Friday, December 10, 2010
Tuesday, December 7, 2010
Tuesday, November 30, 2010
Austin highest-rated recovery in U.S.
Austin Business Journal - by Staff Reports
Date: Tuesday, November 30, 2010, 2:20pm CSTAustin was ranked as having the 26th best economic recovery worldwide, the highest rank of all U.S. cities, a report from the Brookings Institution said Tuesday. The analysis ranked 150 cities according to three main indicators between 1993 and 2010: employment growth, per-capita gross value added and income per person.
The group said Austin employment has grown 3.2 percent between 2009 and this year, while income has escalated about 2.7 percent.
Austin came in No. 40 for growth between 2007 and 2009, clocking in about 0.1 percent employment growth, but a 3.1 percent decline in income. The city was the 25th fastest growing economy between 1993 and 2007, elevating employment about 3.1 percent and income about 3.4 percent.
The local population has growth about 67 percent since 1993 to about 1,763,192 people, according to the report. Istanbul, Turkey was the highest ranked city worldwide, though Asian cities dominated the listing. Austin edged out Montreal at No. 27, but was just below Sao Paulo, Brazil.
Wednesday, November 17, 2010
Want To Learn More About the Mopac Improvement Project?
A study is underway to determine the best way to improve mobility along the MoPac corridor between Parmer Lane and Cesar Chavez Street.
Open House meetings are being held to give the public a chance to learn more about the alternatives being considered and to provide feedback on those options. The open house meetings will take place:
Wednesday, December 1st
6:00 pm to 8:00 pm
O. Henry Middle School cafeteria
2610 West 10th Street, Austin, 78703
Thursday, December 2nd
6:00 pm to 8:00 pm
Murchison Middle School cafeteria
3700 North Hills Drive, Austin, 78731
More information about the MoPac Improvement Project can be found at www.MoPacExpress.com, or by calling 512-996-9778.
Tuesday, November 9, 2010
THREE TEXAS CITIES AMONG NATION'S MOST AFFORDABLE
NEW YORK (Forbes) – Three Texas cities made Forbes’ list of ten most affordable U.S. cities.
San Antonio came in sixth with Houston right behind at seven. Austin claimed the final spot on the list and was noted as one of the nation’s hottest cities for high-tech jobs.
Forbes attributed the number of Texas cities on the list to the state’s business-friendly climate, rich natural resources and stable housing economy.
“The state (as a whole), and Houston and San Antonio (in particular) are deriving significant income from domestic in-migration. People are moving to Texas because of job availability and because of the cost of housing being so low,” said Real Estate Center Research Economist Dr. Jim Gaines. “Texas has always been a wide-open laissez-faire, low-control, low-regulation place.”
Return Of The Jumbo Loan?
NEW YORK (Wall Street Journal) – Are jumbo mortgage loans back? According to Saturday's edition of the Wall Street Journal, yes.
Jumbo mortgage lenders originated $18 billion in loans in second quarter 2010, the Journal reported. That's a 20 percent increase from the first quarter (but still below 2007 levels, according to Inside Mortgage Finance Publications Inc.).
Jumbo mortgages are those that are too big to be bought by government-backed agencies such as Fannie Mae and Freddie Mac. Generally, they exceed $417,000.
Real Estate Center Chief Economist Dr. Mark Dotzour described the return of the jumbo loan as "truly good news."
"The fact that the spread between conventional loans and jumbos has narrowed to very low levels means that borrowing costs for higher priced homes is declining," Dotzour said. "This will encourage home sales in the higher price ranges of Texas homes."
According to Inside Mortgage Finance, J.P. Morgan Chase & Co.'s Chase Home Lending unit increased its jumbo mortgage volume by 146.2 percent in the first six months of this year over the same period last year. Wells Fargo & Co. increased by 47.5 percent, and PHH Corp. of Mount Laurel, N.J., increased by 64.6 percent.
Monday, November 1, 2010
Monday, October 18, 2010
Early voting for the November 2 General Election begins today
Avoid long lines. Vote early.
Early voting in person is easier than you think. You don't have to stand in long lines on election day. If you are a registered voter, you can vote early at any convenient location in your county. Find your early-voting polling location.
Tuesday, October 5, 2010
TEXAS ATTORNEY GENERAL HALTS FORECLOSURES
HOUSTON (Houston Chronicle) – Because of current widespread scrutiny over how foreclosures are processed nationwide, the Texas Attorney General’s office has called for a halt on all foreclosures.
Notices were sent to 27 Texas loan servicers, including Bank of America and JPMorgan Chase & Co.
The action is being taken “in an effort to determine the full harm Texas homeowners may have suffered or could suffer as a result of these business practices,” including improperly signing documents related to the foreclosure process, said Jerry Strickland, a spokesman for Attorney General Greg Abbott.
The office also called for a halt on the sale of properties previously foreclosed upon and all evictions of people living in previously foreclosed upon properties.
Monday, October 4, 2010
Wednesday, September 29, 2010
Friday, September 24, 2010
TEXAS HOME SALES DOWN, PRICES UP
TEXAS (Real Estate Center) – Newly released data from Texas Multiple Listing Services (MLS) show existing home sales are down from last year while average and median prices are up.
“Texas home sales peaked this year in May rather than the normal June-July period because of the expired tax credit stimulus,” said Real Estate Center Research Economist Dr. Jim Gaines.
“August 2010 sales were down 14 percent from August last year but were up 3.6 percent from dismal July figures, which were down 27 percent from the previous year.”
Gaines said average and median prices showed “remarkable strength” given the generally weaker market, increasing by 5.3 percent and 1.9 percent from last August, respectively.
“The higher average price reflects some improvement in the upper-end market, which has been significantly depressed the past couple of years,” he said. “The number of properties offered for sale declined in August, leaving month’s inventory effectively unchanged from July. However, the total number of properties on the market this year is 14 percent greater than in August 2009.”
While total listings were down from the previous month, the average months inventory of unsold homes at the current sales rate remained virtually unchanged at 7.9 months.
Here is how select Texas cities fared in August (data current as of Sept. 23, 2010):
| Sales | Change from | Median Price | Change from Last Year | Months' Inventory | |
| Amarillo | 247 | no change | $130,300 | up 4% | 6.8 |
| Austin | 1,670 | down 15% | $196,500 | up 5% | 7.1 |
| Corpus Christi | 317 | no change | $148,500 | up 8% | 11.2 |
| Dallas | 3,393 | down 19% | $166,900 | up 5% | 7.2 |
| El Paso | 437 | down 10% | $137,300 | up 6% | 6.9 |
| Fort Worth | 674 | down 14% | $119,000 | up 1% | 7.3 |
| Harlingen | 64 | down 25% | $96,700 | up 3% | 26.2 |
| Houston | 4,619 | down 16% | $157,500 | down 1% | 8 |
| Killeen-Fort Hood | 189 | down 28% | $128,100 | up 1% | 7.8 |
| Lubbock | 251 | down 13% | $111,700 | down 3% | 7.4 |
| Odessa | 86 | up 34% | $150,000 | up 32% | 4.6 |
| San Antonio | 1,646 | down 9% | $157,800 | up 7% | 8.3 |
| Tyler | 238 | down 15% | $143,100 | up 10% | 13.4 |
| Wichita Falls | 130 | down 5% | $96,000 | down 12% | 8.4 |
| Texas | 17,017 | down 14% | $152,900 | up 1.9% | 7.9 |
Monday, September 20, 2010
Austin home sales down 15% in August
Austin Business Journal, Monday, September 20, 2010
Austin home sales fell 15 percent year-over-year last month, while sales so far this have outperformed 2009, the Austin Board of Realtors reported Monday.
The Multiple Listing Service data showed total homes sold fell to 1,490 homes in August, while the year-to-date total increased 2 percent year over year. Austin Board of Realtors Chairman John Horton said the trend reflects the expiration of the first-time homebuyers' credit, but only in that it pushed the summer peak to earlier in the year. He expects 2010 overall to be better than last year. "I think this winter is really going to be the tail end of the soft market," Horton said. "We expect to see a real firming in the market this spring."
The median price of homes sold last month increased 5 percent to $200,000. Horton said this indicates the market is beginning to improve. Sales of more expensive homes have also risen as people rush to catch the last deals and sellers to first-time homebuyers upgrade. The number of days on the market increased 1 percent last month to an average 77 days, while the number of homes on the market rose 17 percent year-over-year.
“The most important thing I see in these results is that our year-to-date sales volume shows steady demand and our real estate values are holding strong. That’s good news as we head into the fall season," Horton said.
Saturday, September 18, 2010
Tuesday, August 10, 2010
Austin Real Estate Market Remains Stable Despite Expiration of Tax Credits
The volume of Austin area home sales in June 2010 was 1,987, down four percent from the same month in 2009. The median price of real estate in Austin increased four percent from June 2009 to $208,750 for June 2010.
“I think this report shows there is life for Austin real estate after tax credits,” said John Horton, Chairman of the Austin Board of REALTORS®. “Sales volume was down only four percent compared to June 2009, which was last summer’s peak month. In addition, the average time it takes to sell a home in Austin decreased for the sixth month in a row. Both of these factors point to long-term stability for our market.”
Monday, August 2, 2010
HOUSTON, AUSTIN - 'GREAT' PLACES TO BE YOUNG
HOUSTON (Houston Business Journal, Yahoo! Real Estate) – Both the Bayou City and the Capital City have made it onto Kiplinger.com’s Top Ten Great Cities for Young Adults.
The study based its list on youth-friendly factors such as cost of living, rental costs, culture, nightlife, time spent in traffic and the percentage of people younger than 35.
Houston’s average annual wage is $41,074. The median monthly rent is $775 compared with the national average of $819.
Houston was chosen primarily because of its diversity, with more than one million of Houston’s inhabitants born outside of the United States, along with its proximity to the Gulf Coast.
Austin, meanwhile, had an average annual wage of $41,380 (as of 2007). Median monthly rent is $864.
The city was touted for its cultural scene, "vibrant" nightlife and eclectic neighborhoods. It also has the fourth-lowest jobless rate among cities with populations of one million or more, according to Kiplinger.com.
Friday, July 23, 2010
AUSTIN TOPS FOR START-UPS
AUSTIN (Austin Business Journal) – Austin has a longstanding reputation as being one of the greenest U.S. cities, and now it has another honor worth boasting about.
Entrepreneur.com has named the Capital City the best in the country when it comes to supporting start-up companies.
In identifying 50 cities that best promote entrepreneurial pursuits, the publication touted Austin’s innovative spirit, commerce and emerging technology culture.
Austin is home to many successful start-up companies, and in the past year Facebook Inc., LegalZoom Inc. and Host Gator LLC have announced offices in Austin.
This year alone has seen 31 relocations and expansions in the technology-related space, representing nearly 3,000 new jobs, according to the Austin Economic Growth and Redevelopment Services Office.
Tuesday, July 20, 2010
AUSTIN REALTORS REPORT 'STABLE' HOUSING MARKET
AUSTIN (Austin Board of Realtors) – Demand for existing homes in the Austin area has remained stable despite the expiration of federal homebuyer tax credits, according to the latest report from the Austin Board of Realtors.
The volume of Austin area home sales in June 2010 was 1,987, down 4 percent from the same month in 2009, the board reported, using the most recent MLS data. The median price of real estate in Austin increased 4 percent from June 2009 to $208,750 for June 2010.
Despite a decrease in the volume of homes sold in June 2010, the total dollar volume of real estate sold increased 6 percent compared with June 2009, primarily from increased demand for properties in higher price ranges.
In June 2010, homes remained on the market an average of 70 days, a 14 percent decrease from the same month in 2009. In the same period, pending sales decreased 23 percent to 1,610, new listings increased 2 percent to 3,287, and active listings increased by 16 percent to 11,749.
Monday, June 7, 2010
Austin Market Statistics
According to the Multiple Listing Service (MLS) report by the Austin Board of REALTORS®, the volume of Austin area home sales in April 2010 was 2,043, up 31 percent from the same month in 2009. In the same period, pending sales increased 47 percent to 2,813. The median price of real estate in the Austin area remained unchanged in the same time period at $190,700.
“The considerable increase in sales and pending sales indicates increased activity among buyers trying to beat the April 30 tax credit deadline,” said John Horton, Chairman of the Austin Board of REALTORS®. “Although the tax credit has expired, we are entering a growing economic, real estate and seasonal cycle which we hope will continue to provide momentum to carry our market upward.”
Sales of condos and townhouses remained strong in April 2010, increasing 63 percent to 213 sales as compared to April 2009. Also during the same period, pending sales for condos and townhouses increased 70 percent to 338.
Mr. Horton continued, “The significant increase seen in the condo and townhouse market can most likely be attributed to the first-time homebuyer tax credit. The median price for condos and townhouses is approximately $30,000 less than the median price for a single-family home; and therefore, these properties can be a more affordable alternative for first-time buyers.”
In April 2010, the days on the market for single-family homes decreased 13 percent to 69 days as compared to April 2009. Additionally, the month’s supply of inventory in April was approximately 6.5 months, which represents a balanced market.
Horton concluded, “People buy homes because they want to be homeowners. The tax credits have made it more attractive for some buyers to purchase now, but there are a lot of buyers who have been waiting to purchase until they were confident in the economy. Now that we are seeing recovery in the economy and real estate market, in combination with historically low interest rates, those potential buyers who have been on the fence are now taking the leap and entering the housing market.”
April 2010 Statistics
- $485,772,282 – Total dollar volume of single-family properties sold, a 33 percent increase from April 2009.
- $190,700 – Median price for single-family homes, unchanged from April 2009.
- 2,043 – Single-family homes sold, a 31 percent increase from April 2009.
- 10,749 – Active single-family home listings on the market, a nine percent increase from April 2009.
- 2,813 – Pending sales for single-family homes, up 47 percent from April 2009.
Wednesday, May 26, 2010
Monday, May 24, 2010
Thursday, May 13, 2010
Find Affordable Housing
Wednesday, May 12, 2010
Austin real estate sales volume surges, prices remain stable
“Though we’ve seen increases in year-over-year sales volume consistently in recent months, it’s likely this substantial increase in volume is related to the impending expiration of the homebuyer tax credits on April 30,” said John Horton, Chairman of the Austin Board of REALTORS®. “What’s most encouraging, however, is that in the midst of this increase in sales volume, our real estate values have remained steady, which bodes well for the long-term value of real estate in Austin.”
Sales of condos and townhouses were particularly strong in March 2010, increasing by 129 percent to 215 sales as compared to March 2009. This follows sustained increases in demand for this property type since September 2009 and a year-to-date increase of 86 percent.
Tuesday, April 27, 2010
RISK OF MAJOR HOME PRICE DECLINE LOW IN TEXAS
“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.
Thursday, April 22, 2010
Wednesday, April 21, 2010
Austin 3rd best city to relocate to
Austin Business Journal
Austin was ranked the third best city to move to in the United States, according to a RelocateAmerica.com report.
The relocating resources website listed Austin just behind Huntsville, Ala. and Washington D.C. for overall best place to move. Those listed were nominated by RelocateAmerica.com users and then selected by the site's editorial team. The company also analyzed reviews, interviewed residents and looked at economic, environmental, education, crime, employment and housing data.
The Texas State capital took the No. 2 spot on the "America's Top 100 Places to Live for 2010" report for recovery, among others less impacted by recession and therefore expecting a swift recovery. Huntsville, Ala. was ranked first on that list.
Austin was also listed as the fifth-best "earth-friendly" location behind Portland, Ore. (No. 1); Boston, Mass. (No. 2); Madison, Wis. (No. 3); and Boulder, Colo. (No. 4).
Sunday, April 18, 2010
AUSTIN FORECLOSURE FILINGS DOWN, MARKET EXPERT CAUTIOUS
"This decline is welcomed news, but I must warn that one month's activity does not change a long-established trend," said George Roddy Sr., FLS president. "Foreclosure postings have been on the high end for some time now. In fact, for the past 16 consecutive months, posting activity has topped 1,000 each month in the Austin metro."
Roddy added that Uncle Sam might have played a role in the drop in filings.
"In six of the last ten years, Travis County foreclosure posting activity for May has been less than in April," he said. "I suspect that as some families have received an IRS tax refund, they have applied that toward their delinquent mortgages to save their homes."
Roddy said a more important factor to watch than month-to-month activity is the same month comparison from one year to the next.
"Over the last year, May's foreclosure posting activity in the Austin Metro dropped 11 percent," he said. "This was the first time in 28 successive months that same-month-to-same-month posting activity declined. Now, this is definitely welcomed news, but even it does not warrant a happy dance. I will be looking for declines for six months in a row for the long-term trend to truly change.”
Friday, April 16, 2010
Thursday, April 8, 2010
Homebuyers Still Buying As Interest Rates Rise
Austin Business Journal
Increasing mortgage rates haven't seem to deter homebuyers racing to meet the soon-to-expire tax credit.
While the number of refinance applications fell as mortgage rates hit their highest level since August, requests for home purchase loans were steady, according to the Mortgage Bankers Association.
The purchase index rose half a percent from the week before, but was still down 18.1 percent from a year earlier. The increase pushed the share of government purchase applications to 49.9 percent of total applications, its highest share in more than 20 years, according to the bankers' group.
The Austin Board of Realtors said home sales here increased 4 percent year-over-year in February, its most recent statistical period, and properties are spending less time on the market.
The national Market Composite Index, which measures mortgage loan application volume, fell 11 percent on a seasonally adjusted basis for the week ending April 2, compared with the previous week.
"Mortgage rates jumped last week as the Federal Reserve completed their purchases of mortgage-backed securities," said Michael Fratantoni, the association's vice president of research and economics.
Refinance activity fell to 58.7 percent of total mortgage applications from 63.2 percent. That’s the lowest observed in the survey since the week ended Aug. 28, 2009, according to the association.
The average interest rate for 30-year, fixed-rate mortgages increased to 5.31 percent from 5.04 percent, the highest 30-year rate recorded in the survey since the first week of August 2009.
The average interest rate for 15-year, fixed-rate mortgages increased to 4.54 percent from 4.34 percent.
The average interest rate for one-year adjustable-rate mortgages increased to 7.03 percent from 6.88 percent.
Wednesday, March 31, 2010
Tuesday, March 16, 2010
ROBUST CONSTRUCTION EXPECTED FOR AUSTIN RETAIL MARKET
Although anchors are in place at most new developments, including the 500,000-sf Domain II, lenders continue to show restraint when considering small business loans, limiting owners’ ability to fill in-line space.
“Sidelined investors with capital are poised to re-enter the retail market, although significant activity is not anticipated until mid 2010, when a pricing floor will emerge,” said J. Michael Watson, regional manager of Marcus & Millichap’s Austin office.
Some findings from the Austin Retail Research Report:
Employers will increase payrolls by 2.5 percent, or 19,100 jobs, in 2010.
Developers are projected to add 1.6 million square feet of retail space to the market this year, more than double deliveries in 2009.
After a 40 basis point rise last year, vacancy is expected to push up 50 basis points to 10 percent by year-end 2010.
In 2010, asking rents are forecast to retreat 1.3 percent to $19.68 per sf, while effective rents will slip 4.1 percent to $17.12 per sf.
Monday, March 8, 2010
Conventional Residential Lending Report
On March 1, 2010, the Federal Housing Finance Agency (FHFA) announced the extension of the Home Affordable Refinance Program (HARP). FHFA is the regulator and conservator of Fannie Mae and Freddie Mac. HARP is a component of the Obama Administration's Making Home Affordable Program. Borrowers with loans guaranteed or owned by Fannie or Freddie with loan-to-value ratios between 80 percent and 125 percent may be eligible to refinance their mortgages under HARP. In 2009, there were nearly 200,000 refinancings under HARP, far short of the original goal of helping up to 5 million homeowners.
Saturday, March 6, 2010
Friday, February 19, 2010
Thursday, January 28, 2010
Best Place to Invest? Texas, Report Shows
(RECON, 01/05/2010)
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.