Julie Johnson » Market Updates

North Texas Housing Market Fairing Better Than Most

Julie — Fri, 27 Feb 2009 17:56:15 +0000

The S & P has surveyed 20 large metropolitan areas regarding housing values. According to that survey, nationally, home values have plummeted well over 18 percent. In the 20 metropolitan areas that were surveyed, all are reporting decreases and 8 of the top 20 are reporting that values have declined more than 20 percent!

North Texas home values are fairing far better than the vast majority of the rest of the country. Between December 2007 and December 2008, home values in North Texas dropped by only 4.3 percent. North Texas ranks 2nd best in the areas surveyed.

Stimulus package offers real $8,000 tax credit

Julie — Tue, 17 Feb 2009 15:33:34 +0000

The new stimulus package, set to be signed in Denver today by President Barack Obama, will contain some help for first time home buyers. The previous tax credit, which had to be repaid over 5 years, has been replaced by a real $8,000 tax credit that does not have to be repaid.

Homeowners who purchase homes between January 1, 2009 and December 1, 2009 will qualify as long as they haven’t owned a home in the last three years. Additionally, to keep out speculators, you will be required to live in your home, as your primary residence, for three years or the tax credit will have to be repaid.

Individuals who make less than $75,000 or couples making less than $150,000 will qualify for the full $8,000 tax credit amount. Those with higher incomes may still qualify for a partial credit.

Source: CNN.com

Realtors look forward to stimulus

Julie — Mon, 16 Feb 2009 01:27:29 +0000

Recovery in the housing market is key to overall economic recovery and no one knows that better than the National Association of Realtors (NAR). They are looking forward to the implementation of the Presidents stimulus package citing a number of reasons why they back this plan.

According to NAR President Charles McMillan, who is also a Dallas based broker, jobs and tax cuts are going “to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners.” Additionally, the final bill raises the tax credit to $8,000 for first time home buyers plus it no longer requires repayment as stipulated in earlier legislation. NAR estimates more than a quarter of a million additional home sales could be realized , helping to stabilize the value of existing homes.

Also included in the bill are monies slated for neighborhood stabilization efforts to help communities purchase foreclosed properties to be rehabilitated to keep home values up.

Source: msnbc.com

Texas: Still THE place to be

Sandra — Sun, 08 Feb 2009 19:01:40 +0000

While the United States economy is cooling, Texas jobs are still red hot. According to Texas A & M researchers (January 2009 Monthly Review of the Texas Economy), even in these difficult economic times, Texas continues to create jobs with all Texas metro areas experiencing positive growth rates. Last year (2008), while the U.S. economy lost more than 2.8 million jobs, Texas gained more than 154,000 including more than 30,000 in education and health care, 35,00 in government and 9,200 jobs in construction.

Things are picking up!

Julie — Mon, 25 Aug 2008 18:41:09 +0000

Real estate sales went up in July.