The Texas economy continues to create more jobs despite lower oil prices.  Texas gained 2.6% annual growth rate compared with 2.2% for rest of U. S.  This according to the TX Real Estate Center Monthly Review.  Odessa ranked first in job creation, followed by Midland, Dallas-Plano-Irving, Corpus Christi & Beaumont-Port Arthur.  The state’s unemployment rate in April was 4% with Amarillo the lowest, followed by Midland, Austin-Round Rock, Lubbock, College Station-Bryan & San Antonio-NewBraunfels.  MORE TO COME!

The Federal Housing Finance Agency (FHFA) announced Friday that is extending the Home Affordable Mortgage Program (HAMP) and the Home Affordable Refinance Program (HARP) through the end of 2016.  HARP allows borrowers with loans backed by Fannie Mae & Freddie Mac to refinance at lower interest rates even when the homes have lost value.  HAMP provides incentives for lenders to alter mortgage terms to make them more affordable.  FHFA Director Mel Watt said the programs were never meant to be permanent & this was the last HAMP extension and probably same for HARP.

(1)  Don’t complain that you can’t afford your taxes.  The appraisal district only decided what you property is worth, but NOT the tax rate.  (2)  Do come armed with a specific value you believe your home is worth and the documentation to support that figure.  (3)  Don’t give a rambling presentation.  (4)  Do request in advance the documentation the appraisal district compiled to calculate its appraisal of your property.  See the differences, such as updates, near a busy road, size lot, etc.  GOOD LUCK!

So far millennials have been a DRAG on the economy, rather than a DRIVER.  5 millions are out of work across the U. S.  They make up 1/2 of the unemployed.  College debt keeps many from buying houses, but home prices have fallen, but afraid of another Great Depression, according to Dr. Mark Dotzour, chief economist for TX A&M Real Estate Center.  About 30% live with their parents.  So Millennials are not building home equity or watching home prices appreciate.  69% think they do not make enough to support their lifestyle, but 88% are OPTIMISIM  ABOUT THE FUTURE.

Millennials are 18-34 years of age and are the most diverse generation in America.  Roughly 74 millennals will have a profound economic effect as more baby boomers retire.  They will spend more money on technology, they’ll start the next Google and they’ll become the main breadwinners for their families.  Many still live at with their parents as some burdened with student loans & are unemployed or underemployed.  So they wait till later  to marry, have kids and buy a home or a car.  MORE TO COME

The combined population of the Triangle metro areas puts them in the same class as New York, Los Angeles and Chicago and includes Austin, Dallas-Fort Worth, Houston and San Antonio.  These 4 largest metros in TX, function as one large economic entity with each playing complementary roles.  Together, they represent 68% of Texas of 73% of the state’s income.   There is weakness of the service sector, such as banking as these higher-order, white-color services are NOT exported to the rest of the country.  COMPLICATED, BUT INTERESTING!