The Bains

Average price of a home in Tyler area is $130,300, BUT $106,800 if NO MORTGAGE. Hence these
homes pay less in property taxes. The true cost of owning a home can be 64.5% for a mortgage,
which is something some folks do not understand. With a mortgage the average home owner in
Tyler spends 22.6% of their household income and those without a mortgage 12.7%. Texas housing
is a bargain! Nationally, the monthly cost of owning a house using a mortgage loan is 25.1% of
household income. In Texas it is only 22.6 to 23.3%. Property tax burden is significantly higher in
Texas because of the state’s higher-than-national-average real estate taxes, but NO INCOME TAX.

STILL STRONGER THAN NATION’S. TX lost almost 275,000 jobs from June 2008 to June 2009 or job
loss of 2.6%. U. S. economy lost 4.2%. Unemployment rate rose from 4.8% to 7.5%, but U. S. rate rose from 5.6% to 9.5%. Nine industries posted net job losses over same period. Two TX
industries has more jobs – government and education – heath services – leisure – hospitality.
3 TX metro areas had positive emplooyment growth – Odessa, Killeen-Temple-Fort Hood and McAllen-Edinburg-Mission. Amarillo had the lowest umemployment rate followed by Lubbock, Midland, Abilene and Texarkana.

$8,000 or up to 10% of purchase price can be written off on 2008 or 2009 tax return & not paid
back if keep house 3+ years. Then full amount will need to be paid back. Also some qualifying tax-
payers can use some of that money to cover certain purchasing costs. Those using FHA financing
can also get additional credits. Also there are credits for certain energy-efficient improvements to
residential property or GREEN improvements, such as adding insulation, installing energy-efficient windows, doors, ac/heat & more. In OCTOBER go to TaxACT.com to get more details, but for
now check with a knowledgable accountant. Been in Colorado for 6 days – sorry for the late blog.

in the world. FHA created in 1934 when housing industry was flat on its back & the U. S. was
primarily a nation of RENTERS. During the 1940s, FHA programs helped finance military housing &
homes for returning veterans. In 1950s, l960s & 1970s, FHA helped spark the production of millions of privately-owned apartments for elderly, handicapped & lower income Americans. When soaring
inflation & energy costs threatened the surival of thousands of apartment buildings, FHA’s emergency
financing keep them afloat. In 1980s & early 1990s, made it possible for homebuyers to get the
financing they needed when recession prompted private mortgage insurers to pull out of oil producing
states. By 2001, homeownership was at 68.1%. HUD and FHA LOANS HAVE HELPED CREATE THIS.

Texas managed to gain small businesses despite the recession, according to the U. S. Small Business
Administration Office of Advocacy. 90% employ few than 20 people. The number of sel-employed
workers fell 2% nationwide last year, BUT Texas figures rose nearly 2%. Number of U. S. employer
firms remained the same, but Texas employer firms RAISED 1.4%. Story from RECON, the Real Estate
Center at Texas A&M newsletter.

TEXAS, the Carolinas & Pennsylvania prohibit wage garnishments, except in special circumstances
such as UNPAID TAXES or CHILD SUPPORT. Florida only garnishes from head of household. By going
after wages, consumers can be pushed into bankruptcy court, where judges can reduce or wipe away all worts of financial obligations. Consumer advocates, has long said that intercepting someone’s wages to pay their debts only increases their financial vulnerability.