New services for mortgage risk management are now available from Houston-based Stewart Lender Services, the company announced this week, allowing for better analysis of mortgage loans and other debt.
SLS president Jason Nadeau said the company's partnership with Inglet Blair LLC enabled it to offer a new type of service.
"What we are offering is part of the next wave of mortgage lending services. It enables Stewart to continue to provide a full breadth of services for our mortgage lender and servicer customers throughout the lifecycle of a loan," he said.
In addition to data capture and risk analysis features – which are now web-based, and able to accommodate integration with third-party applications – SLS can also provide expert human analysis to help weed out bad repurchase applications and save clients money directly.
Experts say this and other recent moves to provide better analytical services may be a direct outgrowth of the housing crisis, which saw mortgages extended to those who might not have been sufficiently qualified. This resulted in a large number of defaults which are still being dealt with today.
Houston property data to be available from new source
Two industries of particular importance to Houston property values
The 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
An 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.
Report: Big deals show Houston property market could be heating up
The owner of Houston's second-tallest office building – MetLife – is putting a half-stake in Wells Fargo Plaza up for sale, according to a report in the Wall Street Journal.
MetLife's real estate investments boss Robert Merck told the newspaper that market conditions for Houston property had improved to the point where it felt comfortable taking this step.
"We feel this is an opportune time to test the market given the abundance of capital looking for core assets in top markets like Houston," he said.
The Journal reported that partial sales are a popular way to move property right now, since prestigious properties have been commanding higher and higher prices in recent months.
The tower is leased primarily to troubled energy firm Dynergy, which has recently rolled back the proportion of the building it occupies, the newspaper said.
The Wells Fargo Plaza deal may be a harbinger of growing activity in Houston's commercial real estate market, according to experts. This could push prices higher and provide a spur to more general movement in area property.
Houston property owners could be affected by new city initiative for green tech
A new program in Houston designed to encourage property owners to improve the energy efficiency of their buildings will offer incentives for some types of renovation, Mayor Annise Parker announced this week.
"The Energy Efficiency Incentive Program is an unprecedented opportunity for commercial building owners and managers to actively engage in the city-wide sustainability strategy – to make Houston a greener, cleaner and healthier place for ourselves and future Houstonians. The energy efficiency projects completed as part of this program will …. help buildings achieve their sustainability goals," she said in a statement.
City government will commit $3 million in seed funding to environmentally motivated improvement projects. If an approved engineering estimate finds that a given renovation will result in at least a 15 percent savings in energy costs, Houston will make anywhere from $20,000 to $200,000 – up to 20 percent of the improvement's total cost – available to the property owner.
In addition to the city incentives, property owners should consider the savings on energy costs by themselves. The difference between unmodified old buildings and new renovations can be startling, experts say.
Report: Houston property market boosted by housing starts and job growth
Several factors point to a continuation of the gradual economic recovery in the Houston area, according to a report from MetroStudy, including positive job growth numbers and improving housing starts.
David Jarvis, director of MetroStudy's Houston division, said these gains can be attributed in part to the region's public policy, which differentiate the area from many others across the country.
"The Houston market continues to face fewer market obstacles than most U.S. markets. Texas's pro-growth policies and business friendly environment will continue to benefit local housing markets and allow for 2011 to show moderate growth," he said.
The first new increase in housing starts since the recession was seen in 2010, MetroStudy reported, a 1.1 percent rise over 2009 figures, as well as a small increase – 13,000 – in the number of available jobs, though the previous year's losses were still much larger, topping out at more than 100,000.
Staying abreast of general economic development is important for both businesses expecting to be involved in Houston's property market and prospective homeowners, experts say.
7 Reasons to Own Your Home
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Home Inspections / Hiring a Qualified Home Inspector
Once your offer has been accepted on the home you would like to purchase one of the things that is suggested is for you to get a home inspection. What is a home inspection? Well, one of the best ways to understand the property’s condition is to hire a qualified home inspector. It is recommended you contact and interview at least two to three different home inspectors in order to find one that will meet your individual needs. Inspectors are familiar with the building codes and will help look for flaws in the home your are purchasing.
The following are some important questions to ask before making your final selection;
- How long have you been in the home inspection business?
- What are your qualifications?
- Are you a member of any inspection organization or association?
- How many resale home inspections have you completed?
- If I hired you today, when would you be available to complete my inspection?
- What will the inspection cover?
- How long is your average inspection and how long after it’s completed will I receive my report?
- How much will the inspection cost?
- May I attend my inspection? May my real estate agent also attend?
- Do you provide estimates for repairs and improvements?
- Can I contact you post-inspection for any questions?
These are just a few questions and you may have more but hopefully this will help you when it is your time to need a home inspection.
Talk to you soon, Patti
Myth or Fact? Home Expenses
Question – Can I write off all expenses on my home?
This is a MYTH: Home addistion, insurance cost, renovations, condo/HOA fees are not tax deductible like your property taxes and mortgage interest can be. Remember to always check with a tax advisor or a financial planner when determining what home related issues are deductible.
see you again soon,
patti -pattimace@pattimace.com (-pattimace null@null pattimace NULL.com) or pattimace@sbcglobal.net (pattimace null@null sbcglobal NULL.net)
www.pattimace.com (http://www NULL.pattimace NULL.com)
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