This law helps strengthen a property owner’s right to defend again eminent dmain from both U. S. and Texas govt. agencies & private entities. The bill was one of Governor Rick Perry’s “emergency” initiatives for the current legislative session. This bill was spearheaded by Todd Staples an owner/Realtor in Palestine and currently the commissioner of agriculture. Todd is now running for lieutenant governor.
Expect thenumber of households choosing to rent to go up, credit underwriting to remain tight, inventory of available properties to continue to rise and Texas home prices to remain stable through 2011. Home values have taken a beating the past several years. The federal Reserve estimated U. S. households lost nearly $6.7 trillion in home equity since 2005, nearly half the total value. We could be headed for a “double dip” this year. Most major home price indicators are suggesting another round of declining home prices is now occurring. The stimulus of a year ago may only have delayed market stabilization by shifting demand forward to take advantage of the benefits & depleting future demand that could lead to recovery.
Newly built homes in 2015 will be smaller, they will include more environmentally friendly features & their living rooms will either merge with other spaces in the home or be eliminated altogether, according to a study by the National Association of Home Builders. Survey respondents say they expect the average size of single-family homes to be 2,152 sq ft by 2015 or 10% smaller than ones now being built. 2/3 said their homes would have more green features, with 29% putting in more technology features, 20% with universal access & 10% more outdoor living space. More than 52% expect the living room to merge with other spaces in the homes, while 30% said it will vanish to save square footage. So-called Great Rooms and walk-in closets in the master will become more common, while 2nd master bedroom suites, sunrooms & media rooms will be less popular.
TAR (Texas Association of Realtors) released 1st quarter 2011 figures & TX homes maintained their value. This despite a decrease in sales volumn, indicating that the economic recovery continues in TX. While there was a decrease in sales, it is encouraging to see homes prices hold their value in the 1st quarter. The median price of existing single-family homes increased 1.3% to $143,300 compared to the 1st quarter 2010. Volume of home sales decreased by 7.3% from previous year. Remember there was NO stimulus as in March of last year with the homebuyer tax credit. While down some, not as much as expected with no stimulus. TX has a 7.5 months inventory, which is higher in the Tyler area. This indicates that TX is absorbing foreclosures and other distressed properties without experiencing harmful excess supply.