When the minerals and surface estates are severed, who owns the percolating groundwater: the mineral owner of the surface owner? The answer depends on the working of the reservation. Typically, the deed recites that the seller conveys the surface and retains the MINERALS or OIL, GAS AND OTHER MINERALS. If ground water is not mentions in the reservation, then it belongs to the surface owner. Now we begin the types of water. (1) DIFFUSED SURFACE WATER – water from rainstorm or snowmelt with no defined course. Retains this status till reaches a stream or lake or soaks into ground. Belongs to owner, such as rain off a roof. Continued next blog.
The Texas economy grew to 3.4% August 2013 to August 2014 with 1.8 for the U. S. That is nonagricultural jobs and 3.7% for nongovernment sector with 2.1 for nation. Texas’ seasonally adjusted unemployment rate fell to 5.3% from 6.4% a year ago and the nation’s rate decreased 7.2% to 6.1%. All this according to the Texas Real Estate Center at TX A&M. ALL Texas industries had more jobs with mining & logging & oil & gas FIRST. Midland has the lowest unemployment rate, followed by Odessa, Amarill0, San Angelo, Lubbock, Abilene and Victoria. TYLER & EAST TEXAS ARE SEEING THE SAME TRENDS, BUT NOT QUITE AS DRAMATIC.
For the work that HUD does and the housing market in general, Hispanics truly are the future, according to HUD secretary Julian Castro, former mayor of San Antonio. Castro was talking about the nation as a whole, but it applies to Texas. 52% of international immigrants from 2000 thru 2009 and by 2040 it is will be 52% are Hispanic. For more TX population projections, read information from Dr. Jim Gaines at the TX Real Estate Center at TAMU. The National Assoc. of HIspanic Real Estate Professionals said that within 6 years, 1/2 of first-time homebuyers nationwide would be Hispanic. The potential is there if the economy and mortgage policy is working. Tight credit markets must ease enough to help people secure mortgages.
Student loan debt is a financial headache for most people fresh out of college. Conventional wisdom says to hold off for a few years, but a new RealtyTrac report suggests that while homeownership may be more difficult for new graduates, it’s not impossible. Average student debt nationwise is $8,969, but these graduates need to earn 34% more than graduates with NO student loan debt. Minimum household income with student loans is $34,394, but with no student loan then $27,064 OR can make less money to buy a house with no student loans. 4 our of 5 Gen Z teens say homeownership is the most important factor in achieving the American Dream.
Since 1989 Tyler’s population went from 75,450 to 107,405, Smith County from 151,309 to 22,781 and Texas from 16,986,510 to 27,194,258. Enrollment at Tyler Junior College in 1989 was 8,000 and now 9,973 and University of Texas at Tyler from 3,725 to 7,519. The average car in 1989 was $12,000 and in 2014 $28,000 and a gallon of gas was $1.12 and now $3.35+/- a gallon.. A new home average was $100,000 and now $289,500. A gallon of milk was $2.30 and now $4.28 and a loaf of bread $0.61 to $1.98. All of this according to Blakely Braughton writing for fall 2014 issue of TYLER TODAY.
The average 30 year U. S. Mortgage rate remained at a 52 week low the 3rd straight week. The 4.1% rate is down from 4.53% at the start of 2014. Rates have fallen even though the Federal Reserve has been trimming its monthly bond purchases intended to keep long-term borrowing rates low. The purchases are set to end in October. Homes should be more affordable as a slowdown in home price increases + the low rates. Greater affordability has spurred some recovery from slow spring & summer sales & construction fell earlier this year. CoreLogic reported that home prices rose in July, but at a slower rate than last year.
In the 1950s the pants were called overalls of waite overalls & the teens started referring to them as jeans. Then the bad-boy image with James Dean & Marlon Brando & schools banned them in class. In 1960s to early 1970s, hip-huggers and bell bottoms became an anti-establishment statement. Then 12 years ago khakis pushed jean sales down 3%. Now jeans are in colors & prints. The was the last decline till now. The “athleisure” is the biggest threat to jeans as it is a fundamental lifestyle change, according to Amanda Halley, associate clinical professor of fashion merchandising at LIM College in NYC. “Everyone wants to look like they are running to the gym, even if they are not”. Even “yours truly”, Carolyn Bain, Bain Real Estate wears yoga wear not only to exercise, but to run errands, to the grocery story and places she would never have worn them before!!
Americans’ obsession with jeans is beginning to run thin. Sales have fallen 6% during the past year after years of steady growth. Nothing is more comfortable for day and dressed up for evening wear. Why the decline? People more often are sporting yoga pants, leggings, sweatpants and other athletic wear. Since colored skinny jeans were a hit a few years ago, nothing new. Sales of yoga pants & other “active wear” increased 7% last year. That also lead to “stretchy” jeans. Businessman Levi Strauss & tailor Jacob Davis invented jeans in 1873 and patented the rivet for stronger pockets. By the 1920s Levi’s original 501 jeans were the top-selling men’s workpants. MORE TO COME NEXT BLOG.
A 20,000 ACRE SPREAD DOWN THE ROAD. 20 acres of the average size tract of land sales in Texas with Houston/Gulf Coast areas have average price per acre of $9,195 and lowest is Panhandle at $1,674 per acre. 4,189 are number of small land sales in Texas in 2013. Statewide average price per acre of small land sales in 2013 is $4,840 per acre. 33% of small land sales in 2013 occurred in the Central Texas/Hill Country. The definition of a small land sales varies by region and may be as large as 8,000 acres on far West Texas to as small as 32 acres in Houston/Gulf Coast area. Obviously fewer buyers can afford large tracts, SO BUY WHAT THEY CAN AFFORD.