Tyler experienced job growth from March 2008 to March 2009. Also included Odessa, Midland,
Killeen-Temple-Fort Hood, Laredo & Austin-Round Rock. More jobs in 4 Texas industries - education & health services, natural resources & mining, leisure & hospitality & government. The
national recession is beginning to have a deeper impact on the Texas economy, which lost 1.1%
of its labor force in the past 12 months, compared to a U. S. economy loss of 3.6% of its labor
force. Texas’ actual employment as of March 2009 is 6.7%.
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For more information on this subject go to Texas AgriLife Extension Service’s website to learn more
about shrinking tracts in rural Texas. There is a loss of 2.1 million acres of agricultural lands since
1997. 50% converted to other uses concentrated in the state’s 50 highest-growth counties. These counties lost more than one million acres while increasing population by just over four million
residents. In South TX & the Edwards Plateau, state’s rural lands continue to be divided into
smaller acreages, but in the northern areas some 2.5 million acres were consolidated into larger
operations. TX land values increased to an average of $1,196 per acres, although much higher near metropolitan areas.
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For the 4th year in a row, Texas is the top relocation destination, according to Allied Van Lines.
The number of inbound exceeded the number of outbound moves by a net of 1,902. North Carolina
and 2nd with a net of 800 moves & Virginia 3d with 398 moves. The largest net relocation losses
were Michigan, Pennsylvania, New Jersey and Illinois.
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The price of rural property rose 8% last year, reaching a statewide median price of $2,366 per acre. BUT there were 27% fewer transactions during 2007. Dr. Charles Gilliland, research economist at the Real Estate Center at Texas A&M, see at 50% chance the land prices will stay
flat and a 50% chance they will drop. Going up is about zero. Folks expect assets to go down in
value, so land may also, but the market is NOT falling out on Texas farm and ranch prices. He
said demand for land continues simply because people don’t know where else to invest. Bain
Real Estate has 3 approximately 100 acres tracts listed near Tyler. LET US KNOW IF YOU ARE
INTERESTED at 903-561-4346.
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to purchase a home, not just to refinance. The Mortgage Banker Association’s seasonally
adjusted purchase index of loans to buy homes rose 11.1%. A few were just refinances.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, were up 0.12% points from
the record low of the week before. The 4 week moving average of mortgage applications,
which smoothes the volatile weekly figures, was up 13.3%. It is spring and gorgeous in East Texas, so buyers are wanting to do something. The FHA loan is the DARLING for under the
$200,000 or so price range.
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A housing law passed in 2008 allows seniors 62 & older to use a reverse mortgage to purchase a
house. Can undersize this way. Go to WWW.GOLDENGATEWAY.COM Click on the “Do the Math” tab, then click “Downsizing Calculator”.
How does your 401(k) stack up to other plans? Go to WWW.BRIGHTSCOPE.COM plug in your
company’s name. If enough data available can rate your company’s plan against others in its
peer group.
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FALLING PRICES & FALLING INTEREST RATES + the popularity of the FHA program is encouraging
first-time hmebuyers despite the beaten economy. Also the $8,000 FEDERAL TAX CREDIT that
can be claimed by these buyers is a powerful incentive. Taking advantage of all this + moving
to a larger living space + more suitable place to start or raise a family are also major motivators.
Even with foreclosures still up, this group is driving the housing market in their price range.
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