The average origintion and title fees on a $200,000 mortgage rose 8.8% in 2011 to $4,070, according to Bankrate.com. For the 2nd year in a row New York had closing costs of $6,183, Texas at $4,944 and Utah at $4,906. Arkansas, North Carolina and Indiana had the lowest, averaging about $3,400. Texas’ remain higher due in part to title policies being rather expensive. The Federal Government now requires the buyer be given closing costs way before closing and must be within a certain range or will not close. This is to protect the buyer, but uses up extra time and effort to close and particularly with a loan.
through January 30, 2010. Tyler had 198 sales with a median price of $130,000 which is down from the state average of $150,700, but UP 1% from last year and an inventory of 11.4 months, which is one of 3 highest in Texas. This information is from the Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University. According to the Greater Tyler Association of Realtors there was almost 5% more houses sold in 2011 than 2010 and a 6% increase in sales volume from 2010.
Overall occupancy in commercial market is down 8% & 4 large vacant spaces remain. Offices & multi-family are holding steady with XTO Energy adding 20,000 sf additional space. Restaurant sales are high per capita with new buildings & absorption of leased space – Chuy’s, Chipotle, Panera Bread, Corner Bakery, BJ’s Brewhouse + fast food places of business. Goodyear plant just sold to a company out of California, who will break it up into smaller spaces for lease or sale. Industrial is still experiencing major under-utilization, economic obsolescence & outsourcing contracts for raw & semi-finished goods. Foreclosures totaled 5 in 2010 & 8 in 2011 for a combined value of $5,220,000. Loggins Meat Plant and S. Broadway Commons have both been re-sold. Texas Joint & Spine Hospital/Clinic are experiencing a major expansion.
to help those with heavy debt loads to avoid losing their homes. The HOME AFFORDABLE MODIFICATION PROGRAM will be extended through 2013. The govt will triple financial incentives for private lenders to reduce principal amounts of mortgages for homeowners at risk of losing their homes. For the 1st time, the govt will offer incentives for principal reductions if loans through Fannie Mae or Freddie Mac. The 3 yr old program has had successes, but can be a bureaucratic nightmare. The Obama administration is unveiling new legislating in coming days to allow more homeowners to refinance their mortgages in a separate program, the HOME AFFORDABLE REFINANCE PROGRAM. Both lenders and homeowners have complained of lost documents and paperwork moving through the system.