Austin highest-rated recovery in U.S.

Austin Business Journal - by Staff Reports

Date: Tuesday, November 30, 2010, 2:20pm CST

Austin 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.

Want To Learn More About the Mopac Improvement Project?

MoPac Open House Meetings

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.

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.

Settled by former slaves, Clarksville now a thriving neighborhood near downtown

Settled by former slaves, Clarksville now a thriving neighborhood near downtown

Austin's Changing Skyline

Austin’s changing skyline