Existing Home Sales Rise in February

from the article: “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,” he says. “Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price, and this naturally is drawing down the overall median price.” (Article Published … read more

Mortgage Rates Could Fall Even Further

From the Article: “And you thought 5 percent was a good rate? After already bringing mortgage rates down near 50-year lows, Fed Chief Ben Bernanke unleashed a surprise attack on the housing slump Wednesday by announcing aggressive steps that should make home loans even more attractive. ” (Article published at Yahoo! Real Estate. Read it … read more

Dallas Sees More Foreclosures

The number of homes facing foreclosure in Dallas for April is up almost 30 percent from a year ago to one of the highest volumes on record, Addison-based Foreclosure Listing Service said Thursday… (Article published in the Dallas Morning News. Read it here.)

Central Texas Sales Volume Down, But Prices Up

(From the Article) The median price of a single-family home in Central Texas was $189,900, up 5% from February 2008. There were 1,116 single-family homes sold in February 2009, a 28% decrease as compared to one year ago. Collectively, sales in February 2009 contributed $271,048,500 to the local economy.” (Published at RISMedia.com. Read it Here)

Low Prices are Enticing Foreigners to Buy US Real Estate. Texas a Top Target

From the Article: “TSI estimates that between 150,000 and 190,000 homes were sold to foreign nationals from February 2008 and February 2009 ,” according to the TSI press release on the findings. “Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are … read more

Mortgage Rates Decline

The 30-year fixed-rate mortgage averaged 5.03% in the week ended Thursday, down from 5.15% last week, according to Freddie Mac’s weekly survey of conforming mortgage rates. The rate averaged 6.13% a year ago. (Article Published in The Wall Street Journal. Read it here.)

DFW Real Estate Supply and Demand Remains at Equilibrium

Even though the number of February sales of existing homes in DFW was down 28% from the year before, prices remained relatively stable, only losing 2%. Supply remains at 6 months, which is considered to be equilibrium. (Article published in the Dallas Morning News. Read it here.)

Houston Led Nation in Job Creation and Corporate Real Estate Deals for 2008

“With 179 corporate real estate deals last year, the 5.7-million-resident Houston area unseated three-year incumbent Chicago to take home the coveted honor. Texas’ second largest market, Dallas-Fort Worth, finished No. 2 with 156 projects, while Chicago came in third with 138.” (Article Published in Site Selection Magazine. Read it here.)

Job Losses Spring Another Cycle of Forclosures

Nearly 12 percent of US homeowners are are behind on their mortgages or in foreclosure; and among sub-prime borrowers, that number is almost half (48%). This round is being blamed on job losses. On the bright side, there are signs that the damage caused by sub-prime adjustable rate lending is waning. Their 30-day delinquency rate … read more

Builder’s Over-Reaction May Set up Price Spike in Central Texas

Over the last 2 years, builders have put the brakes on new housing starts in response to the mortgage meltdown, but they may have over-shot the mark. They went from building 18,000 new units a year in the Austin/Round-Rock area to only 8,000 this year. At the same time, people continue to flood into Central … read more