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.

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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.

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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.

Top 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 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.

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These top ten cities are places for the young business professional to seek employment and receive better than average incomes.  The list was compiled based on the rankings of unemployment numbers, average income and cost of living.  Forbes also ranked metro areas based upon how many of the 200 largest U.S. public companies were located in that area.  “Elite graduates” were also factored into the equation.  Forbes counted the number of Princeton, Harvard, Stanford, Duke, Rice, and Northwestern University Class of 2000 graduates who were living in each city today.

Forbes declared, “The Lone Star Shines” based on the fact that three of the top ten cities on their list hail from Texas.  Houston, ranks number one overall, and boasts a strong economy, good average income and is home to 14 of the top 200 public companies, second only to New York City.  Dallas at number six offers a “$63,000 median salary for college graduates,” and Austin has low unemployment numbers compared to the rest of the nation.  Below is how Texas stacked up:

Houston, Texas

1. Houston, Texas
(Metropolitan Statistical Area: Houston-Sugar Land-Baytown, Texas)
Cost of Living rank: 27
Large Companies rank: 2
Elite Graduates rank: 6
Average Income rank: 7
Unemployment rank: 18

6. Dallas, Texas
(Metropolitan Statistical Area: Dallas-Fort Worth-Arlington, Texas)
Cost of Living rank: 28
Large Companies rank: 10
Elite Graduates rank: 13
Average Income rank: 12
Unemployment rank: 13

10. Austin, Texas
(Metropolitan Statistical Area: Austin-Round Rock, Texas)
Cost of Living rank: 33
Large Companies rank: 25
Elite Graduates rank: 11
Average Income rank: 17
Unemployment rank: 5

Other cities on the list were Washington, DC (2nd), Minneapolis /St.Paul, MN (3rd),  New York, NY (4th), Boston, MA (5th), Seattle, WA (7th), Denver, CO (8th), and Atlanta, GA (9th ).

The full Forbes list can be accessed at their website: http://www.forbes.com/2010/06/17/best-cities-young-professionals-lifestyle-real-estate-careers.html

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Unemployment Line

Based on the report by Ali Anari and Mark G. Dotzour, “After 16 months of job losses, the state’s annual employment growth rate turned positive and posted an annual employment growth rate of 0.2 percent for the period from May 2009 to May 2010. The nation’s rate of job losses has decreased from 4 percent in August 2009 to 0.4 percent in May 2010.”

Texas saw positive employment growth in thirteen of its metro areas from May 2009 to May 2010.  According to the study College Station-Byran ranked first in job creation.  The Austin-Round Rock – San Marcos area became the leader in Texas for major economic recovery, showing two consecutive months of job gains.  The Dallas area, including Plano and Irving, saw a

positive growth rate in May 2010 after 19 months of job losses.  The rank of the top thirteen metro areas are below with percent growth in parenthesis:

1.College Station-Bryan (3.3)

2. San Angelo (2.7)

3. Waco (2.4)

4. Killeen-Temple-Fort Hood (2.1)

5. McAllen-Edinburg-Mission (1.6)

6. El Paso (0.9)

6. Brownsville-Harlingen (0.9)

6. Tyler (0.9)

9. Texarkana (0.5)

9. Austin-Round Rock-San Marcos (0.5)

11. Laredo (0.3)

11. Lubbock (0.3)

11. Dallas-Plano-Irving (0.3)

Beyond that, five Texas industries produced more jobs in May 2010 than in May 2009.  The industries included education and health services, mining and logging, other services, leisure and hospitality, professional and business including the government sector.  The education and health services added 59,500 jobs, the government sector added 35,100 jobs, the leisure and hospitality industry saw an increase of 10,600 jobs, andprofessional and business services added 1,500 jobs.  Other services which include

repair and maintenance, personal and laundry services, religious, civic and professional organizations gained 4,800 jobs.  The mining industry grew by 4.3 percent. (The complete report can be viewed at: http://recenter.tamu.edu/pdf/1862.pdf ).

Positive employment data has helped make Texas a true shining star during this economic recovery period.

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Recently a story surfaced about a military soldier, Michael Clauer, who was foreclosed on by his homeowner’s association while he was serving in Iraq.  Heritage Lakes Homeowners Association said the soldier and his wife owed the association $977.55 and that several certified letters were sent to the homeowners before they were foreclosed on.   The wife was said to be suffering from depression and that she had not opened any mail, including the certified letters, since her husband was deployed.  The attorney representing the Clauers, Barbara Hale, stated that her clients are protected from foreclosure by the Servicemembers Civil Relief Act.   Though that act should get the couple their home back, the homeowner’s association does not own the home anymore.   It was auctioned off for $3,201 and then sold to another person after that.   The case is still in litigation, and the couple may never get their home back.

In a story that recently aired on San Antonio’s KENS 5 TV, a woman in the Panther Creek Subdivision of Stone Oak recently filed an application to build a small gate at the entrance of her house to help protect her autistic son.  She specifically stated that the gate was for the protection of her autistic son. The application stated if she heard nothing back from the HOA in 30 days she could proceed.   Ms. Colquhoun, the owner, waited 60 days and then proceeded to build the life-saving gate to match existing railings on the home.  After she had the gate professionally installed she was harassed by neighbors and was reported to the HOA.  The HOA told Colquhoun to tear down the gate and pay a fine.  She was told that her house could be foreclosed on if she did not remove the gate.

Though many HOAs are set in place with good intention to help better the neighborhood, retain/increase home values, and provide services and maintenance for pools, parks and community centers, many HOAs abuse the powers they have.  Exercising the right to foreclose on a home for a few hundred does not seem like something that is possible, but many people have lost their homes to HOAs in this manner.  To make sweeping changes, legislative reform may be the only way to set things straight.

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Choices for Homeowners Facing Foreclosure

Homeowners faced with foreclosure have several options they may want to consider before giving up completely.  According to the Texas A&M Real Estate Center, homeowners have a few choices available to them before they must leave their home.   First, if a homeowner has the resources, he may end the foreclosure process by paying off the debt before the lender sells the home.  This is called equity of redemption.

Another option is for the homeowner to seek financing from another lender.  This may be a difficult task, especially since stricter lending practices are in place and the homeowner needs to have good credit to secure the loan.

The homeowner can try to sell the home and pay off the debt with the money from the sale.   There is usually little time for this, and the homeowner will have to get the home up for sale before the foreclosure process begins.

According to Texas A&M, an option that is worth trying is a DIFL (deed in lieu of foreclosure).  This occurs when the homeowner gives the property back to the lender in exchange for the cancellation of the debt.  In a tough economy, with so many foreclosures, it may be difficult to convince the bank that it should forgive debt in exchange for the home.   Short sales, where the lender agrees to sell the property at a slight loss, are a growing trend which many lenders may consider before foreclosing.

Buying a Foreclosed Home Safely

If you are not facing foreclosure, but are interested in getting a good deal by investing in one, now is a great time to look at what the market has to offer.   With loans at record lows and foreclosures at an all time high, now may be the perfect time to buy that dream home you never thought you could afford, or to purchase those investment properties you always wanted.

With that said, the foreclosure market is not one to go into lightly.  Do your research and find out as much as you can about the home/homes in which you are interested.  A good deal at first may turn into a money pit if there are lots of repairs and issues with the home.  There may be back taxes, liens, or even tenants who refuse to leave the foreclosed property.  Sometimes foreclosed homes are run-down or vandalized by prior owners, angry from being thrown out.   Good bargains can still be found, but gain as much information about the property before bidding on it.

If you don’t have time to do the research or are intimidated by the prospects of foreclosure, a safer, more reliable option exists: bank-owned foreclosures.  Foreclosed properties owned by banks are usually listed with real estate agents and don’t have all of the potential risks associated with other foreclosed properties.  The lender may be willing to offer low lending rates, lower down payments or reduced closing fees.  These properties may not fetch rock-bottom prices, but they will be a bargain in their own right and you might be able to sleep soundly once you purchase one.

Remember whether you are facing foreclosure or looking for one, there are many options to consider.

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Though just in its infancy, this neighborhood has big plans to have the amenities that most people can only dream about.  Currently in the development phase, the resort-style pool rivals those found in any five-star hotel.  With its zero-entry area, interactive play areas with splash fountains and spray guns, it is sure to keep any child amused for hours.  Add to that a lovely covered porch area, playground, outdoor grill, and deluxe restroom facilities, and it is sure to make the entire family feel pampered.

Southern Land Company doesn’t stop there with the amenities for Tucker Hill.  Bike paths, walking and hiking trails, playgrounds, parks and stocked fishing ponds can be found throughout the community with a neighborhood center every quarter mile.  They’ve even brought in a full-time Activities Director to help bring fun and excitement to the neighborhood and bring interconnectedness to all who will call Tucker Hill home.

Tucker Hill isn’t just a community, it is an experience.  A Town Centre is also in the works, comprised of shops that meet the needs of the residents and architecture that compliments the neighborhood.

Homebuyers can choose from a large selection of luxury plans which have either been specially designed or reviewed by the Southern Land Company.  And because this is such a unique community, homebuyers are also welcome to customize their own creation.   Tucker Hill is sure to be a favorite of those wanting to live in true luxury in the Dallas area.

Such well thought out master planned communities aren’t something you see everywhere.  If you are interesting in finding out more about this luxurious neighborhood, or have questions about other wonderful new home opportunities in Dallas, contact Save On A New Home at 1-866-560-1079 for more information or to schedule a showing.

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The Houston area (including Sugar Land and Baytown areas) ranked number one out of 100 largest metro areas, revealing an increase of 4.9%.  The Dallas area (including Fort Worth and Arlington) ranked 3rd in the study, with San Antonio rounding out the top 10 at number 10 with a price increase of 3.1%.

This “economic report card” indicates that the housing market prices have bottomed out and are rebounding in many metro areas including the biggest Texas cities.

Please take a look at our inventory, browse our site, and contact us if you have any questions.  You can also call us directly at 1-866-560-1079 to talk to an expert real estate agent!

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