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2010-05-19T12:25:00.001-07:00

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Most Popular Real Estate Articles RECON

2010-02-02T12:07:00.000-08:00

COLLEGE STATION (Real Estate Center) – Obviously some Texans still want a license to buy and sell real estate. One month into the new year, Obtaining a Texas Real Estate License remains the most popular document on the website for the Real Estate Center at Texas A&M University.

In January, here were the Center’s most popular online publications as determined by total visits:

Obtaining a Texas Real Estate License by Judon Fambrough — 1,887 visits.

"Ag-use Exemption: Fact or Fiction" (revised Jan. 2010) by Judon Fambrough — 1,294.

Austin–Round Rock Market Report by Edith Craig, Beth Thomas, Kory Merten, Kelly Beevers and Kristen Wiehe — 1,012.

Monthly Review of the Texas Economy by Ali Anari and Mark Dotzour — 965.

Dallas–Fort Worth–Arlington Market Report by Edith Craig, Beth Thomas, Kory Merten, Kelly Beevers and Kristen Wiehe — 742.

Hints on Negotiating an Oil and Gas Lease by Judon Fambrough — 653.

Texas Rural Land Value Trends 2008 by ASFMRA — 649.

San Antonio Market Report by Edith Craig, Beth Thomas, Kory Merten, Kelly Beevers and Kristen Wiehe — 599.

Easements in Texas by Judon Fambrough — 557.

"Priority of Mortgage and Tax Liens" by Judon Fambrough — 534.

Homebuyer tax credit: No e-file and four-month delays

2010-01-28T09:23:00.000-08:00

NEW YORK (CNNMoney.com) -- Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again.

Bad news: You still can't e-file your taxes if you want the cash. And there are long delays.

On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.

The two-month delay was frustrating to Florida resident Charles Teschke. "We are not broke or anything, but nevertheless we were still counting on getting the tax refund to help pay for the appliances and stuff we needed for our new home," he said. "The IRS told me they estimate it will take four months for me to get my refund!"

First-time buyers were able to immediately file for the tax credit after Congress approved it last February as part of the stimulus program. All they had to do was file an amendment to their 2008 tax returns (the ones they filed last April) and claim the promised refund of 10% of the purchase price, up to $8,000.

What I did with my $8,000 tax credit
They were able to e-file, and they received their refunds promptly. One reader filed a claim the first week of August, and had the check by the third week in September.

But on Nov. 6 the rules changed. That's when Congress extended -- and expanded -- the tax credit, which was originally scheduled to expire on Nov. 30.

Now, the deadline is April 30, by when all contracts must be signed. (Closings must happen by June 30.) Plus, existing homeowners looking to trade up (or down) can qualify for a $6,500 refund.

And these new buyers can no longer file electronically. They have to mail in paper forms, including the new 5405, whether they are amending their 2008 taxes or claiming it on the 2009 taxes that are being filed this spring.

That is going to dramatically slow refunds, but taxpayers can't blame the IRS. Instead, it's people scamming the system who are at fault.

For example, in October tax preparer James Otto Price III was the first person convicted of this crime. He falsely claimed the credit for 15 clients.

So buyers must now file documentation with their taxes -- including proof of residency, a signed mortgage statement and drivers license -- which the e-file system is not equipped to handle.

"Because of the scams, the IRS started sending back the amended returns and asking for proof," said Mary Mellem of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals. "The system has no way of sending along the documents they're requiring. Taxpayers must file a paper return instead."

The IRS points out that taxpayers can still use the electronic forms available on its Web site or consumer sites such as TurboTax; they just have to print them out, attach the proof and mail everything in. And that can take quite a while.

"Taxpayers are looking at another three months before they get their returns," said Mellem.

Source: CNNMoney.com

McKinney Homes Texas

Las Vegas: Most foreclosures of any city in 2009

2010-01-28T09:08:00.000-08:00

NEW YORK (CNNMoney.com) -- Cities in the so-called Sand States dominated the foreclosure rankings in 2009, with the 20 worst-hit metro areas residing in Nevada, Florida, California and Arizona.

Las Vegas had the largest number of foreclosure filings of any city last year, with 12% of its households receiving at least one during the year, according to RealtyTrac, the online marketer of foreclosed homes. That was more than five times the national average.

Cape Coral, Fla., was a close second with 11.9% of its households; Merced, Calif., was third with 10.1%.

The good news is that all top 20 cities recorded declines in foreclosure filings in the last three months of the year.

The bad news is that the foreclosure plague is spreading beyond these usual trouble spots, according to RealtyTrac's CEO, James Saccacio. And, nationwide, foreclosures grew 21.2% during the year.

"Areas like Provo, Utah, Fayetteville, Ark., Portland, Ore., and Rockford, Ill., all posted foreclosure rates above the U.S. average in 2009," he said. "And markets like Honolulu, Minneapolis and Seattle saw foreclosure activity increase at more than twice the national pace over the past 12 months."

He added that the new foreclosure wave seems more grounded in traditional foreclosure causes, such as job losses, than those recorded in the Sand States, where they were much more "bubble related."

In cities such as Las Vegas, Phoenix, Miami and Bakersfield, Calif., soaring home prices of the mid 2000s drove homebuyers to desperate measures, such as taking on hybrid adjustable rate mortgages, also called toxic ARMS. These products only remained affordable as long as home prices grew; once prices stopped rising, borrowers began to default.

New hotspots

Some cites that had escaped the worst of the default demon in prior years saw foreclosure filings -- default notices, auction sales and bank repossessions -- soar. The Gulfport area of Mississippi recorded a year-over-year spike of 784%. Houma, La., recorded a 379% gain, and Roanoke, Va., filings jumped 352%.

Source: CNN Money

Freddie Mac CEO: Housing Is Near Bottom

2010-01-27T10:58:00.000-08:00

The inventory of foreclosed houses still hampers the recovery of the housing sector, but overall, the U.S. housing market appears to be at or near bottom, Freddie Mac CEO Charles Haldeman told the Detroit Economic Club on Tuesday.

He predicted that the 30-year fixed mortgage rate would remain between 5 percent and 6 percent through 2010.

"The big downside risk to all this is a large wave of homes now in foreclosure potentially hitting the market at prices that are destructive," Haldeman said.

Source: Reuters News, Soyoung Kim (01/26/2010)

McKinney Foreclosures

10 Most Undervalued Housing Markets

2010-01-27T10:55:00.000-08:00

Nationwide, only 87 markets are in the overvalued category, according to a newly released 2010 report compiled by IHS Global Insight and PNC Financial Services.

That means 242 of the 299 largest U.S. housing markets are selling for prices that even bankers think are less than fair market value. The judgment is based on a comparison of median home prices, local interest rates, population densities and income, plus historic premiums or discounts.

Here are the 10 most undervalued areas, according to the study:
Las Vegas, -41.4 percent
Vero Beach, Fla., -39.8 percent
Merced, Calif., -37.7 percent
Cape Coral, Fla., -36.8 percent
Houma, La., -34.6 percent
Port St. Lucie, Fla., -33.3 percent
Warren, Mich., -32.3 percent
Vallejo, Calif., -31.9 percent
Modesto, Calif. -31.8 percent
Stockton, Calif., -31.8 percent

Source: CNNMoney, Les Christie (01/27/2010)

Home Sales Dive in December to 9 Month Low

2010-01-27T10:20:00.000-08:00

New home sales plunged to a 9-month low in December, according to a government report issued Wednesday.

The seasonally adjusted annual rate of new home sales dropped 7.6% to 342,000 last month, compared with a revised rate of 370,000 in November, the Census Bureau said.

Analysts surveyed by Briefing.com had expected December sales of new homes to hit an annual rate of 366,000.

"This is not a very encouraging number," said Mike Larson, a real estate analyst with Weiss Research. "You've got aggressive competition from banks and lenders trying to unload foreclosures, and many people are going to the existing home market because that's where the bargains are."

Full Story Money.com

Prescott Arizona Real Estate

February existing home sales rise by 5.1 percent

2009-03-23T10:32:00.000-07:00

March 23, 2009
By ALAN ZIBEL, AP Real Estate Writer

WASHINGTON – Sales of previously occupied homes jumped unexpectedly in February by the largest amount in nearly six years as first-time buyers took advantage of deep discounts on foreclosures and other distressed properties.

Economists said sales, while still at levels not seen since 1997, may finally be coming back to life after declining sharply following the stock market plunge last autumn.

Read Full Story

U.S. home prices post big drop

2008-10-28T12:00:00.000-07:00

NEW YORK — A closely watched index shows home prices tumbled by the sharpest annual rate ever in August.

The Standard & Poor's/Case-Shiller 20-city housing index released Tuesday dropped a record 16.6 percent in August from the year-ago month, the largest drop since its inception in 2000. The 10-city index plunged 17.7 percent, its biggest decline in its 21-year history.

Both indices have recorded year-over-year declines for 20

Full Story WFAA

Dallas Real Estate Market is Improving

2008-06-10T11:39:00.000-07:00

Dallas, Texas (WiredPRNews.com) — Although the nationwide real estate market has been in a steady and much-publicized slump recently with the sluggish economy dragging home sales down, it appears that the Dallas real estate market is holding steady and even showing signs of improvement.

The Dallas Morning News reported that although North Texas property sales dropped 12% last month, the “overall prices managed to eke out a 1 percent gain from a year ago.” This should come as a sign of potential for buyers looking to purchase real estate in Dallas or surrounding cities. The average sale price of a home during the month of May was $154,000 — the highest since the summer of 2007.

Full Story - Wired PR News

Dallas Real Estate

U.S. new home sales post unexpected increase

2008-05-27T09:02:00.000-07:00

10:25 AM CDT on Tuesday, May 27, 2008

WASHINGTON — Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years. The Commerce Department reported Tuesday that sales of new homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units.

Dallas News.com

S&P: Dallas home prices drop 3.3% as U.S. values tumble

2008-05-27T09:00:00.000-07:00

10:19 AM CT Standard & Poor's/Case-Shiller said its national home price index fell 14.1 percent in the first quarter compared with a year earlier, the lowest since its inception in 1988, a somber indication that the housing slump continues to deepen.

The Dallas housing market lost more ground in the latest gauge of U.S. home prices.

Home prices in March fell 3.3 percent from a year earlier in Dallas according to the latest measure from Standard & Poor’s Case-Shiller index.

The report compares home price changes in 20 major U.S. cities.

Nationwide, home prices dropped by more that 14 percent in March compared to the March 2007 – the biggest such dip in 20 years.

Dallas News

NAR reveals national property database details

2008-05-18T08:48:00.001-07:00

WASHINGTON, D.C. -- Leadership for the National Association of Realtors is "very committed" to a plan to create a massive national -- and possibly international -- property database to serve as a resource for agents and brokers, the leader of the group spearheading the plan announced Thursday. (Inman)

America's 10 Worst Housing Markets - Forbes

2008-04-26T16:26:00.001-07:00

As of April 2008, Forbes reports that these are our nations most sedentary housing markets:

1. Miami, Florida
2. Orlando, Florida
3. Pheonix, Arizona
4. Tampa, Florida
5. Las Angelas, California
6. Washington DC
7. Chicago, Illinois
8. Baltimore, Maryland
9. San Diego, California
10. Denver, Colorado

Full Story
Matt Woolsey - Forbes Magazine

States Grapple with Sex Offender Records

2008-03-23T08:24:00.000-07:00

A growing number of states are trying to sort out the question of who is responsible for disclosing the presence of sex predators in a neighborhood to potential home buyers.

Full Story

Time to Learn the Hard Way Again?

2008-03-23T07:34:00.000-07:00

Twenty years ago, Texas was caught in a real estate crisis that was wrecking the regional economy and destroying the largest lenders. With the state teetering, Uncle Sam rode to the rescue in 1989.

The housing industry wouldn't be in such a mess today if people had remembered how the S&L crisis got started. Loose lending was the primary fuel, enabled by lax regulation and an explosion of lenders who never saw a deal they didn't like.

Full Story

Get the latest trend in one of Texas' premier areas for homebuilding at Dallas Real Estate

Home-buying in Down Market Has Extra Risks

2008-03-23T07:06:00.000-07:00

In this battered housing market, choosing the right neighborhood is more important than ever. Even in this brutal landscape, Seattle Wash.; Austin Texas; and Wichita Kan., are still seeing price increases. And even in hard-hit cities, certain neighborhoods are holding up better than others.

Full Story

Should You Pay off Your Mortgage?

2008-03-13T05:03:00.000-07:00

About five years ago we worked with some clients moving to Austin Texas, from California. We were a little surprised by their choice of mortgage - a 100%, interest-only loan. At the risk of sounding a little backwater, I asked them, "Why would you not want to pay off your loan?" Their answer was, "We both have MBA's." I assumed that meant that they were better informed than I. And, I am sure that was true. But, I still wonder (for non-MBA's), is it a good idea to pay off your home mortgage?

Full Story

For other information on Austin, Kyle, Taylor and Georgetown Real Estate, visit Austin Area Homebuilders.

Are You Overpaying for Where You Live?

2008-03-11T01:16:00.000-07:00

To find out where even affluent Americans are being hurt by the troubles afflicting the economy, Businessweek.com set out to determine those suburbs in the U.S. where it cost the most to live. We worked with national real estate researcher OnBoard in New York City to select the most expensive suburb in each state based on cost of living, mortgage and utility payments, median home price, and property taxes.

Some residents of the suburbs on the list, which include exclusive communities such as Atherton, Calif., Darien, Conn., Highland Park, Texas, Scarsdale, N.Y., and Wellesley, Mass., have flush bank accounts and enough income streaming in to continue spending on luxury watches, $20,000 vacations, and daily $4 mochaccinos.

Full Article

Prime Time: A Resurgence

2008-01-18T11:03:00.000-08:00

Another mortgage-refinancing boom is under way. But this time around, many homeowners will be watching from the sidelines.

For the first time since 2005, mortgage rates have slipped well below 6%, ending last week at about 5.87%, according to mortgage tracker HSH Associates. Some lenders are offering even lower deals. At these levels, about 37% of homeowners could refinance their mortgages and save money on their monthly payment, estimates investment bank Bear Stearns Cos. As rates drop further -- and some expect that to happen if the economy continues to weaken -- increasing numbers of consumers will find refinancing their existing mortgage worthwhile.

But here's the catch, and it's a big one: Many homeowners won't benefit, either because their mortgage is too big or their credit score is too low. In other cases, falling home prices will make it tough for them to refinance. Real Estate Journal.

Economists React: No Sign Housing Decline Slowing

2008-01-18T11:01:00.001-08:00

Jan. 17, 2008 - Economists and others weigh in on the weaker-than-expected 14% decline in housing starts for December. Wall Street Journal Online - Real Estate Journal

Home Construction Plunged 14% in December 07

2008-01-18T10:59:00.001-08:00

New Construction - Dec. 17, 2008

Home construction plunged in December, tumbling to its lowest point in 16 years, while a sign of future groundbreakings also dropped sharply. Housing starts decreased 14% to a seasonally adjusted 1.006 million annual rate, after falling 7.9% in November to 1.173 million, the Commerce Department said Thursday. Originally, Commerce reported November starts 3.7% lower at 1.187 million.

Real Estate Journal Article

Real Estate News Sources

2008-01-18T10:58:00.001-08:00

The following resources are helpful for getting the latest on real estate news.

Real Estate Journal