San Antonio Ranks High On Best Cities For Jobs In 2008
January 31, 2008
The Lone Star State shines brilliantly in a list of the best places to work in the U.S. when some economists peer into their crystal balls for 2008.Austin, Fort Worth, Houston and San Antonio all rank high on the latest forecast data from
“While the economy is cooling, Texas continues to generate more jobs than the national average,” said Krista Piferrer, deputy press secretary to Gov. Rick Perry. “Unemployment is low in Texas, thanks in large part to a favorable business climate that encourages businesses to expand or relocate to our state.”
In Pictures: Best Cities For Jobs 2008
Even still, Salt Lake City, in all its tech-job abundance, looks like it will remain No. 1 since Forbes.com’s most recent ranking (see last year’s story).
To compile the rankings for the Best Cities For Jobs list forecast, we used five data points, weighted equally: the state’s unemployment rate, job growth, income growth, median household income and cost of living for full-year 2006 (only partial data is available so far for 2007). We measured the largest 100 metropolitan areas, as defined by the U.S. Census Bureau, and obtained the data from Moody’s Economy.com.
The numbers are compiled based on greater metropolitan areas; it’s also important to note that this list doesn’t weigh specifics like job composition or job stability, two significant characteristics that will appeal to any job seeker.
Mark Zandi, chief economist and co-founder of Moody’s Economy.com, acknowledged the housing market depression the company is facing and said the destinations that prevail on this list weren’t as heavily vested in the real estate development boom, which ultimately led to a historic bust.
That’s not to say the highest-ranking cities on this list are completely in the clear, though: “If we have a national recession, if problems intensify nationwide, these economies are going to struggle,” Zandi said.
The top cities on this list also include Atlanta, plentiful in transportation, distribution and financial services careers. Indianapolis has a strong showing in agriculture, too. Omaha, Neb., Warren Buffet’s hometown, offers jobs at opposite ends of the spectrum, in financial services and agriculture as well. The Emerald City–Seattle–brings aerospace and global trade professions to the table.
Kurt Ronn, president and founder of HRworks, an Atlanta-based job recruitment and consulting firm, said Americans gravitate to certain locales based on opportunity and affordability, both offered right in his backyard.
He noted that, on a broad scale, the employment picture has been strong in the areas of technology and logistics, such as in distribution and sales.
Some notables: Honolulu is the best in the pack for low unemployment, a good sign that tourism there remains healthy. Edison, N.J., ranked the highest in the median income category. Buffalo, N.Y., has the lowest cost of living, while San Jose, Calif., has the highest. New York sits at No. 58 on the list, while Los Angeles is No. 87.
In Pictures: Best Cities For Jobs 2008
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Technorati Tags: San Antonio Job Market, San Antonio Jobs, San Antonio Job Forecast
Texas Foreclosure Rate Down Even With Skyrocketing U.S. Trend
January 30, 2008
IRVINE, Calif. – Jan. 29, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2007 U.S. Foreclosure Market Report, which shows a total of 2,203,295 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,285,873 properties nationwide during the year, up 75 percent from 2006. The report also shows that more than 1 percent of all U.S. households were in some stage of foreclosure during the year, up from 0.58 percent in 2006.
A total of 215,749 foreclosure filings were reported in December, up 97 percent from December 2006 and bringing the fourth-quarter total to 642,150 filings on 527,740 properties — up 1 percent from the previous quarter and up 86 percent from the fourth quarter of 2006.
“The year ended with a monthly increase of 7 percent in December, making it the fifth straight month with more than 200,000 foreclosure filings reported and giving the fourth quarter the highest quarterly total we’ve seen since we began issuing our report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “It also pushed the foreclosure filing total for 2007 well over 2 million. And while filings were up 75 percent, the number of properties in some stage of foreclosure was up 79 percent, indicating that some properties may have just entered the initial stage of foreclosure in 2007 and could be going through the rest of the foreclosure process in 2008 — unless lender and government intervention efforts begin to gain more traction.”
| Rate Rank | State Name | Total Foreclosure Filings | %Change from 2006 | %Change from 2005 | Total Properties with Filings | %Households (foreclosure rate) |
|---|---|---|---|---|---|---|
|
28 |
Alaska |
1,650 |
54.64 |
17.69 |
1,332 |
0.486 |
|
26 |
Arkansas |
14,310 |
26.44 |
23.58 |
6,406 |
0.513 |
|
5 |
Colorado |
71,149 |
29.96 |
140.12 |
39,403 |
1.919 |
|
38 |
Delaware |
1,430 |
225.00* |
342.72* |
999 |
0.266 |
|
2 |
Florida |
279,325 |
123.96 |
129.25 |
165,291 |
2.002 |
|
43 |
Hawaii |
1,270 |
88.71 |
-60.39 |
966 |
0.197 |
|
9 |
Illinois |
90,782 |
25.29 |
94.30 |
64,310 |
1.250 |
|
33 |
Iowa |
7,404 |
114.92* |
251.90* |
4,103 |
0.314 |
|
35 |
Kentucky |
8,793 |
23.45 |
76.96 |
5,105 |
0.274 |
|
48 |
Maine |
N/A |
N/A |
N/A |
286 |
0.042 |
|
19 |
Mass. |
41,487 |
161.14 |
751.36 |
17,737 |
0.660 |
|
25 |
Minnesota |
13,615 |
127.11* |
506.73* |
11,557 |
0.513 |
|
13 |
Missouri |
32,022 |
80.93 |
176.74 |
23,492 |
0.906 |
|
30 |
Nebraska |
3,971 |
30.88 |
91.84 |
3,636 |
0.474 |
|
40 |
New Hampshire |
N/A |
N/A |
N/A |
1,238 |
0.212 |
|
32 |
New Mexico |
3,893 |
-26.04 |
-46.55 |
2,994 |
0.357 |
|
18 |
North Carolina |
37,426 |
66.52 |
135.07 |
29,101 |
0.739 |
|
6 |
Ohio |
153,196 |
87.93 |
207.35 |
89,979 |
1.797 |
|
22 |
Oregon |
10,746 |
12.25 |
56.76 |
8,461 |
0.543 |
|
31 |
Rhode Island |
3,241 |
153.80* |
7804.88* |
1,838 |
0.410 |
|
50 |
South Dakota |
N/A |
N/A |
N/A |
24 |
0.007 |
|
12 |
Texas |
149,703 |
-4.57 |
9.22 |
84,469 |
0.936 |
|
49 |
Vermont |
61 |
35.56 |
1.67 |
29 |
0.009 |
|
21 |
Washington |
23,705 |
27.95 |
59.47 |
15,184 |
0.573 |
|
29 |
Wisconsin |
17,503 |
131.15* |
241.79* |
12,133 |
0.486 |
*Actual increase may not be as high due to expanded data coverage in this state.
Technorati Tags: Foreclosure, Texas Foreclosure Filings, Texas Foreclosure Rates, Texas Real Estate
5 Biggest U.S. Mortgage Lenders
January 28, 2008
DALLAS — (Jan. 28, 2008) Among the five biggest U.S. mortgage lenders last year, three saw their originations fall from the previous year, according to a preliminary analysis of earnings data by http://www.MortgageDaily.com.
Countrywide Financial Corp. maintained its standing as the No. 1 residential lender, with a reported $408.2 billion in residential production during 2007. But the mortgage behemoth saw a decline from 2006, when it reported $462.5 billion in volume.
A pending merger between California-based Countrywide and North Carolina-based Bank of America Corp. will create a company that is likely to originate in the neighborhood of between $425 billion and $475 billion a year — far more than any competitor.
Wells Fargo & Co. maintained its No. 2 spot, though the San Francisco-based giant also reported a drop in annual fundings.
Citigroup Inc., with $151.9 billion in reported originations last year, bumped Washington Mutual Inc. from the No. 5 spot.
Citi, along with JPMorgan Chase & Co. and BoA, actually saw an increase in residential volume from 2006.
JPMorgan is rumored to be considering an acquisition of WaMu. A combined company, with annual originations that would likely be between $275 billion and $325 billion, would have the potential to unseat Wells as the No. 2 biggest U.S. mortgage lender.
| Lender Ranking by Residential Volume 2007 Full Year (billions) |
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| Lender Ranking by Residential Volume 2007 4th Quarter (billions) |
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“While last year was quite volatile for U.S. mortgage bankers, recent actions by the Federal Reserve as well as a flight to quality by investors has helped push mortgage rates lower,” said MortgageDaily.com Publisher Sam Garcia. “As a result, mortgage originators have seen refinance activity pick up recently and are likely to see an increase in funded loans during the first quarter of 2008 compared the fourth quarter 2007.”
Complete residential production news and data available at:
http://www.MortgageDaily.com/Fundings.asp?spcode=pr
Technorati Tags: Mortgage Lenders, Mortgage Industry, Mortgage Industry News, Mortgage Banker
First American CoreLogic Releases November 2007 LoanPerformance House Price Index
January 26, 2008
First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies and a leader in residential mortgage data and analytics for the mortgage industry and Wall Street, today announced the release of its November 2007 LoanPerformance Home Price Index (HPI).
The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,462 ZIP codes, 956 Core Based Statistical Areas (CBSA) and 662 counties located in all 50 states and the District of Columbia. The indices, which are the most comprehensive available in the industry, are reported to clients five weeks after each full month ends. (For a state-by-state map, visit www.loanperformance.com/assets/images/pr0108_image_lg_ch.jpg).
“The latest LoanPerformance HPI release reveals that, although real estate in key markets like California, Florida, Nevada and Arizona continue to exhibit home price depreciation, 31 states show HPI gains over the past 12 months,” said Damien Weldon, vice president, collateral and prepayment analytics for First American CoreLogic.
12-Month Change by Top CBSAs (Core Based Statistical Areas) as of November 2007
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Source: LoanPerformance HPI, Single Family Detached Series as November 2007
Nehemiah Corporation of America Reaches $1 Billion Milestone In Private DownPayment Assistance Gifts
January 25, 2008
Sacramento, CA – January 24, 2008
Nehemiah Corporation of America, the oldest and largest provider of private downpayment assistance in the United States, today announced that the non-profit has provided more than $1 billion in mortgage downpayment assistance through The Nehemiah Program®. Initiated in 1997, The Nehemiah Program® has helped over 250,000 minority and low to moderate income families become homeowners to date. The Program reported substantial growth in 2007 as banks and mortgage lenders abandoned risky products once promoted to low and moderate income families and returned to the stability and affordability of mortgage products offered in conjunction with FHA loan insurance.
The Nehemiah Program provides private downpayment assistance to homebuyers who qualify for FHA-insured mortgages but are not able to make the downpayment necessary to secure the mortgage. Nehemiah reported an increase of 96% in the number of gifts provided in 2007 versus 2006.
“The flight to quality by both lenders and borrowers has resulted in the resurgence of The Nehemiah Program® in 2007. Amidst the nationwide tragedy of the subprime loan crisis, Nehemiah’s downpayment assistance program provides a safe option for tens of thousands of underserved families who would otherwise find the door to homeownership closed.” said Scott Syphax, President and CEO of Nehemiah Corporation of America. “This extraordinary increase in downpayment gifts is a clear indication that The Nehemiah Program® is playing a more important role than ever in ensuring the future of homeownership for working class families striving to live the American dream.”
Additional 2007 highlights include:
- The average size of downpayment gift presented to families was $5,400
- The average family income of those assisted was less than $60,000
- Nearly 40% of those assisted by The Nehemiah Program were minorities and almost 32% of those assisted were female head-of-households
Despite strong Congressional and public support of private downpayment assistance, in October 2007 the U.S. Department of Housing and Urban Development implemented a rule banning the programs. However, Judge Friedman of the United States District Court for the District of Columbia issued a ruling enjoining HUD from implementing the downpayment assistance rule indefinitely.
“Since June, the U.S. Conference of Mayors has supported the efforts of private downpayment assistance providers in the fight against HUD’s rule banning such programs,” said Mayor Manny Diaz of Miami, vice president of the U.S. Conference of Mayors. “Today’s announcement illustrates the continuing need and demand for pro-consumer homeownership assistance programs like Nehemiah’s, particularly in the midst of today’s credit crisis. Nehemiah is helping to make dreams realities, stabilize communities, and build financial strength for low to moderate income families throughout the United States. When the nation’s mayors find such success among respected downpayment assistance programs, it makes us proud to be part of the fight to keep them alive. We urge Senator Dodd and the conferees deliberating on the FHA reform bill before Congress to join us in keeping this important portal to homeownership open to America’s cities and working families.”
“Over the past ten years, The Nehemiah Program® has provided the needed downpayment gifts that have helped hundreds of thousands of families realize the American dream of homeownership. Eliminating private downpayment assistance programs abandons a critical tool for creating homeownership and building wealth among low to middle income families,” said Mr. Syphax. “The important role that private downpayment assistance plays in building wealth, creating stability in neighborhoods and giving families and individuals a stake in their communities is undeniable. We will continue to fight to keep these programs alive and ensure working families have access to the sustainable homeownership that The Nehemiah Program® provides.”
For more information visit our “Down Payment Assistance Programs” Page.
SWBC Mortgage Expands
January 24, 2008
SAN ANTONIO, TX (January 22, 2008) – Southwest Business Corporation’s (SWBC) Mortgage division is pleased to announce that it has acquired the assets of 15 branches from another Texas based mortgage lender.
Along with the branch asset acquisition, the company acquired an additional 114 employees. “The new group both supports and strengthens our existing talent pool which complements our future growth strategy nicely,” said Susan Stewart, President and CEO of SWBC Mortgage. “The goal of this acquisition is to combine our strengths and talents to create one of the most successful and efficient mortgage operations in the state. With the expanded footprint provided by the acquisition, we are projecting our loan origination volume to double over the next 18 months.”
SWBC Mortgage Corporation is a full service mortgage banking company with a wide array of products and services, including: in-house underwriting, closing, and funding; aggressively priced portfolio jumbo loans; and an extensive menu of government loan products including FHA, VA, and TX VET loans. SWBC Mortgage also offers traditional agency loan products, such as conforming fixed-rate mortgages with multiple options such as 100% fixed-rate loan products, subsidized down-payment assistance programs, and financed closing costs options. All of SWBC’s programs are designed to help borrowers select a loan program suited to help their personal financial plan.
With this acquisition, SWBC Mortgage now has additional offices in: Arlington, Texas; Austin, Texas; Clear Lake, Texas; Spring, Texas; Baton Rouge, Louisiana; Shreveport, Louisiana; Olympia, Washington; and Bountiful, Utah.
About SWBC
Headquartered in San Antonio, Southwest Business Corporation (SWBC) is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions. For more information, visit SWBC’s web site at www.swbc.com.
Texas Residential Median Price YTD 2007
January 22, 2008
Texas Residential MLS Activity
Median Price
| MLS Area | Nov 2007 |
Oct 2007 |
Nov 2006 |
Nov 07- Nov 06 % Chg |
Year-to-Date | |
| 2007 | % Chg Year Ago |
|||||
| Abilene | 103,700 | 112,700 | 99,400 | 4 | 102,900 | 3 |
| Amarillo | 114,800 | 116,100 | 114,200 | 1 | 117,600 | 2 |
| Arlington | 134,900 | 129,100 | 133,100 | 1 | 130,900 | 0 |
| Austin | 185,900 | 181,900 | 172,200 | 8 | 184,000 | 7 |
| Bay Area | 153,000 | 149,700 | 141,700 | 8 | 153,600 | 6 |
| Beaumont | 119,100 | 112,400 | 122,500 | -3 | 126,400 | 9 |
| Brazoria County | 119,200 | 118,000 | 108,000 | 10 | 120,700 | 6 |
| Brownsville | 118,800 | 90,000 | 118,300 | 0 | 116,300 | 10 |
| Bryan-College Station | 132,500 | 137,500 | 139,500 | -5 | 138,900 | 3 |
| Collin County | 204,300 | 195,600 | 192,800 | 6 | 200,200 | 4 |
| Corpus Christi | 130,700 | 124,500 | 129,000 | 1 | 135,700 | 4 |
| Dallas | 156,300 | 154,700 | 156,500 | 0 | 161,700 | 2 |
| Denton County | 159,600 | 162,000 | 168,500 | -5 | 166,400 | 3 |
| El Paso | 133,600 | 130,900 | 131,400 | 2 | 131,700 | 4 |
| Fort Bend | 179,100 | 164,400 | 170,700 | 5 | 176,100 | 3 |
| Fort Worth | 117,800 | 116,900 | 119,500 | -1 | 118,300 | 1 |
| Galveston | 176,000 | 192,500 | 165,000 | 7 | 174,700 | 1 |
| Garland | 96,900 | 105,800 | 109,000 | -11 | 108,200 | -2 |
| Harlingen | 98,300 | 81,000 | 88,300 | 11 | 86,200 | -5 |
| Houston | 150,500 | 146,100 | 146,800 | 3 | 151,500 | 2 |
| Irving | 133,300 | 148,200 | 125,000 | 7 | 138,600 | 12 |
| Killeen-Fort Hood | 113,300 | 122,900 | 109,500 | 3 | 115,600 | 5 |
| Laredo | - | - | - | - | - | - |
| Longview-Marshall | 125,000 | 120,000 | 111,200 | 12 | 123,900 | 11 |
| Lubbock | 100,000 | 109,400 | 104,800 | -5 | 104,500 | 4 |
| Lufkin | 108,800 | 98,800 | 89,200 | 22 | 101,700 | 2 |
| McAllen | 114,600 | 117,100 | 118,100 | -3 | 112,200 | 1 |
| Montgomery County | 173,000 | 166,700 | 160,400 | 8 | 171,700 | 5 |
| Nacogdoches | 85,000 | 125,000 | 122,500 | -31 | 120,900 | 2 |
| Northeast Tarrant County | 165,900 | 162,200 | 157,400 | 5 | 165,100 | 4 |
| Odessa-Midland | 135,400 | 140,500 | 121,500 | 11 | 138,900 | 30 |
| Palestine | 71,700 | 81,700 | 45,000 | 59 | 85,000 | 24 |
| Paris | 75,000 | 79,000 | 75,800 | -1 | 79,600 | -8 |
| Port Arthur | 127,500 | 94,000 | 96,400 | 32 | 105,300 | 16 |
| San Angelo | 115,700 | 105,500 | 93,100 | 24 | 106,000 | 8 |
| San Antonio | 145,100 | 145,000 | 141,700 | 2 | 147,800 | 6 |
| San Marcos | 195,000 | 150,000 | 150,000 | 30 | 139,000 | - |
| Sherman-Denison | 96,900 | 101,100 | 95,000 | 2 | 97,400 | -1 |
| Temple-Belton | 123,800 | 118,000 | 113,000 | 10 | 117,200 | 1 |
| Texarkana | 108,500 | 111,700 | 91,400 | 19 | 102,800 | 14 |
| Tyler | 134,800 | 126,600 | 132,200 | 2 | 134,700 | 2 |
| Victoria | 115,600 | 101,800 | 113,000 | 2 | 120,200 | 11 |
| Waco | 112,900 | 107,600 | 104,700 | 8 | 115,900 | 6 |
| Wichita Falls | 91,200 | 100,000 | 93,500 | -2 | 98,200 | 2 |
| Texas | 145,400 | 142,900 | 142,300 | 2 | 147,500 | 3 |
Source: Real Estate Center at Texas A&M University
San Antonio Job Growth Up 2 Percent Over The Last Year
January 21, 2008
San Antonio area employers added 2,000 new jobs to the local economy in the month of December, according to figures released Friday by Alamo WorkSource.
Local employers also added 16,600 jobs over the last 12 months. This represents a 0.2 percent increase for the month and a 2 percent increase over the last year.
Alamo WorkSource officials attribute the December job growth figures to robust hiring by area retailers during the holiday season and a separate surge in the financial activities, manufacturing, and leisure and hospitality industries.
“Job growth continued to gain momentum in December, rounding out a very solid fourth quarter for San Antonio,” Alamo WorkSource executive director Chakib Chehadi says. “Since December 2006, San Antonio has gained 16,600 jobs, and this is a reflection of that growth in career opportunities.”
The Trade, Transportation & Utilities sector added 1,900 jobs in December, driven by retailers who manned their stores with 1,700 available workers to close out holiday sales.
The manufacturing sector added 200 jobs for the month. The financial activities as well as leisure and hospitality industries gained 200 and 300 jobs per month, respectively.
The Professional Business Services sector lost 300 jobs during the month of December, but still maintained an annual growth rate of 3.3 percent or 3,500 jobs.
Finally, the construction, government and information sectors experienced largely anticipated seasonal drops of 200, 200 and 100 jobs, respectively, for the month.
The unadjusted unemployment rate for the San Antonio metropolitan area increased slightly to 4 percent, up from 3.9 percent in November.
Statewide, the unadjusted unemployment rate increased to 4.3 percent in December.
Alamo WorkSource provides employment services to more than 40,000 businesses and more than 2 million residents in San Antonio and 12 surrounding counties.
7 Tips to Make Sure the Price is Right
January 20, 2008
It’s tough being the seller in a buyer’s market. But your clients can improve their odds with the right research. And you can be the knight in shining armor who provides it.
In many cases, making a smart deal and getting the best price comes down to studying your market and being an educated seller.
“You’ve got to know more than you would have if you’d sold a year ago,” says William Poorvu, professor emeritus at Harvard Business School and author of the upcoming book “Creating and Growing Real Estate Wealth.” “If you want to protect yourself, you have to become knowledgeable.”
1. Recognize that housing markets are local.
Home prices are like the weather — very different in different areas. In many markets, home prices have actually gone up from last year, says Dick Gaylord, president of the National Association of Realtors.
In addition, demand will change depending on the price range and even the neighborhood. What you need to know: What’s the demand for a house like yours in your area?
“You have to look at what’s being sold and at what price,” says Poorvu. “That’s important.”
Look at comparables for similar houses. Study prices and sales for one year ago, six months ago, three months ago and current numbers, says Gaylord.
What are the trends? Are prices going up or down — and by how much? How many days are homes staying on the market? If they are on the market longer, how much of that could be seasonal? In many areas, spring and summer are the busy seasons.
Pay special attention to “the delta between the list price and the sales price,” says Ron Phipps, broker with Phipps Realty in Warwick, R.I. That is, look for a meaningful relationship between list price and sales price. Perhaps most homes are selling for 5% less than the list price.
“An agent who works the market will be in the best position” to find “the tipping point between nice, attractive and interesting — and being sold,” Phipps says. You want to find the point between, “Hey, that’s interesting,” and “It’s too good to pass up.”
2. Analyze who is buying and selling in your market.
What’s your competition? Who are the buyers, and why are they shopping?
Do you live in an area like Phoenix, “a growing market with people coming in,” says Poorvu. Or are you living in an area that doesn’t attract a lot of new residents, where many shoppers are “bottom fishers” who don’t have to buy but are “looking to pick up a bargain,” he says.
Are you competing against a flood of new houses from builders eager to sell, or are you selling a newer home in an area where most of the housing stock is older?
3. Ask the professionals.
When you interview real estate agents, ask about the market conditions for your area and price range.
Specifically, ask about the “absorption rate” says Phipps. What that means: In the current conditions with the current inventory, how long would it take the market to absorb or sell, all the houses on the market?
If the supply is much larger than the demand, ask potential agents how they would “price to offset that inventory,” he says.
4. Know what your house is worth.
Talk to a handful of agents. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.
5. Consider strategic pricing.
Here’s how it works: If prices in your area are dropping 1% each month, and you want to sell within the next three months, you take 3% off your price right off the bat, says Phipps. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000.
The upside: You’ll have the competitive edge over the guy who’s dropping his price every month, without the air of desperation. Plus, in a market where prices are falling, you’ll make more money if you sell quickly.
The downside: Predicting the market is a tough call, even for the pros. And it’s really difficult to raise the price if your market starts to rebound, Phipps says.
6. Evaluate whether you really have to sell now.
If you want to get the best possible price for your home and the local market is tanking, “see if you can delay the sale,” says Poorvu. Otherwise, in a lot of markets, sellers have “to be willing to accept a pretty good haircut over what they thought their home was worth last year,” he says.
The downside of waiting: The market could decline or your circumstances could change to the point that you might need to sell quickly.
But for situations where the move is optional (or you might be able to rent the property until your local market improves), waiting is a solid option.
Just because you’ve already planted that “for sale” sign doesn’t mean you can’t change your mind if you’re not seeing the interest you anticipated.
“If you know there are no sales or sales are decreasing, and you have the opportunity,” taking it off the market is a decent solution, says Healy. “I think we’re seeing a lot of that.”
7. Assess the market where you plan to buy.
If you’re selling one house and buying another, look at the market where you plan to move. Says Poorvu, “It might be that, with the housing there, it’s a great time to buy.”
Tags: san antonio real estate, san antonio texas real estate, san antonio real estate news, san antonio real estate tips
Mortgage Industry Initiated More Than 235,000 Loan Modifications and Repayment Plans in 3rd Quarter
January 18, 2008
Washington, DC (January 17, 2008) – The mortgage industry modified an estimated 54,000 loans and established formal repayment plans with another 183,000 borrowers during the third quarter of 2007, according to a report issued today by the Mortgage Bankers Association. By comparison, foreclosure actions were started on approximately 384,000 loans, but of those foreclosures, 63 percent were cases where the borrower did not live in the home, the borrower did not respond to repeated attempts by the lender to contact them, or where the borrower failed to perform on a repayment plan or loan modification that was already in place.
“The mortgage industry took major steps during the third quarter to help those borrowers who could be helped,” said Jay Brinkmann, MBA’s Vice President of Research. The numbers of loan modifications, negotiated repayment plans established, and other actions to help borrowers are large and compare favorably with the number of foreclosure actions started, particularly when those foreclosures are adjusted to remove the borrowers who clearly could not be helped.”
“It is likely that the number of loan modifications for subprime ARMs will continue to grow through the outreach efforts of the industry,” Brinkmann continued “Particularly through the HopeNOW Alliance that includes counselors, mortgage market participants and mortgage servicers working together to try and help avoid foreclosures whenever possible. The U.S. Treasury Department has played a crucial role in bringing the lending community together to develop approaches to deal with the current problems.”
For subprime ARM loans there were approximately 13,000 loan modifications and 90,000 repayment plans established in the third quarter. For borrowers with subprime fixed-rated loans, loan servicers instituted 15,000 loan modifications and 30,000 repayment plans.
The report found that while approximately 166,000 foreclosure actions were started on subprime ARM loans during the third quarter, approximately 18 percent of those were on investor-owned properties, and in 21 percent of the cases the borrower either could not be located or would not respond to repeated attempts by the lenders to contact them. Subprime ARM borrowers who already had a repayment plan or loan modification in place but were unable to avoid default anyway accounted for 40 percent of the subprime ARM foreclosures.
The MBA report is based on responses from mortgage servicers covering about 33 million mortgage loans, or approximately 62 percent of the loans outstanding. The numbers are grossed up to reflect the partial coverage of the market.
While investor-owned properties accounted for 18 percent of foreclosure starts for subprime ARM loans in the third quarter, they accounted for 28 percent of subprime fixed-rate foreclosure starts, 18 percent of prime ARM foreclosure starts and 14 percent of prime fixed-rate foreclosure starts. In California, the state showing the fastest increase in foreclosures started, investor-owned properties accounted for 19 percent of subprime ARM foreclosure starts and 20 percent of subprime fixed-rate foreclosure starts. In Florida, the other state seeing a rapid increase in foreclosures, investors accounted for 21 percent of subprime ARM foreclosures and 27 percent of subprime fixed-rate foreclosures.
Cases where the borrower could not be located or would not respond to attempts by the mortgage servicer to contact them accounted for 21 percent of subprime ARM foreclosure starts, 21 percent of subprime fixed-rate foreclosure starts, 17 percent of prime ARM foreclosure starts and 33 percent of prime fixed-rate foreclosures started.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 500,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 3,000 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mortgagebankers.org.
17 Ways to Get Buyers Inside Your Home
January 16, 2008
Here are some easy, inexpensive fixes that will help create that outside appeal and get you one, giant step further to a sale.
1. Paint or stain the front and garage doors, especially if they show any weathering. These are the first visuals where a potential buyer focuses. If garage doors are metal and dented, they may need to be replaced.
2. Any old, basically abandoned sheds or small structures, must be removed, the area graded and the grass replaced.
3. Change any dated, outside light fixtures.
4. Fix that driveway. If it is blacktop, make sure cracks and crumbling areas are dug out and filled and then the whole driveway sealed. If it is cement, have large cracks filled and repaired professionally. The buyer must at least feel they can drive the moving truck in confidently!
5. Make sure landscaping bricks are in their proper placement. Mowing, weed-whipping sometimes moves them and this is something the homeowner rarely notices, but makes the property look unsightly.
6. Fill in bare dirt under large shade trees. Plant shade-tolerant plants in defined planters or groundcover. Landscape properly for that area.
7. All landscaping beds should be cleaned out and updated for the time of year it is in your region. Place new bedding material down.
8. Have trees and bushes pruned and trimmed. If a bush or tree is looking old or about to expire, remove it and replace it with a similar size and type if you can. If there is a tree limb(s) over the roof, have them removed.
9. If the house needs painting and a full paint job is not in the cards; have it touched up professionally in the worst, most visible spots. Paint shutters and fix them if they are hanging crooked. At least this may help get your client in the front door, even if they negotiate a full paint job into the sale later.
10. If the house is sided, have it power-washed and have gutters and windows cleaned. Window cleaning inside and out makes the house feel updated and fresh, rather than old and dingy.
11. Make sure grass is in good shape, weeds are removed, trimming done regularly. So many sellers fall down on this job the minute the house is listed, and this is critical to selling a house quickly, especially one where the owners have already moved out. In snowy climates, removal must be done regularly too. If owners have moved out, make sure you have an HWA Home Warranty to re-assure buyers.
12. Keep garbage and recycle containers inside the garage, along with all toys and equipment. Make sure the garage is neat and organized. Painted walls and floors also go a long way in this area and are inexpensive to do.
13. Decks should be washed and repainted or re-sealed; plantings around them cleaned, weed-free and looking good. Patio furniture should be in excellent condition. Even though it is in the backyard, this is the area where the family can envision enjoying the warm days and the new yard.
14. If the roof has missing shingles and they can be replaced inexpensively, suggest this be done as it may save negotiation over a completely new roof. Roof repair needs and costs should be minor or the homeowner might as well replace the entire roof.
15. If the homeowner wants to do a bit more, suggest solar lights lining the driveway or installing a more attractive front door with lead glass inserts and replacing plain doorknobs with something more custom.
16. If you have an evening showing, make sure lights are on outside and inside the house. This is warm and inviting.
17. If it’s a holiday season, by all means decorate the home! Just like sugar cookies or vanilla scent on the inside of the house, this really says “it’s a home” and I can see myself enjoying life here! In the least, always have some greenery or flowers for the season on the front step or porch; even a birdbath with a little garden around it says home.
Remember, most home buyers cannot visualize even these simple changes and clean ups in a house and the ones who can, will be looking for a reduced price. So to sell the house at top dollar and quickly, make it “appeal” to the many who will be seeing it rather than the few who are looking for a “fixer upper.” These people know what they want, go after it and need less assistance.
Finally, have neighbors or friends look at the finished results to see if you or the home owner has missed anything key that would be quick and easy to do. Use this article in your listing presentations so they can get started right away on these easy, inexpensive fixes and adapt the ideas to their home. When that home looks fabulous, update that picture on the Internet! This is especially important if the season has changed too and it’s a reward to your client too!
Written By David Sobel
2008 San Antonio Housing Forecast
January 15, 2008
All Real Estate is Local
Experts at the 23rd Annual San Antonio Housing Forecast held January 7th, 2008, said San Antonio is definitely the place to be. A positive forecast was given by the San Antonio Board of REALTORS®’ Chairman Bob Leonard who stated that 2008 will produce another strong resale (existing homes) year. The San Antonio Board of REALTORS® and the Greater San Antonio Builders Association hosted this year’s forecast at the Omni Hotel in the Colonnade where more than 700 attended.
During the course of the morning, six speakers delivered statistical facts and their analysis of what lies ahead in coming months in the housing market. Richard Perez, the President and CEO of the Greater San Antonio Chamber of Commerce presented goals where the Chamber hopes to promote and grow business to transform San Antonio from “a good city to one that is great.”
In addition to Mr. Perez’s comments, Henry Cisneros, the chairman of City-View, warned that actions should be taken before a recession occurs. “San Antonio is stronger than other places [in the nation],” Cisneros commented, but said that 2008 is not the year for any ‘home-run plays’; instead it is a year for ‘steady judgment’. “I believe 2008 will be a turnaround [from where we have been],” Cisneros said.
Bob Leonard, 2008 Chairman of the Board for the San Antonio Board of REALTORs, stressed that all real estate is local. He reported on the “resale single family” home market in 2007 and how it was comparable to San Antonio’s second best year, 2005. Mr. Leonard talked about how 2007 was a year of challenges including lower home sales and subprime loan problems, but emphasized how 2008 proves to be a year of opportunity. “San Antonio ranked number four out of the top ten cities with price gains at a 7.89% increase in 2007,” Leonard said.
Following Mr. Leonard’s remarks, David Berson, Senior Vice President, Chief National Economist & Strategist at the PMI group, gave a recap from the national perspective. Dr. Berson commented there hasn’t been a significant decline in the housing market since 1994, and one of the reasons this is occurring now is because investors are pulling out. He forecasts that the biggest decline in the housing market is behind us and the national real estate market will be looking up by 2009.
Michael Moore, 2008 President of the Greater San Antonio Builders Association spoke about the population growth of the city and how that has and will affect our economy. He also talked about barriers to future growth that included adequate water resources, unfavorable development regulations and immigration reform.
Immediately following Mr. Moore’s presentation, Jack Inselmann, Vice President, Central U.S. Division of Metrostudy presented information about job growth trends and annual housing trends. His data showed that San Antonio is well under the national average rate of unemployment and that the average home price annual percent of change has increased over the last ten years. He also explained that our finished inventory is up from 2006, but has dropped since the second quarter of 2007.
All six experts gave their opinions of what 2008 was going to look like and talked about population growth and national statistics in housing.
Tags: real estate, san antonio real estate, san antonio real estate news, san antonio homes, san antonio texas real estate, san antonio real estate market
