The Bains

Some 30% of the households in TX cannot afford a home over $70,000, but with manufactured
homes a buyer can stay below that price, BUT must consider cost of land or small lots to put a
MH & are getting harder to find. Plus the cost of sewer or septic, water, electricity, Internet
connections must be factored. The average price of a manufactured home is $46,000 compared to $132,000 in the East TX area for a site-blt home, BUT land, utilities, etc. should be in that cost. Also resale of MHs is often difficult & financing is hard to find. Usually the MH sales offices
will finance for a buyer. 60% of MHs are in the South.

The star of home recovery is the first time home buyer program. Congress and President Obama
realized the important by extending the credit into 2010 and widened to other qualified home buyers. As it stands now much have a contract on a home by April 2010 & close no later than
July 2010. The commercial real estate market is still facing a debilitation credit shortage & this
must be addressed. Existing home sales for July 2009 in the whole U. S. increased by 7.2%, the
HIGHEST MONTHLY INCREASE in 10 years. All of this helps, but still need to get the jobs replaced
that have been lost and U. S. economy to move ahead. With the recovery beginning, hopefully
the others will follow.

The Texas economy lost 292,700 nonfarm jobs form September 2008 – September 2009 for an annual job loss of 2.8%. For the U. S. economy it was 4.2%. Seasonally adjusted unemployment
rate rose from 5.2% to 8.2 % in September 2009, while the U. S. rate rose to 9.8%. Three Texas
industries had more jobs – education & health services, other services, financial activities + the
government sector. Other industries experienced net job losses over the same period. The only
metro area to pose a positive employment growth rate for the past year is the McAllen-Edinburg-
Mission area. HAVE A BLESSED THANKSGIVING!

credited in part to the extension of the $8,000 first time home buyer program, which is expanded
to $6,500 credit homebuyers with existing homes, but not 2nd homes or if income or if home over
$800,000. Greater Tyler Association of Realtors figures show 273 sales closed October 2009, as
opposed to 212 October 2008. Medium home prices were $136,650 & are now $137,000. There also appears to be an increase in consumer confidence. Also interest rates are still hovering at
5%, which is about unbelievable. Home buyers just have maybe 6 months or less to take advantage of the tax credit, unless Congress extends it another time. Call Dave or Carolyn Bain
at 903-561-4346 to look for housing.

according to the 2009 Milken Institute/Greenstreet Real Estate Partners Best-Performing Cities
index. 9 of the 16 top spots were claimed by Texas metros, but 9 of 25 of the SMALLER METROS
ARE IN TEXAS & Tyler is #4. Based on ability to create & sustain jobs, succeeded in avoiding the
worst of economic declines driven by falling housing markets & job losses in manufacturing & global
trade. The oil & gas sector, technology & alternative energy provided stability in TX, North Carolina, Washington & Louisiana. Texas has a favorable business climate & an ability to attract
jobs and corporations away from higher-cost states.

1. Ford Edsel – Ford lost $350 million,
2. Paper clothing,
3. Susan B. Anthony one-collar coin – tens of millions in U. S. vaults,
4. Bay of Pigs Invasion – of 1,400 invaders, 1,200 captured & ransomed by Castro for pharmaceutics & baby food,
5. New Coke – devotees browbeat the company into resurrecting Coke “Classic”,
6. Watergate break-in,
7. Jackie Gleason canceled his game show & called it the “biggest bomb in history”,
8. Sony Betamax – 1st home videotape, outmaneuvered by VHS format,
9. Rosie magazine – no O and OPrah Winfrey,
and many more.

April 30, 2010. Must have a contract by April 30th, but can close by July 1, 2010, so could do a
short sale, which seems to take longer to close. NEW! A $6,500 tax credit to CURRENT home owners who have lived in their primary residence for 5 of last 8 years. Adjusted gross income INCREASED to $225,000 for a couple & $125K for single purchasers. This is a credit, so if buyers
owe the IRS zero, then they get a check for $8,000 or $6,500. Must check with a competent
CPA or tax account for more details. Call Bain Real Estate at 903-571-2191 to see about a home -
A COUPLE OF REAL ESTATE’S BEST.

Just 11.9% of Americans changed residences in 2008, the lowest move rate on record since 1948,
according to the U. S. Census Bureau. By region, people in the South & West were likeliest to move, with rates of 13.5% & 13.2% respectively. The move rate in the Midwest was 11.1 %,
while the Northeast was 8.2%. In 2008, renters were 5 times more likely to move than homeowners.