Two industries of particular importance to Houston property values

Space industry one of those with an impact on Houston property valuesThe federal government's actions will play a key role in the rate at which two of Houston's big industries recover from the recent economic trouble, according to Metrostudy-Houston, which will in turn directly impact the city's real estate market.

Budget cuts to the National Aeronautics and Space Administration, which maintains extensive facilities in the Houston area, could jeopardize the ongoing role that agency plays in the economic life of the city, Metrostudy-Houston reports. The site's researchers also point out that, as more of NASA's functions are turned over to private enterprise, reasons to remain in the city disappear.

The deep-water drilling industry is also crucial to Houston's economy, according to the researchers, but the government must issue permits for any work to proceed. Fortunately, Metrostudy-Houston says, those permits are set to be handed out within weeks, meaning that drilling can soon proceed.

Shifting demographics and property values among various neighborhoods in the city make predictions difficult, experts say, but the generally positive economic picture should continue to take shape over the course of 2011.

Houston property will be sold to fund city budget gap

City government to close budget gap with property saleAn abandoned gas station and a public works building will be sold by the city of Houston to help bridge a $54 million gap in the municipal budget, according to the Houston Chronicle.

The newspaper notes that any potential deal will have to be done by June 30 in order to avoid a further dip into the city's savings, which are not as extensive as they once were.

Other remedies are also under consideration, city controller Robert Green told the Chronicle.

"The only thing we will be able to do is cut expenses, which will mean cuts in services, or talk about other revenue sources. The public wants to make sure we've cut as far as we can before we look for other revenue sources. It's a tough time, and I think we're cognizant of that," he said.

Savvy property investors with a creative plan for either of the Houston properties under discussion could realize significant savings if the city government wants to sell badly enough, experts say.

Saving for the Future, A Home, College, Retirement

With the woes of the economy it is more important now than ever before that you are controlling your debt and saving for your goals whether it be a home, a car, or your childrens college fund.  With the end of the year approaching now is the time to sit down and do a review of your finances and spending habits and work on how to achieve your goals for 2009 and forward.  Setting a family budget will help to make it easier to reach your savings goal.

While working on your budget look to make sure your debt to value ratio is following along the 28/36 percent rule.  This is a rule that is followed by the mortgage lenders when a person is looking to purchase a home.  Your MORTGAGE payment should not exceed 28 percent of your monthly income, and your total outstanding debt should not exceed 36 percent of your monthly income.

With your budget in place try not to add any new debt and stay diligent to pay off your current debt by starting with the credit card debt with the highest interest rate.

When you set up your budget and your savings goal be sure to have a seperate fund for Emergencies. Unfortunately it is those unexpected expenses that can throw the budget completely so always try to put aside funds from each check for these type of expenses..such as car breaking down, or an illness.

As you learn to manage and stay within your budget you will see how life seems to be easier to deal with when you are not stressing over your finances.  Good Luck!

Talk to you Soon,

Patti

patti@pattimace.com (patti null@null pattimace NULL.com)

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