Texas Adds More Than 100k Jobs

October 3rd, 2010 by admin No comments »

Unemployment Graph Texas and USAccording to the Real Estate Center at College Station, Texas added 133,100 jobs to its economy from August 2009 to August 2010.  This resulted in an annual growth rate of 1.3 percent.   Though the United States also saw an increase in jobs over this same period, adding 278,000 jobs, it did not keep pace with Texas’ growth, posting only a 0.2 percent increase.  Twenty-four Texas metro areas saw a positive employment growth rate from August 2009 to August 2010.  This was up from only 19 metro areas for the July 2009 to July 2010 period.

The metro area of Sherman-Denison (an area just north of Dallas) led the state with a 3.6 percent growth rate.  This was followed by San Angelo, the Austin-Round Rock-San Marcos area, Odessa, Tyler, the Killeen-Temple-Fort Hood area, and College Station/Bryan which all saw a percent growth rate of at least 2.0 percent.  Dallas ranked twelfth showing a 1.2 percent growth rate with the San Antonio-New Braunfels area posting only a 0.1 percent increase.  The Houston area showed no growth.

Despite the increase in jobs, Texas’ unemployment rate still rose, posting a 0.3 percent gain over last August.  The unemployment rate for the state rose from 8 percent in August 2009 to 8.3 percent in August 2010 while the country’s unemployment rate actually decreased from 9.7 to 9.6 percent for the same period of time.

Overall, employment rates are beginning to creep up, with Texas ahead of the nations’ curve as far as job production.  Despite the data, many Americans are still unemployed, facing foreclosure and are struggling to manage in a continued weak economy.  An unemployment rate over 8 percent still ushers in many desperate people without work or a true vision of employment in the near future.  It will be many years before the country, including Texas, will be able to recover from these faintly optimistic yet rather gloomy employment numbers.

Are you interested in a new home?  Take a look at SaveOnANewHome.com to find a great deal on a new home.

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Housing Market – Six Months in Review

September 12th, 2010 by admin No comments »

Real estate salesThis year has brought ups and downs and has proven to be a mild success for the housing market for the first six months.   With unemployment rates a bit healthier (Texas is currently hovering around 8.2% while the country’s employment remained fairly stagnant), the economy has started to see some hopes for recovery based on employment and housing data reports.

As noted in previous blogs, the housing market improved year over year from 2009 to 2010 for the first six months, but much of this can be attributed to the government tax credit which was in place for most of the spring of 2010. Nationally, existing single-family home sales were up 12.4 percent, but new home sales actually fell 1.6 percent when comparing the first six months of 2009 with the first six months of 2010.

Home buyers could purchase homes through April 30, 2010 and still qualify for the tax credit if they closed on the home purchase by September, 30, 2010.  Given this, in May 2010 the market did see a reduction in pending home sales with June and July seeing a considerable drop in home sales as well.  Home sales fell in May by 23.5 percent and June posted a 19 percent reduction.  January-April seemed to steer the first six months in a positive direction despite the dreary figures from May and June.

The second part of the year has already seen unfortunate housing data.  For example, in July 2010, sales were down 26.5 percent from July of 2009.  According to the Real Estate Center at Texas A&M University, “Statistically, the second half of 2010 (and perhaps early 2011) could be misleading. If the general economy does not improve, the housing market will continue to be weak, and will perhaps look even weaker than it really is. The government tax credit for buyers induced many to purchase homes  rather than renting or to purchase earlier than they had planned. As sales were drawn forward, subsequent months will experience a drop off in volume.”

With foreclosure activity continuing, and actually picking up in Texas, the housing market is not out of the woods yet.  Without the tax credit, the latter part of 2010 may not see such a rosy outcome.

It is still a buyer’s market and if you are interested in finding a new home in Texas then visit Save On A New Home to find your dream home and save thousands.

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Texas’ Economy Continues to Strengthen

September 5th, 2010 by admin No comments »

State of Texas with FlagAfter suffering through a weak economy with double-digit months of  unemployment, Texas appears to be near the top of the heap in the country and on an economic upswing.  According to the Bureau of Labor Statistics, the District of Colombia and five states reported statistically significant increases.  Texas posted the largest statistically significant year-over-the-year employment increases adding 134,600 jobs.  The other states which saw increases were Indiana, up 47,600 jobs, Massachusetts, up 36,600, New Hampshire up 8,700 and North Dakota up 6,200.   Four states saw statistically significant job losses, overcoming the positive gains from the states with increases, thus causing a countrywide stagnation.  States with the most job losses included California realizing a 103,900 loss, New York with a loss of 51,400, Georgia with a loss of 39,100 and New Jersey with a loss of 34,000.

According to recent information released by the Real Estate Center at Texas A&M University, Texas has had three months of positive annual employment growth after 16 months of job losses.   The growth rate from July 2009 to July 2010 was 1.3 percent for the entire state, compared with a rate close to zero percent for the nation.   Nineteen Texas metro areas had positive employment growth rates with San Angelo leading the state with a percent growth rate of 3% followed by College Station at 2.9% and the Austin area with 2.5% growth.  Other metro areas such as Dallas, Corpus Christi, and El Paso saw a positive growth rate in employment also.  San Antonio and Houston had a slight decline in employment.

Texas Metropolitan Areas Ranked by Employment Growth Rate,

July 2009 to July 2010 (Rank Metro Area Percent Growth Rate)

1.            San Angelo (3.0)

2.            College Station-Bryan (2.9)

3.            Austin-Round Rock-San Marcos (2.5)

4.            McAllen-Edinburg-Mission (2.0)

5.            Killeen-Temple-Fort Hood (1.9)

6.            Dallas-Plano-Irving (1.3)

Texas  (1.3)

7.            Corpus Christi (1.0)

8.            Sherman-Denison (0.7)

8.            Lubbock (0.7)

8.            Odessa (0.7)

8.            El Paso (0.7)

Source: Real Estate Center at Texas A&M University

In addition, all Texas industries except the construction and information industries had more jobs in July 2010 compared with July 2009 numbers.

Are you interested in a finding a new home in Texas?  Take a look at Save On A New Home for the best deals in the state.

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Come Home to Liberty in Melissa, Texas

August 29th, 2010 by admin No comments »

Liberty PoolAre you looking for a place away from all of the hustle and bustle?  Liberty in Melissa, Texas near Dallas/Fort Worth, just east of Highway 75 and off of State Highway 121 (exit 45) is a new community that offers a secluded haven.   Melissa, Texas offers an idyllic setting with its small town charm, top-notch education with Melissa ISD (a TEA Exemplary School District), unique shops , rolling landscapes, and access to nearby businesses and entertainment centers.

Liberty is a new homes community which offers houses designed and built by the industry’s best builders.   You can choose from Highland Homes, Standard Pacific Homes and Drees Custom Homes to build a unique residence in this quiet, serene neighborhood.  Owners can choose from a variety of architectural choices from traditional to neo-traditional styles all which will remind you of the simple life complete with large front porches on which to relax and entertain.  There are plenty of lots and a variety of lot from which to choose.

Highland Homes offers homes from the 150’s and features 34 floor plans with one and two story options and square footage ranging from around 1,700 square feet to well over 3,000 square feet.  Standard Pacific offers home designs ranging from 1,800 to over 3,600 square feet with a variety of available upgrades and options and prices starting in the $165′s.  Drees offers homes on ¼ acre homesites with 25 plans to choose from with base prices ranging from $194,900 to $301,900.

The neighborhood comes complete with a beautiful entry lake and a lovely gazebo overlooking it,  walking and jogging trails throughout the neighborhood, and a clubhouse.  The amenity center features an adult pool, toddler pool, tot lot, playground and soccer field.  A basketball court will also round out the amenities.  For the young ones, the neighborhood is home to the elementary school, which is within walking distance and features a smaller student to teacher ratio than the average Texas school.

If you are anxious to be a part of a small-town community with all of the conveniences of the big city, then Liberty might just be the place you’ll want to call home.

Need help finding your new home in the Dallas/Forth Worth area?  Visit SaveOnANewHome.com today.

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Posted in New Home Communities

Weak Home Sales Hide The Facts

August 22nd, 2010 by admin No comments »

Cluster of For Sale SignsThe weak economy, unemployment rate, tightened lending practices, and high foreclosure numbers have not helped the housing market in 2010.  In August, The National Association of Realtors said that its seasonally adjusted index of sales agreements for previously occupied homes fell 2.6 percent to a reading of 75.7.  This was the lowest on record since 2001 and down almost 19 percent during the same month last year.

But according to Dr. Mark Dotzour, the chief economist at the Real Estate Center at Texas A&M, “The year-over-year decline in existing home sales will be the result of comparing months when there was no tax credit with those from a year earlier, when the tax credit was artificially increasing sales.”

In 2009 the government offered first-time home buyers an $8,000 tax credit that went into effect in January of 2009.  It was offered through November 2009 and then late in the year, it was extended to include home sales with contracts written until April 30, 2010, and closed by June 30 (extended to September 30).  Also, in November of 2009, a $6,500 tax credit was offered for qualified move-up/repeat home buyers which allowed for home sales with contracts written until April 30, 2010 and closed by September 30, 2010.

After home buyers and real estate agents fully understood the tax credit, response grew and home sales flourished in September, October and November 2009.  After the tax credit was extended to April 2010 and more people were included with the addition of the $6,500 existing repeat home buyer credit, sales for the spring of 2010 rose dramatically with March up 18 percent, April up 28 percent and May up 18 percent over the same months in 2009.

But in May 2010 the market saw a dramatic fall of pending home sales.  June and July saw a considerable drop in home sales as well.  For example, in July 2010 sales in Texas were down almost 25 percent from July of 2009.

Unless another housing tax credit is instituted, Dr. Mark Dotzour predicts that an accurate reading of the housing market conditions may not occur until June or July of 2011.

Now is a perfect time to buy a home. If you are in the market for a new home, check out SaveOnANewHome.com. We can save you thousands.

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Posted in First Time Homebuyer Tax Credit, Housing Bubble

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Reverse Mortgage Pros and Cons

August 22nd, 2010 by admin No comments »

House With a tough economy, lowered social security benefits and weak retirement accounts, many Americans are turning to reverse mortgages for extra cash.  A reverse mortgage is a special type of home loan that allows you to take a piece of the equity from your home and convert it into cash.  No repayment is required until you no longer use the home as your principal residence (i.e. move or die).

According to Dr. James Gaines, research economist for the Real Estate Center at Texas A&M University, “Reverse mortgages are based on the home’s current value, borrower’s age and existing interest rates.  Borrowers can choose to receive loan proceeds in a single, lump-sum payment, as periodic predetermined payments, a line of credit or both.”  But before rushing into the lure of this “free cash” there are risks that need to be considered.

AARP offers up five questions to ask before considering a reverse mortgage:

1.            Do you really need a reverse mortgage?

2.            Can you afford a reverse mortgage?

3.            Can you afford to start using up your home equity now?

4.            Do you have less costly options?

5.            Do you fully understand how these loans work?

Understanding the pros and cons of a reverse mortgage need to be considered before moving forward.  The Real Estate Center at Texas A&M Unversity offers the following list of pros:

  • A reverse mortgage has no fixed due date.
  • No repayment is required as long as the home remains the borrower’s principal residence.
  • Loans become payable upon death, sale, ceasing to live in the home or failure to keep taxes, insurance or maintenance current.
  • Borrowers cannot be foreclosed on.
  • Reverse mortgages are nonrecourse loans. The amount owed can never exceed the selling price.
  • Borrowers continue to hold title to the property.
  • There are flexible payment options.
  • Loan proceeds are not taxable.
  • Underwriting and approval do not depend on the borrower’s current income or employment status.
  • Would-be borrowers are required to meet with an independent financial counselor prior to getting a loan.
  • The lender’s lien on the property is removed if the lender fails to make loan advances according to the agreement.

Even though there are many positive aspects of the reverse mortgage, it isn’t always the right fix and there are many negatives associated with a reverse mortgage.   Truly, reverse mortgages should not be entered into lightly and people thinking about moving forward with one, need to realize that when they die, whoever inherits the house will be responsible for paying off the reverse mortgage including all interest and costs associated with the loan.   Also homeowners must be at least 62 years old and either have a high home equity or own the home outright.   Reverse mortgages can be complicated since they are very different than forward purchase mortgages.  Also these mortgages often require high up-front costs and borrowers will need to stay in the home longer to reap the benefits.   Homeowners are still responsible for the home and all of the upkeep, maintenance, utility bills, insurance and taxes associated with it.  Also, a home can still be foreclosed on if the homeowner ceases to live in the home for 12 consecutive months or defaults on taxes, insurance, etc.

Homeowners considering a reverse mortgage should weigh all of their options, consult with their family members, and understand the risks associated with any loan process.

Are you interested in finding a home in Texas?  Search our extensive new homes database for free at SaveOnANewHome.com!

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Posted in Mortgages

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San Antonio, Texas – Family Destination

August 3rd, 2010 by admin No comments »

In the 2010 U.S. News & World Report’s list of the “Best Family Vacations in the USA” San Antonio came in at number two just behind San Diego but beating out Disney World and the Grand Canyon.  Other Texas cities made the list too, with Austin ranking in at eight and Dallas making the list at number twelve.

San Antonio has so much to offer a family.  Of course, a trip to San Antonio wouldn’t be complete without a visit to the Alamo.   Visitors will get to walk through the old mission and learn the history behind the famed Battle of the Alamo.  Docents are often on hand to tell the story of the Alamo and to answer questions from visitors.

San Antonio RiverWalk

San Antonio Riverwalk

The San Antonio Riverwalk has recently been expanded to include more walking area and more to see and do.  With restaurants, shops, entertainment and hotels, there is plenty to keep a family busy just in the downtown area alone!  For those looking for a thrill, the Tower of the Americas offers some spectacular views of the city from its observation deck.  La Villita is also just steps away and it is full of cultural goodies.  Shops, galleries, restaurants and the Church of the La Villita are all within walking distance.  The area also is home to the Magik Children’s Theatre offering plays for the entire family.

San Antonio is also home to Sea World of Texas and Six Flags Fiesta Texas.  Sea World is home to Shamu and all of his friends including dolphins, penguins, sea lions and fish from all over the world.  Water rides and roller coasters offer an added thrill and fireworks light up the sky at night.  Fiesta Texas offers thrill rides, entertainment, and a water park for an all day adventure -fun for the entire family.

With its Southwest flair, San Antonio offers a culturally rich, diverse setting perfect for any family to relax, kick back and enjoy something truly unique.

For more information on San Antonio or to research hotels, flights and great travel deals visit Travel Zoo’s Destination of the Week: San Antonio.

Interested in finding a home in San Antonio?  Start your search now.

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Foreclosure Prevention May Not Be the Answer for Many Homeowners

August 1st, 2010 by admin No comments »

With foreclosures still a major concern for many homeowners, the government’s foreclosure prevention program seemed to be just the ticket. Hundreds of thousands of desperate homeowners have flocked to the program hoping for relief. Considering the housing market is still very fragile and that many more foreclosures could be on the horizon, the program seemed like just the plan to help the housing market realign and set things straight. Foreclosured Home

In fact, permanent loan modifications are on the rise and according to CNN Money, over 50,000 homeowners received long-term mortgage modifications in June, bringing the total to 389,198. With a low delinquency rate and most modifications being “sustainable” it appears that the program is working for many. However, on closer inspection, many homeowners were dropped from the program and are still facing foreclosure.

Over half a million people who entered the program have been removed during the trial modification phase since the program began in the spring of 2009. With foreclosure rates holding steady and predicted to rise again by some economists, the government modification program doesn’t seem to be making a dent in the foreclosure debacle. Though families have been helped, many more have been canceled, turned away or simple left to fend for themselves.

Until the unemployment rate returns to “normal”, foreclosure modification may be a wasted effort. Even when some homeowners receive help, loans can only be modified so much, and for those without work, the mortgage may not be a realistic option, no matter how low the rate adjusts. Many facets of the economy will have to regain a strong foothold before the foreclosure issue is resolved and the housing market stabilizes for good.

Are you looking for a great deal on a new home? Search Save On A New Home now.

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Posted in Foreclosures

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Dallas Hits Top 15 Best Family Vacation Spots in the U.S. for 2010

July 29th, 2010 by admin 2 comments »

For those of us who still remember the Dallas TV series, oil wells and big business may be what is stamped in our minds when we think of Dallas, TX, but in the recent 2010 U.S. News and World Reports list of the top 15 best family vacation spots in the U.S., Dallas ranked number 12.

A friend of mine recently moseyed up to Dallas with her family with children aged 5, 10 and 13.  I wondered if she was visiting family or if there was a business convention for her to attend.  She said that they were staying closer to home and letting the trip to Dallas be their summer vacation.  Based on pictures and updates posted on Facebook, the #12 ranking by U.S. News and World reports is spot on.  She said the kids had a blast and that there were lots of great things to enjoy.

Sea DragonTop on her recommendations was the Dallas World Aquarium.  Housed in an old warehouse located in the Historic West End District in downtown Dallas, the aquarium is full of wonders for all ages to enjoy.  Talks, feedings, and performances are scheduled throughout the day and there is plenty to see for an all day adventure.  One of the most unique exhibits is a 10,000 gallon Dragons from Down Under exhibit which houses one of the largest collections of Leafy seadragons in the world.  Land and sea animals are represented throughout the many exhibits which represent five continents and 14 countries.

And what visit to the Dallas area would be complete without visiting Six Flags over Texas?Six Flags Over Texas Six Flags offers a 212 acre park featuring thrill rides, family rides, entertainment, and special events.  Located just a short drive from Dallas proper, Six Flags in Arlington has been a popular tourist attraction for years.   Whether you are a kid or a kid at heart, the more than 50 rides will certainly make you want to come back for more.

With baseball season in full swing, a Texas Rangers’ game might be just the thing for the whole family to rally around.  Why not get an “All You Can Eat Seat” while you are at it?  These seats come with all-you-can-eat access to grilled chicken sandwiches, hot dogs, nachos, peanuts, popcorn, and soft drinks and can make your day at the baseball park a “full” experience!

Dallas is a great destination for the whole family.  In a town that seems to cater to oilmen and big business, there is still plenty of room for any family, big or small, to have a great vacation in Dallas, Texas.

Are you looking for a home in Dallas, Texas?  Save On A New Home can help.  Visit us to search for great new home deals in the Dallas area.

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Everything’s Bigger in Texas, Including Business

July 24th, 2010 by admin No comments »

In CNBC’s recent study, Top States For Business 2010, Texas came out on top for 2010.  Texas posted the highest total points in the history of the study, allowing it to reclaim the top spot over number two Virginia, which was number one last year.  The points are based on “40 different metrics in ten key categories” and the categories are weighted as follows according to the CNBC study:

Big Texan* Cost of Doing Business (450 points)

* Workforce (350 points)

* Quality of Life (350 points)

* Economy (314 points)

* Transportation & Infrastructure (300 points)

* Technology & Innovation (250 points)

* Education (175 points)

* Business Friendliness (175 points)

* Access to Capital (50 points)

* Cost of Living (25 points)

After the points were tallied, Texas ranked number one followed by Virginia, Colorado, North Carolina, and Massachusetts at number five.    Rounding out the bottom five were West Virginia, Nevada, Hawaii, Rhode Island, and Alaska at number 50.

According to government figures, the Texas economy is ranked 15th in the world, bigger than many countries.  It is also home to 64 companies in the Fortune 500, more than any other state.  Big business helped Texas’ economy rise to the top.  That along with many other factors including a more stable real estate market has helped Texas appeal to big businesses.

Despite the fact that the state still has a multi-billion dollar deficit to wrestle, the business economy is healthy and the Real Estate Center at Texas A&M recently reported that Texas has seen positive employment growth in many parts of the state along with job growth in many industries in the state.

For more information on the study, visit: http://www.cnbc.com/id/37642856

Are you looking to buy a new home in Texas?  Search great deals on new homes at SaveOnANewHome.com.

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Posted in Texas Economy

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