from April 2008 ti April 2009. Odessa/Midland was first, TYLER 2nd, then Kileen/Temple/Fort Hood,
Laredo & Austin/Round Rock. The state’s umemployment rate raised from 4.6% in April 2008 to
6.7% April 2009 with the U. S. seasonally adjusted employment rate rising from 5% to 8.9% during
the same period. Only 2 Texas industries (educaiton & health services, leisure & hospitality) & the
government sector had more job with 9 industries experiencing net job losses from April 2008 to
April 2009. Since February 2009 the recession has come to Texas, but about 8 months behind the
rest of the country. Sales in TYLER’S HOUSING is down 22.7% with a median price of $132,600 & a
11.7 month’s inventory.
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The owner of a typical 1800 sf or less home will pay $200 to $300 for an audit of older than 10 year old home, to make sure it is more energy efficient, in an ordiance just taking effect in
Austin, TX. Covered will be issues of how much insulation the house has & condition of heating &
cooling equipment. Auditors are certified by the Building Performance Institute. Violations are
punishable by a fine up to $500.
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A plan to aid struggling homeowners was defeated in the Senate by a 45-51 vote earlier in the
week. The bill would have allowed debt-ridden homeowners to ask a bankruptcy judge to reduce
their mortgage payments. Lawmakers were concerned it would encourage bankruptcy filings &
spike interest rates. Then what about those homeowners who struggle, but DO MAKE THEIR
MONTHLY HOME PAYMENTS??
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For troubled borrowers out of their sinking homes & out of debt with lenders. With short sales &
deeds in lieu of foreclosure, borrowers can get up to $1,500 to assist with relocation expenses.
The Treasury Dept. will also pay the servicers $1,000 to complete a short sale or deed in lieu of
foreclosure. This is for borrowers who cannot repay their mortgages under reasonable workouts.
If borrowers have a 2nd mortgage, the Tresury willpay up to $1,000 in incentive payments to that
mortgage holder to give up all claims to the primary lender. Mortgage balance must be no greater
than $729,750.
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With 30 year mortgage rates at 4.78%, that is the lowest since Freddie Mac started tracking rates
in the 1970s. Adjustable rates were 4.7% or not much of a difference. More pending sales from
February and March 2008, indicating that buyers think now is a good time to buy a house. If
inventory goes down to below 8 months, we are on a sustainable recovery. Realtors, etc. are
seeing more folks at open houses & multiple bids on some particularly desirable properties. Buyers
will bid as they perceive the market is near or AT BOTTOM. Largest gain in the South.
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In a sign that the credit crisis may be beginning to thaw in TX, JPMorgan Chase reported this week
that it issued more than 300,000 new loans & lines of credit totaling $6.4 billion during the first
3 months of 2009. The bank awarded 12,826 mortgage loans, up 24% from the previous quarter.
The bank also made loans to 473 Small businesses + new & renewed credit to midsized businesses,
large companies & other agencies. Quoted from RECON at the Real Estate Center at TX A&M U.
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PAY DIRT!! “Land markets tend to change with a whimper, not a bang. The typical dynamic is a
dwindling activity level with weakly rising prices as buyers concentrate on fewer high-quality properties, leaving the more ordinary offering to languish.” Quoted from TIERRA GRANDE, from the
Real Center at Texas A&M U. Bain Real Estate has 102 acres 5.7 miles east of Tyler under contract. AVAILABLE is another 102 acres in a prime location south of Tyler that a new owner
might subdivide with lots of road front on 2 county roads. Another 92 acre FUN FARM 1 miles north
of Loop 323 today UTHSC with stocked lake, pasture & timber for harvesting. Many more are
ready to be purchased so call DAVE BAIN at 903-561-4346.
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