. So, if you are out in the area, please stop by!

HUD: Homebuyer Tax Credit Still on Track

2009-05-27T14:24:00.000-05:00

News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.

"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.

Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.

The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.

When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.

Source: REALTOR® Magazine Online

OPEN HOUSE SCHEDULED FOR 7/8/09

2009-05-26T15:13:00.000-05:00

Shin Oak Realty has a new location! We are growing and needed more space. We are now located at 2015 Loop 332. The office is situated at the southwest corner of the intersection of SH 29 and CR 200 (Loop 332) here in Liberty Hill. Just look for our new signs and the purple trim paint.

Give us a week to put everything in its place then just stop by and visit. By then we should have located the coffee pot and enjoy a cup of coffee.

Real Estate is still alive and properties are moving in Liberty Hill. Economy has affected our local real estate but it is the best that it is anywhere in the country. Sewer is complete on the north side of SH 29 and Phase 1 is well under construction. The Liberty Hill area is going to expand very quickly in a short period of time. We at Shin Oak Realty are ready to serve you. The team at Shin Oak Realty thank you for letting us help you with your real estate needs in the past and look forward to working with you in the future.

Save the date July 8th for the Shin Oak OPEN HOUSE, plan on coming by for some of the award winning Poor Boys BBQ from 6 to 8PM.

Randy O'Dell, GRI, Broker
Shin Oak Realty
2015 Loop 332, Liberty Hill, Tx 78642

REPEAT FORECLOSURE POSTINGS RISE

2009-05-26T14:54:00.000-05:00

AUSTIN (Austin American-Statesman) – Property foreclosures continue to rise in Central Texas, but the majority were repeat postings by lenders who have stopped short of seizing the homes.

In Travis County, 57 percent of the 441 postings for the June 2 auction were repeats, according to Addison-based Foreclosure Listing Service Inc., up from 49 percent in April and 37 percent in March.

Overall, June postings in Travis, Williamson, Hays and Bastrop counties were up 52 percent from a year ago, the same percentage for the first half of the year.

HOME SELLER AUDIT - Austin

2009-05-26T14:52:00.001-05:00

AUSTIN (Austin American-Statesman) – To encourage sellers and buyers to make their houses more energy efficient, owners of homes older than ten years will soon be required to conduct energy audits on their homes before putting them on the market.

The city ordinance, which takes effect Monday, will not require sellers to make any improvements, but it will require them to disclose the results to prospective buyers.

The ordinance also has provisions for multifamily properties and commercial buildings but does not apply to condominiums or mobile homes. Owners who have made certain improvements under Austin Energy programs in the previous ten years also can disregard the ordinance.

The audits are expected to cost $200 to $300 for a typical home of 1,800 sf or less.
The reports, which will cover issues such as how much insulation the house has and the condition of the heating and cooling equipment, must be done by auditors who are certified by the Building Performance Institute.

Violations of the ordinance will be a Class-C misdemeanor punishable by a fine of up to $500.

TEXAS METROS TOP IN RETAIL SALES GROWTH

2009-05-25T07:14:00.000-05:00

LAS VEGAS (PBBI) – Texas’ four major metros were among the top five U.S. metropolitan areas most likely to experience quarterly retail sales growth for the remainder of 2009 and into 2010, according to a study by Pitney Bowes Business Insight (PBBI).

Austin was ranked number one, showing consistent healthier growth in gross metro product, personal disposable income and a decline in personal bankruptcies.

Dallas came in third because of positive performance in all of its retail sectors. Projections say that both the drug store and value retail categories will experience comparable sales growth for the next six quarters.

PBBI ranked San Antonio fourth, predicting the city to be a top market in drug store and value retail sectors, sustained by growth in personal expenditures and consistent growth in gross metro product.

Houston was ranked fifth, thanks to strong comparative sales growth in the drug store and high-end retail sectors. PBBI projects that steady employment and gross metro product will keep Houston in a relatively good position in the value retail sector.

Shin Oak Realty is moving to a new location!

2009-05-21T15:26:00.000-05:00

Thats right!! Shin Oak Realty is moving our office to 2015 Loop 332, Liberty Hill. Basically, we are near the intersection of Hwy 29 & CR 200 - across Hwy 29 from Winkley's! Stop by for a cup of coffee, free local information or just to check out the new place!

Prime Commercial Property in Liberty Hill!

2009-05-13T11:59:00.000-05:00

2.5 acres at the corner of Loop 332 and Carl Shipp. Road frontage on 2 sides with high visability to Hwy 29. Across from Lion's Foundation Park, Liberty Hill Public Library, Fire Department. Close to schools, local businesses and easy access to Hwy 29. Priced to sell at under $2.50 per foot - won't last long at this price!

Sports Complex Planned for Round Rock

2009-05-13T09:29:00.001-05:00

The City of Round Rock plans to build an approximately 60,000 sq. ft. indoor sports facility to support the Convention and Visitors Bureau's tourism marketing effort to brand Round Rock the Sports Capital of Texas. The location of the sports complex could be on a tract of land near Cypress Semiconductor and McNeil Park.

-Impact More...

Transportation Update - Williamson County

2009-05-13T09:28:00.001-05:00

Central Texas transportation agencies are adjusting their long-range planning strategies this year to reflect the needs of a region that has been reshaped by rapid growth and accelerated economic development. As Austin and its surrounding communities have become increasingly interconnected over the last decade, agency leaders are working to create systems that will enhance urban mobility and support an emergent commuter population. More...

2009-05-12T10:05:00.000-05:00

Things are hopping in Williamson County!! Hot off the presses - the Stats for Homes sold in Williamson County last week are 156! From what I can see, that is the highest number of home sold in 1 week for atleast the last 6 months!

Buc-ees is coming to town!

2009-05-12T09:55:00.000-05:00

Have you heard? Rumor has it that a Buc-ee's Store is coming to Liberty Hill! It will be near Hwy 29 @ Parmar / Ronald Reagan Blvd. Never been to a Buc-ee's? Well, you just have to go once it opens! They have fresh jerky, cheeze, and all the jams, jellies, and pickled items that you can imagine!! It is a neat convenience store - and I must say, typically they have the CLEANEST bathrooms in the area! If I ever go thru a town that has a Buc-ee's, you can bet I feel comfortable taking my kids there on a potty break! I can't wait!

Bringing the Dream of Homeownership Within Reach

2009-05-12T09:16:00.000-05:00

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Here is some additional information that was not included in the above article:
Please visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html for addtional details from the IRS / Government about the Tax Credit.

INCREASED LENDING HINTS AT CREDIT THAW

2009-05-11T14:18:00.001-05:00

SAN ANTONIO (San Antonio Express-News) – In a sign that the credit crisis might be beginning to thaw in Texas, JPMorgan Chase reported Wednesday that it issued more than 300,000 new loans and lines of credit totaling $6.4 billion during the first three months of 2009.
The bank awarded $2.4 billion for 12,826 home mortgages, up 24 percent from the previous quarter.

JPMorgan Chase also made $182 million worth of loans to 473 small businesses and $1.7 billion in new and renewed credit to midsized businesses, large companies and other agencies.

TEXAS' RESTAURANT INDUSTRY TAKING THE LEAD

2009-05-11T14:17:00.001-05:00

HOUSTON (Houston Business Journal) – With roughly $35 billion in sales expected this year,
Texas restaurants could lead the industry in growth, according to the National Restaurant Association.

That figure represents a 4 percent increase in sales year-over-year. That's down from 5.6 percent sales growth in 2008 but almost double the 2.5 percent nationally expected increase.
“Even in these tough economic times, it is clear that the Texas restaurant industry is the best place to do business in the nation,” said Richie Jackson, executive vice president and chief executive of the Texas Restaurant Association.