The Lone Star State held its ground better than many other areas following the recession and housing market collapse. As a result, Texas has one of the fastest-growing job markets in the country.A total of 44 states expanded their employment bases so far this year, with Texas in the number two position, according to data from the Bureau of Labor Statistics. The top spot was held by California.Specifically, as of the end of July, Texas-based businesses expanded payrolls by an estimated 231,800 jobs from a year earlier. This expansion could go a long way in boosting consumer confidence and giving residents the financial safety they need to make major investments, such as purchasing property.Houston real estate could be a great investment for prospective homebuyers with newly found job security. Harris County currently has a foreclosure rate well below the national average and stable home prices that aren't expected to go anywhere but up. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Archives for August 2012
Transactions in the Houston high-end property market surged in July, and rising demand for jumbo loans across the country could make lenders more willing to issue mortgages for larger amounts.Houston real estate data indicates that single-family home sales increased 27 percent last month from July 2011, according to a report from the Houston Association of Realtors.??”July was another very healthy month for the Houston real estate market with strong sales across all housing segments, from lower-priced homes to luxury homes,” said HAR chairman Wayne Stroman.Specifically, the sales rate of properties in the $250,000 to $499,999 range spiked 40.5 percent from a year earlier, while home sales in the $500,000 to $1 million range increased 21.5 percent, the report said.Meanwhile, a recent report from the Wall Street Journal indicates that jumbo loans, which are normally mortgages exceeding $417,000, accounted for 15 percent of the total dollar volume among private lenders during the second quarter.Because these mortgages are often issued to borrowers with higher incomes and larger assets, this share of activity could increase even more in the near future both in Houston and across the country.????Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Pending home sales increased across the country last month, and activity in the South had a lot to do with it.According to a report from the National Association of Realtors, the nationwide Pending Home Sales Index surged 12.4 percent in July from a year earlier to a mark of 101.7. An index above 100 indicates conditions are similar to those experienced prior to the housing market collapse.”While the month-to-month movement has been uneven, more importantly we now have 15 consecutive months of year-over-year gains in contract activity,” said NAR chief economist Lawrence Yun.Out of all four regions, the South posted some of the biggest month-over-month and annual gains. Pending home sales in the region increased 5.2 percent in July from the previous month and 15.6 percent from a year earlier to an index of 111.7 – the highest in the nation.Houston real estate may have played a major role in the region's success. Specifically, the metro area has maintained a foreclosure rate well below the national average during recent months. According to RealtyTrac, last month just one in every 1,007 Houston properties were in some stage of the foreclosure process, compared to one in every 686 across the country. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
In the wake of the housing market collapse, foreclosure activity had a negative impact on property values across the country. Although Houston homeowners have been relatively resilient to this trend, other households in Texas have not been so lucky.Nationwide, there were only 58,000 completed foreclosures during the month of June, according to a report from CoreLogic. Although this may seen like a large amount, it was a 16 percent decline from a year earlier, and down from 62,000 in June.”Alternative resolutions are helping to reduce foreclosures and often result in a more positive transition for the borrower and lower losses for investors and lenders,” said CoreLogic president and CEO Anand Nallathambi.Foreclosure completions in Texas during the 12-month period ending in June were among the highest in the nation, the report said. By the end of this period, nearly 57,000 foreclosures were completed in the Lone Star State.Meanwhile, in July, foreclosure sales activity in Houston was relatively flat compared to a year earlier, according to the Houston Association of Realtors. During the month, distressed properties accounted for 16.3 percent of all sales, at a median price of $80,199. While this may appear to be a notable share, it was a major decrease from the peak share of 27.8 percent experienced at the beginning of 2012.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Even though purchasing Houston real estate could be a great investment, statistics show very few entry-level buyers are taking advantage of favorable conditions.A report from the National Association of Realtors indicates that first-time buyers accounted for just 34 percent of all property transactions last month across the country. This was an improvement on both a monthly and annual basis, but was still well below the normal 40 percent share experienced at the housing market's peak.”The total supply of housing inventory appears to be balanced in historic terms, but there are notable shortages in the lower price ranges which are limiting opportunities for first-time buyers,” said NAR chief economist Lawrence Yun.Entry-level buyers based in Houston may be missing out if they put off making the transition to homeownership too much longer. A report from the Federal Housing Finance Agency found that the value of Houston homes was appreciating at the eighth-fastest rate in the country during the second quarter.Specifically, property values rose 6.75 percent from the same three-month period a year earlier, and 2.69 percent from the previous quarter.??? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
National sales of newly built homes increased in July from the previous month, which could ultimately result in a untick in property construction activity throughout Houston in the near future.The sales rate surged 3.6 percent from June to an annualized rate of 372,000 units, according to a report from the Department of Housing and Urban Development. This improvement has been recognized by a number of industry groups, such as the National Association of Home Builders, as an indicator of the housing market's recovery.??”Sales of new homes in July returned to the same solid pace they set in May, which was the fastest sales rate we’d seen in more than two years,” said NAHB chairman Barry Rutenberg.Regionally, the Northeast experienced the largest month-over-month gain, while the South reported a 9.1 percent increase from a year earlier.Houston homes remained hot tickets in July, as the sales rate of single-family homes spiked 27 percent from the previous year, according to a report from the Houston Association of Realtors. As a result of the increased activity, average prices appreciated 3.7 percent to $231,484, which is well above the national average.??? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
National property values surged during the second quarter, and Houston homes were a major factor driving this development.Overall, nationwide prices increased 1.8 percent during the three-month period from the previous quarter, according to the Federal Housing Finance Agency. This was the largest increase experienced on this basis since the end of 2005.”Although some housing markets are still facing significant challenges, house prices were quite strong in most areas in the second quarter,” said FHFA principal economist Andrew Leventis.However, Houston wasn't one of these areas that faced hardship. In fact, home prices in the area surged 6.75 percent from the second quarter of 2011 and 2.68 percent from the previous three-month period. As a result, Houston had the eighth-fastest property appreciation rate in the country.Average fixed mortgage rates have remained below 4 percent for all but one week so far this year. Most recently, the average rate for a 30-year FRM was recorded at 3.66 percent, according to a report from Freddie Mac. In addition, 15-year FRMs averaged 2.89 percent.????Although Houston home prices are on the rise, these low rates make the prospect of transitioning to homeownership very affordable. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Even though the Houston real estate market has outperformed national averages in recent months, there is alway room for improvement.According to a recent report from RealtyTrac, during the month of July, one in every 1,007 properties in the Houston metropolitan area were in some stage of the foreclosure process. This was relatively on par with the Texas average, since last month one in every 1,001 homes in the Lone Star State was in a similar situation.However, the Federal Housing Finance Agency recently announced a new initiative to streamline the short sale process on mortgages backed by Fannie Mae and Freddie Mac, could help further reduce foreclosure activity.”Short sales have become an increasingly important tool in preventing foreclosures and stabilizing communities,” said Leslie Peeler, senior vice president, National Servicing Organization, Fannie Mae.Under the new guidelines, servicers will be able to approve short sales without the approval of either government-sponsored enterprise. This could help speed up the process, preventing foreclosures, which can be damaging to consumers, communities and lenders.??Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
The Houston real estate market has been a bright spot in an otherwise bleak national housing market during recent months, and it doesn't appear to be losing steam anytime soon.During the month of July, the sales rate of single-family homes surged 27 percent throughout the city compared to last year, according to a report from the Houston Association of Realtors. As a result, the area's housing inventory thinned to the lowest level experienced in more than five years.”July was another very healthy month for the Houston real estate market with strong sales across all housing segments, from lower-priced homes to luxury homes,” said HAR chairman Wayne Stroman.Meanwhile, although the declining inventory may have resulted in fewer options for prospective buyers, it caused the price of single-family homes to increase 3.7 percent on an annual basis to $231,484,? the report said.Since property values plummeted following the housing market collapse, leaving numerous homeowners upside down on their mortgages, this development is very positive, as it could allow residents to escape from under the thumb of negative equity. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.