LoanPerformance Home Price Index Shows Increases For San Antonio
April 30, 2008
First American CoreLogic, announced this week the release of its February 2008 LoanPerformance Home Price Index (HPI).
The LoanPerformance HPI provides a comprehensive set of monthly home price indices and median sales prices covering 7,508 ZIP codes, 957 Core Based Statistical Areas (CBSA) and 670 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.
The index showed the San Antonio Market increased 0.35% for the past 3 months and 5.58% the past 12 months.
| 3-Month and 12-Month Change By Top CBSAs (Core Based Statistical Areas) as of February 2008 | ||
| 3-Month | 12-Month | |
| Change | Change | |
| Cleveland-Elyria-Mentor, OH | -7.28% | -9.61% |
| Los Angeles-Long Beach-Glendale, CA | -7.20% | -18.67% |
| Oakland-Fremont-Hayward, CA | -7.11% | -17.94% |
| Riverside-San Bernardino-Ontario, CA | -6.74% | -21.28% |
| Tampa-St. Petersburg-Clearwater, FL | -6.69% | -15.33% |
| San Diego-Carlsbad-San Marcos, CA | -6.61% | -17.38% |
| Detroit-Warren-Livonia, MI | -6.46% | -5.08% |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | -6.40% | -17.03% |
| Phoenix-Mesa-Scottsdale, AZ | -6.36% | -16.42% |
| San Francisco-San Mateo-Redwood City, CA | -6.25% | -11.12% |
| Miami-Miami Beach-Kendall, FL | -5.92% | -14.06% |
| Cape Coral-Fort Myers, FL | -5.68% | -18.08% |
| Orlando-Kissimmee, FL | -5.54% | -15.38% |
| Denver-Aurora, CO | -5.52% | -7.31% |
| Las Vegas-Paradise, NV | -5.04% | -16.69% |
| Boston-Quincy, MA | -5.02% | -9.32% |
| Minneapolis-St. Paul-Bloomington, MN-WI | -4.62% | -8.98% |
| Chicago-Naperville-Joliet, IL | -4.52% | -6.60% |
| St. Louis, MO-IL | -4.43% | -3.05% |
| Atlanta-Sandy Springs-Marietta, GA | -4.34% | -6.62% |
| Honolulu, HI | -3.97% | 10.68% |
| Charlotte-Gastonia-Concord, NC-SC | -3.23% | 1.09% |
| Portland-Vancouver-Beaverton, OR-WA | -3.23% | -2.84% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | -3.18% | -10.80% |
| Seattle-Bellevue-Everett, WA | -2.59% | -3.18% |
| Raleigh-Cary, NC | -2.25% | 1.16% |
| Philadelphia, PA | -1.47% | -1.14% |
| Edison, NJ | -1.36% | -4.67% |
| New York-White Plains-Wayne, NY-NJ | -0.80% | -3.34% |
| Salt Lake City, UT | -0.47% | 6.63% |
| Dallas-Plano-Irving, TX | -0.06% | 3.71% |
| Austin-Round Rock, TX | 0.10% | 6.22% |
| Houston-Sugar Land-Baytown, TX | 0.27% | 3.03% |
| San Antonio, TX | 0.35% | 5.58% |
Source: First American CoreLogic
Countrywide Launches Plan To Sell Foreclosed Homes To San Antonio
April 26, 2008
Countrywide Financial and New Vista Asset Management have joined together to find qualified buyers for Countrywide’s REO properties. The program is designed to help minimize the impact of foreclosures on neighborhoods by reaching out to consumers interested in residing in these communities. In the relationship, New Vista’s network of real estate professionals who have deep roots in minority communities are assigned the responsibility and will work to ensure that prepared homebuyers, often first-time and minority homebuyers working with New Vista professionals, have the opportunity to purchase REO properties.
Additionally, New Vista and Countrywide will be hosting several community seminars for first-time buyers to educate them about purchasing REO units and obtaining the best financing possible for their situation. These seminars, beginning in Los Angeles and Dallas, will be held in collaboration with community-based organizations and focused on providing consumers the information they need to purchase REO properties.
“Countrywide and New Vista Asset Management share the common mission of helping to make sure that homeownership is achievable and sustainable, and that neighborhoods are stabilized during this difficult time in the housing market,” said Steve Bailey, Senior Managing Director of Loan Administration for Countrywide. “Countrywide and New Vista Asset Management began the relationship in mid-October 2007, and we are currently partnering in local markets, including San Diego, Sacramento, Los Angeles, Las Vegas, Dallas, Fort Worth, Houston, San Antonio and Atlanta.”
New Vista’s overall strategy is to leverage its broad connections with real estate brokers who work in minority communities, nonprofit housing counselors and mortgage industry professionals to create a source of housing that will be accessible to first-time homebuyers in the underserved community. The company is working with leading lenders, like Countrywide, to create a more responsible way to sell these REO units, making them attractive to homebuyers rather than investors.
“Countrywide has always been a clear industry leader in serving and promoting minority homeownership,” said New Vista’s Chairman Gary Acosta. “By marketing and selling REO units directly to first-time and minority home buyers, New Vista and Countrywide are advancing our mutual commitment to increase affordable housing opportunities and act as responsible contributors to the local housing market.”
“We applaud the efforts of Countrywide and New Vista to keep the dream of homeownership alive in underserved communities,” said Timothy Sandos, President and CEO of National Association of Hispanic Real Estate Professionals. “By creating a program to ensure that first-time and minority homebuyers have access to affordable REO properties, New Vista and Countrywide are helping protect neighborhoods from community deterioration and loss of minority homeownership,” added Mr. Sandos.
San Antonio Real Estate Market Report March 2008
April 22, 2008
San Antonio’s housing market continues to weaken, with fewer home sales in March and a higher than average number of homes set for the May foreclosure auction.Still, home values continued to rise, unlike in most areas of the nation.
Existing home sales dropped 21 percent in March to 1,609 sales compared with 2,039 sales in March 2007, according to the San Antonio Board of Realtors.
But home prices did appreciate, rising 1.6 percent to hit $150,300 from $147,900 in March 2007.
That’s still better than the rest of the nation, where overall sales for existing homes dipped 23.8 percent in February (the most recent figures available) and where the median home price fell 8.2 percent, according the National Association of Realtors.
In addition, Bexar County foreclosure-auction notices topped 900 for the fourth straight month in May, when the number reached 959, according to foreclosure-tracking service RexReport.com. That’s a 41.7 percent increase from May of last year.
San Antonians are experiencing the end of a roughly 10-year seller’s market but still should see a 5 percent to 6 percent price growth this year, said Randall Allsup, manager of the San Antonio and Rio Grande Valley for Metrostudy, a housing research firm.
“The San Antonio resale market, while softening due to increasing inventories, remains one of the healthiest resale markets in the U.S.,” he said.
Allsup added that existing homes are selling “well within what is considered the ‘good’ range by national standards, and, most importantly, we are still seeing appreciation in this market.”
Written by Aïssatou Sidimé from the Express-News
Top 25 Biggest Real Estate Mistakes
April 18, 2008
For those buying or selling a home, these helpful tips could help you avoid costly mistakes on one of the biggest investments of your life. The list was compiled by some of the top real estate experts in the field, including brokers; investors; contractors; market experts; buyers; and sellers. You can catch the special episode on the “25 Biggest Real Estate Mistakes” on HGTV.
25. Buying a House for its Decor
Remember that you are buying the house, not the stuff inside of it, so make sure you see beyond the decorations and look at the bones of the home. Focus on the floor plan and the square footage. You also might want to measure the dimensions and graph out how that’s going to work with your current belongings.
24. Not Providing Easy Access for Showings
Make your house easily accessible to potential buyers. If there’s nowhere to park or it’s difficult to get into, buyers may just skip it and look at someone else’s property instead.
23. Not Researching the Neighborhood
It’s absolutely critical that you research the neighborhood before you buy. Check out the area, amenities and the school system to be sure that your address corresponds with the correct school district. Also attend a community meeting, if possible. You’re not just buying a house, you’re buying a piece of that real estate and the land around it.
22. Losing Money With Auctions
While the starting bidding price for a house on auction might be a good deal, it doesn’t mean the final price will be. Make sure that you are very strict with your budget when you are bidding — do not go over your final price because you got wrapped up in the excitement of a bidding war. Another thing to keep in mind is that when you buy a property at auction, you aren’t able to get any of the warranties or guarantees, and you are not able to do a home inspection. Find out if the auctioneer is going to put those charges on top of the sale price as well as if there are any liens on the property. You could be responsible for paying the property taxes on that house you just bought, which could make what looks like a good deal into a really bad deal.
21. Trying to Make the “Hard Sell” While Showing
If you are selling your house, you really shouldn’t be around at the open house. You might want to try and sell the place on all the reasons you think the house is great, but that might not translate to the buyer. If you leave, you allow the buyers to really give unbiased objective feedback to the agent, which is only going to help you in the end.
20. Waiting Until Spring to Sell Your House
Spring is the time of heaviest real estate activity, but that does not mean that people don’t buy houses 365 days of the year. That doesn’t mean you can’t emphasize your home’s seasonal amenities.
19. Treating Real Estate Like the Stock Market
When the real estate market is really hot and is appreciating really fast, people tend to look at it like it’s the stock market. But playing real estate is nothing like the stock market — when you invest in real estate, you really need to take a long-term approach.
18. Failing to Market Your Home in Different Ways
Don’t market your home with just a for-sale sign. Explore other marketing tools as well. Talk to your real estate agent about the marketing that they will do. It’s something that should be set up from the initial signing of a contract with an agent. Some homes have virtual tours and photographs online. If you choose to go that route, don’t forget to include the floor plans. That way, people can see the layout of your home and know that if it it’s right for them.
17. Not Thinking About Resale
When you are decorating and renovating your home, you need to think about what is going to appeal to a broad section of buyers when it comes time to sell it. Buying houses and being in the real estate market is like chess, you always want to look two or three steps ahead in the game.
16. Buying Without Actually Seeing the Property
It’s really easy to buy a house without seeing it because of the Internet and virtual tours, but virtual tours can be deceiving. Plus, it’s really hard to actually get a sense and feel of a home by only looking at it online. You need to actually walk through the place yourself. If that’s just not possible, hire an inspector to go look at the property and provide you with an assessment.
15. Trusting Everything a Real Estate Advertisement Says
Don’t assume every ad is fact. Learn to decipher real estate lingo. For example, cozy means small, and as-is means it’s a fixer-upper. If there are a lot of exclamation points in an ad, it means they are there just to take up room because there is so little to say about the place. Follow the old adage: If it sounds too good to be true, it probably is.
14. Picking the Wrong Real Estate Agent or REALTOR
Treat meetings with agents like a job interview because that’s really how it works — that person is going to be working for you. Talk to your friends who’ve sold houses and had a good experience with their agent, and go to open houses and observe how that agent interacts with other people. Do not choose a Real Estate Agent based on who estimated your home’s value the highest. Just because the Agent told you the numbers you wanted to hear, pricing your home to high could cause your home to sit on the market for months. (See Mistake #2)
13. Not Hiring an Real Estate Agent or REALTOR
There’s a lot more to selling a house than just putting a sign on the front lawn. If you don’t have an agent, you will not get on the multiple-listing service (MLS). That means that other agents are not going to know that your property is for sale. Another thing to consider is if you are willing to show the house each time someone wants to come by and look at it? If you do plan to sell your house on your own, always have a lawyer present at a closing. It’s really important to have someone on your side who understands all the complexities.
12. Buying the Most Expensive Home on the Block
The most expensive house will only depreciate in value over time, rather than appreciate, which is what you want. Also, those houses are often not the first house to sell because they are usually overbuilt to the neighborhood. It’s absolutely critical that you research the neighborhood before you buy to find out what the price point should be.
11. Not Setting a Realistic Budget
Just because the bank pre-qualifies you for a loan amount of $400,000 doesn’t mean you can afford to make that payment every month. Before hitting the streets for a house hunt, you should sit down and make a monthly budget of what you spend every month. Come up with a number that you are comfortable spending on your mortgage payment, aside from those other expenditures. An easy way to do this is to take a third of your gross income and have that figure be the number you spend on the house. It is also a good idea to have six to nine months of mortgage payments in the bank, plus a little extra if you have any repairs that you might need to do.
10. Visiting the House Only Once
It’s important to visit a house more than once because the neighborhood itself may be very different, depending on the day of the week and the time of day. It’s also a good idea to go home and think about it, even sleep on it, before you go back again.
9. Not Being Pro-Active at Closing
The best thing to do when going into a closing is to get all the paperwork ahead of time. All that information should come from a mortgage broker or banker. They have what they call a HUD (Housing and Urban Development) One form that lists out all the charges, and you can legally get it in your hands 24 hours before closing. Schedule the closing for in the morning, so you have a fresh mind and plenty of time to go over everything and ask questions. The final walk-through is another imperative part of the process. You may want to have a home inspector accompany you.
8. Doing Major Renovations/Remodeling Before Selling
Due to construction projects usually being underestimated in time and cost, experts suggest that minor upgrades to the home will bring you a higher return on your investment. While I personally wouldn’t recommend major construction projects as additions or major overhauls, I do believe kitchen and bathroom renovations can help sell a home. It’s important to consult with an expert on these projects to evaluate your options. Often time’s sellers can complete a “cosmetic face lift” that will significantly increase the home’s aesthetics, without the high price tag of a complete remodel. What project returns the biggest value on your money? The answer is enhancing curb appeal.
7. Skipping the Loan Pre-Approval Step
When you are pre-approved, the bank is saying, “we will give you a mortgage of up to this amount, so now all you have to do is find your home.” Some sellers only allow realtors to show their house if someone has a pre-approved letter. That indicates that the shopper really is serious about buying a home.
6. Falling in Love With the First Property You See
Many homebuyers, particularly first time homebuyers, fall into the trap of falling in love with the very first house that they see. You need to at least look at three more houses in the area to get an idea of what the comparables are in that price range. You want your REALTOR now to show you homes comparable to what you saw. At the end of the day, re-evaluate.
5. Buying a Home Without a Professional Inspection
There are a lot of things a home inspection can reveal about a property that are not visible to the naked eye. Be sure to hire someone that comes with a good referral basis, that’s been in the business a while and knows what to look for. Look up the American Society of Home Inspectors and get a list of qualified home inspectors in your area. Once you find an inspector, insist that they compile a written report, complete with photos. Photographs are important because there are areas a home inspector will go that you might not look at.
4. Overlooking the Extra and Hidden Costs
Buying a home is not just about the money that you spend up front; it’s about all the rest of the money you have to spend beyond that. Find out what the property taxes are, what your water bill might be and what a standard electric bill is in that home, especially if you have electric heat vs. gas heat. You also need to factor in furnishings you may need to purchase before you can move in.
3. Buying What You Want, Not What You Need
Look at the space that you are already living in. It will help you to realize what you have been missing and what you need in your next home. Make a list those of needs and then ask your agent to start shopping these needs. On average, Americans live in a house for about nine years. Remember, you can always trade up a few times before you find the ultimate home.
2. Setting Too High of a Sale Price
As a seller its really important to do your research, and in order to come up with your sale price, look up what comparable homes in your neighborhood have sold for. Figure out what the going price is and try to put yours right in the middle of that, unless you have something extra special to offer. It is always better to price a home sharply than to start too high and have to reduce. Once you reduce, it always looks like something is wrong with the home.
1. Failing to Showcase Your Home and Make Small Cosmetic Changes
When you are selling your house, you have to really look at it objectively and think about it from the viewpoint of the house hunter. Make minor enhancements to the house and maybe hire a professional stager to come and arrange your furniture. Staging is about decorating your house for the buyers’ taste, not yours. A great place to start is with the front of the home and the main entryway. Home staging is designed to increase the potential selling price and reduce the amount of time the house stays on the market.
If you would like a Trend Setter Realty REALTOR to help you avoid these and other costly Real Estate Mistakes, please provide your information below.
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FieldStone Homes Announces Opening Of Carmona Hills Community
April 17, 2008
FieldStone Homes has announced it will be officially opening their Carmona Hills community. The new housing development is the 10th FieldStone community in the San Antonio, Cibolo and New Braunfels area.
Located on 8415 Bolton Hills which is off Southwest Loop 410, this new community is easily accessible to Loop 1604, Highway 90 and I-35. Shopping at Ingram Park Mall, Westlakes and Southpark Malls is just a short drive as well as the many restaurants, parks and activities of the Highway 90 corridor. Carmona Hills is also near Lackland Air Force Base, SeaWorld and downtown San Antonio.
The homes being built will range from 900 sq. ft. up to 3,204 sq. ft. starting from the high 90’s to the 160’s, making Carmona Hills one of San Antonio’s most affordable communities. But no matter the size or price range, all FieldStone Homes are ENERGY STAR rated and constructed with quality craftsmanship and materials. For more information about Carmona Hills or any of the FieldStone communities in the San Antonio area, register below to schedule a showing.
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San Antonio Real Estate Investment by NuWire Investor
April 16, 2008
San Antonio Real Estate Prices
“I think the most exciting thing about San Antonio [real estate] is its affordability, and that’s in comparison not only to the [rest of] the United States but even within Texas,” Hale said.
The median price for a single-family home was an estimated $145,000 in February, according to MLS statistics generated by the San Antonio Board of Realtors. As of publishing time, the overall median price was estimated at $164,900 by Yahoo! Real Estate.
For the city of Austin, located 80 miles Northeast of San Antonio, the median home price is considerably higher—an estimated at $289,900, according to Yahoo! Real Estate.
Prices have remained stable in spite of a brief bubble that was created in 2006—“a bumper-crop year” for housing inventory, according to Lewis.
When East and West Coast markets started to experience a downturn in 2006, investors flocked to San Antonio and purchased a great deal of new housing. However, investors soon realized that San Antonio is “not a flipping market,” Spicer said.
“The market is not…a good one for greed,” Hale said. “It’s for somebody who wants less risk [and] longer-term gains.”
Although the San Antonio real estate market is still recovering from its bout with excessive speculation two years ago, housing supply is expected to regain its balance later this year.
“We have an excess of speculation inventory on the ground…that [we need] to eradicate but we expect to have that…off the books by August—that’s the last prediction I heard,” Hale said.
Read the entire article written by Melana Yanos at www.NuWireInvestor.com
Texas Foreclosure Activity Down 16.11 Percent From March 2007
April 15, 2008
RealtyTrac®, today released its March 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 234,685 properties nationwide during the month, a 5 percent increase from the previous month and a 57 percent increase from March 2007. The report also shows one in every 538 U.S. households received a foreclosure filing during the month.
“The March numbers show that overall foreclosure activity so far this year continues to run nearly 60 percent above the levels we saw last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “On a year-over-year basis, default notices were up nearly 57 percent and bank repossessions were up nearly 129 percent, but auction notices were up only 32 percent, indicating that more defaulting homeowners are simply walking away and deeding their properties back to the foreclosing lender. This deed-in-lieu-of-foreclosure process allows the lender to take possession of a property without putting it up for public foreclosure auction.”
Texas showed a 12.73 percent decrease from the previous month and a 16.11 percent decrease from March 2007.
U.S. Foreclosure Market Statistics by State – March 2008
| Properties with Foreclosure Filings | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Rate Rank | State Name | NOD | NTS | NFS | LIS | REO | Total | 1/every X HH (rate) | %Change from Feb 08 | %Change from Mar 07 |
|
– |
United States |
56,493 |
47,677 |
55,398 |
23,724 |
51,393 |
234,685 |
538 |
4.93 |
57.35 |
|
43 |
Alabama |
0 |
0 |
296 |
0 |
353 |
649 |
3,251 |
-8.07 |
-19.48 |
|
29 |
Alaska |
0 |
0 |
173 |
0 |
19 |
192 |
1,440 |
29.73 |
95.92 |
|
4 |
Arizona |
12 |
0 |
6,484 |
0 |
2,703 |
9,199 |
283 |
-4.67 |
105.52 |
|
23 |
Arkansas |
47 |
0 |
1,045 |
0 |
118 |
1,210 |
1,053 |
-13.14 |
139.60 |
|
2 |
California |
40,761 |
0 |
9,925 |
0 |
14,025 |
64,711 |
204 |
20.66 |
105.86 |
|
5 |
Colorado |
35 |
0 |
3,954 |
0 |
2,191 |
6,180 |
339 |
-8.27 |
-1.39 |
|
14 |
Connecticut |
0 |
1,833 |
1 |
275 |
17 |
2,126 |
674 |
-3.28 |
40.15 |
|
34 |
Delaware |
0 |
1 |
0 |
140 |
51 |
192 |
1,994 |
-15.79 |
34.27 |
| District of Columbia |
4 |
0 |
242 |
0 |
61 |
307 |
921 |
-9.71 |
6040.00* |
|
|
3 |
Florida |
0 |
20,747 |
50 |
6,295 |
3,162 |
30,254 |
282 |
-6.76 |
111.52 |
|
6 |
Georgia |
47 |
0 |
6,870 |
0 |
4,130 |
11,047 |
351 |
44.76* |
63.20 |
|
45 |
Hawaii |
26 |
0 |
88 |
0 |
6 |
120 |
4,167 |
-16.08 |
84.62 |
|
21 |
Idaho |
385 |
0 |
242 |
0 |
30 |
657 |
937 |
-14.56 |
85.07 |
|
12 |
Illinois |
0 |
6,194 |
199 |
688 |
1,542 |
8,623 |
603 |
-1.54 |
10.28 |
|
11 |
Indiana |
0 |
1,764 |
22 |
1,947 |
1,386 |
5,119 |
538 |
-0.54 |
18.17 |
|
37 |
Iowa |
2 |
0 |
312 |
0 |
198 |
512 |
2,579 |
8.25 |
-11.72 |
|
31 |
Kansas |
0 |
114 |
2 |
331 |
263 |
710 |
1,701 |
55.70 |
58.84 |
|
38 |
Kentucky |
0 |
94 |
7 |
420 |
170 |
691 |
2,733 |
45.17 |
-1.29 |
|
42 |
Louisiana |
0 |
8 |
0 |
502 |
116 |
626 |
2,923 |
-3.69 |
8.12 |
|
44 |
Maine |
94 |
0 |
94 |
0 |
8 |
196 |
3,526 |
-3.45 |
201.54* |
|
10 |
Maryland |
0 |
1,698 |
5 |
2,222 |
350 |
4,275 |
538 |
6.45 |
343.01 |
|
9 |
Mass. |
0 |
3,167 |
9 |
2,291 |
106 |
5,573 |
486 |
42.68 |
59.37 |
|
8 |
Michigan |
1,140 |
0 |
6,056 |
0 |
2,298 |
9,494 |
475 |
-13.35 |
10.27 |
|
32 |
Minnesota |
24 |
0 |
763 |
0 |
536 |
1,323 |
1,726 |
-15.79 |
63.74 |
|
46 |
Mississippi |
0 |
0 |
109 |
0 |
79 |
188 |
6,604 |
27.03 |
100.00 |
|
19 |
Missouri |
901 |
0 |
1,288 |
0 |
1,179 |
3,368 |
779 |
-2.91 |
35.04 |
|
39 |
Montana |
0 |
0 |
149 |
0 |
5 |
154 |
2,805 |
-14.92 |
31.62 |
|
40 |
Nebraska |
0 |
12 |
4 |
223 |
35 |
274 |
2,828 |
18.61 |
-23.25 |
|
1 |
Nevada |
5,029 |
0 |
1,003 |
0 |
1,627 |
7,659 |
139 |
24.19 |
61.65 |
|
28 |
New Hampshire |
0 |
0 |
244 |
0 |
170 |
414 |
1,425 |
-35.61 |
260.00* |
|
18 |
New Jersey |
0 |
2,793 |
0 |
1,341 |
348 |
4,482 |
775 |
-19.94 |
-6.23 |
|
36 |
New Mexico |
0 |
288 |
1 |
10 |
43 |
342 |
2,486 |
-32.14 |
4.91 |
|
30 |
New York |
0 |
3,384 |
9 |
873 |
822 |
5,088 |
1,554 |
-2.96 |
37.11 |
|
26 |
North Carolina |
2,388 |
0 |
97 |
0 |
813 |
3,298 |
1,222 |
-18.61 |
1.76 |
|
49 |
North Dakota |
0 |
0 |
0 |
1 |
7 |
8 |
38,475 |
-63.64 |
-66.67 |
|
7 |
Ohio |
0 |
3,876 |
42 |
3,742 |
3,613 |
11,273 |
448 |
8.54 |
37.11 |
|
24 |
Oklahoma |
121 |
0 |
514 |
0 |
812 |
1,447 |
1,111 |
-19.21 |
27.15 |
|
22 |
Oregon |
1,119 |
0 |
434 |
0 |
80 |
1,633 |
972 |
3.09 |
118.61 |
|
33 |
Pennsylvania |
0 |
391 |
24 |
1,762 |
723 |
2,900 |
1,880 |
20.08 |
-0.72 |
|
25 |
Rhode Island |
0 |
0 |
369 |
0 |
29 |
398 |
1,130 |
-10.76 |
25.95 |
|
35 |
South Carolina |
0 |
394 |
2 |
99 |
437 |
932 |
2,120 |
33.52 |
174.12* |
|
48 |
South Dakota |
0 |
0 |
0 |
14 |
2 |
16 |
22,051 |
-38.46 |
-50.00 |
|
15 |
Tennessee |
1,385 |
0 |
1,567 |
0 |
955 |
3,907 |
686 |
-21.21 |
22.94 |
|
20 |
Texas |
121 |
0 |
6,997 |
0 |
3,582 |
10,700 |
862 |
-12.73 |
-16.11 |
|
17 |
Utah |
161 |
0 |
946 |
0 |
123 |
1,230 |
733 |
-4.50 |
93.40 |
|
50 |
Vermont |
0 |
0 |
2 |
0 |
0 |
2 |
154,779 |
-50.00 |
100.00* |
|
13 |
Virginia |
1,062 |
0 |
2,860 |
0 |
1,011 |
4,933 |
655 |
17.82 |
368.03* |
|
16 |
Washington |
1,608 |
0 |
1,843 |
0 |
379 |
3,830 |
705 |
72.52* |
120.62 |
|
47 |
West Virginia |
0 |
0 |
37 |
0 |
31 |
68 |
12,909 |
74.36 |
-28.42 |
|
27 |
Wisconsin |
0 |
919 |
14 |
548 |
592 |
2,073 |
1,222 |
-13.37 |
150.67 |
|
41 |
Wyoming |
21 |
0 |
4 |
0 |
57 |
82 |
2,917 |
28.13 |
720.00* |
San Antonio Builders Continue To Limit New Home Starts
April 10, 2008
Builders continued to curb new home starts in the Greater San Antonio area during the First Quarter, 2008. Builders initiated 2,223 starts for the quarter, a decrease of 1,610 units (‐42%) compared to 1Q07 (3,833 starts). On an annual basis, starts fell from 13,647 at YE 2007 to 12,037, a decline of 11.8%. “San Antonio peaked at 20,089 annual starts in 1Q07, thus there has been a decline of about 40% in activity to date. Compare that to the national decline in single family detached start activity of 1,837 million annual units to the current pace of 707 thousand units (‐62%), it is evident that San Antonio has fared better than many areas throughout the United States” notes Cassie Gibson, Residential Strategies, Inc. San Antonio representative.
Builders closed 2,999 new homes during 1Q08, a decline of 1,198 units compared to 1Q07 (‐28.5%). After cresting at 16,858 annual closings in 2Q07, the market has declined 15% to 14,319. “The positive sign is that builders continue to close more units than they have started, and the Greater San Antonio market experienced 2,282 more closings than starts over the last four quarters” notes Gibson. “This indicates that the builders are dedicated to making sure that there is not a build‐up of unsold housing inventory like there is in many challenged areas of the nation.”
Perhaps the brightest spot in the San Antonio housing market is the fact that the supply of finished vacant houses is in very good shape. The supply was reduced by 115 units for the quarter, and the inventory represents a 2.4 month supply, just below the threshold of acceptability. “In many coastal markets in the U.S., the severe over‐building has led to significant price declines. Buyer incentives do exist in the San Antonio market, but the supply of finished vacant inventory is in good shape, even compared with other Texas markets such as Austin and DFW” states Gibson. The median new home price continues to climb in San Antonio, now at $183,036, up 6.3% from 1Q07 ($171,544). While the median new home price has increased, this market still represents an excellent value compared to Austin (median price of $211,701 in 1Q08) and DFW (median price of $202,529 in 4Q07). Nationally, the 20 city composite index for the S&P Case‐Shiller shows that there was a 10.7% decrease in home values for the 12‐month period ended January, 2008.
Another encouraging sign is the limited amount of new construction. At the end of 1Q08, there were 2,893 new homes under construction, a reduction of 18% vs. YE 2007 (3,538) and 48% from a year ago (1Q07‐5,582 units).
While new home supply in San Antonio is in good shape, the resale market is experiencing a slight oversupply, according to the Texas A&M Real Estate center. The month’s supply of existing home inventory stood at 6.5 months at the end of February, 2008. A 6 month supply is considered a balanced inventory. There were a total of 12,631 listings on the market as of February, 2008.
Source:Residential Strategies, Inc. (RSI) is a Texas market research and consulting firm specializing in new
home activity. RSI is represented in the San Antonio area by Cassie Gibson.
Tips for San Antonio Homeowners to Avoid Home Improvement Scams
April 9, 2008
May is National Home Improvement Month. During times of a softer economy paired with the approach of warmer weather, the National Association of the Remodeling Industry (NARI) wants to remind San Antonio homeowners to beware of unscrupulous people posing as remodelers.
One common issue exploited homeowners have run into is having to pay both the contractor and the subcontractors. The homeowner’s financial obligations should only be to the contractor. Some dishonorable contractors are collecting large, upfront payments from residents. When the work has been completed, instead of paying the subcontractors, the dishonest business owner instead pays the interest on properties they have already purchased and can only re-sell below cost. This predictably leaves subcontractors without paychecks and forces them to establish mechanics’ or materialmens’ liens on their customers’ properties.
The subcontractors secure payment for their work, but this causes difficulties for San Antonio homeowners, who then pay the same fee twice for one remodeling project. Since subcontractors have 90 days to file mechanics’ liens, it could take months for homeowners to realize that they have been defrauded. Residents should note that these types of liens will pay the subcontractors before the homeowners if occupants sell their properties.
Protect yourself
To avoid these circumstances and ensure that you only pay the cost of a project once, NARI suggests you take the following steps:
Be sure you hire an experienced remodeler and not a fly-by-nighter waiting for the building industry to pick up again.
Contact state or local licensing agencies to ensure a contractor meets all requirements.
Check with your local NARI chapter, the government Consumer Affairs Office or the Better Business Bureau to ensure the absence of any adverse files on-record for the contractor.
Ask to see a copy of the contractor’s certification of insurance or for the name of his or her insurance agency to verify coverage. Most states require a contractor to carry worker’s compensation, property damage and personal liability insurance.
Verify that the contractor’s insurance coverage meets all the minimum requirements. If homeowners request estimates from several different contractors, they should confirm that they are bidding on the same scope and quality of work. Discuss any variations in bids and beware of any bid that is much lower than the others.
Draw up a contract before a remodeler begins work that includes the contractor’s name, address, and phone and license numbers, if applicable. It should also include details about what the contractor will and will not do.
The agreement should offer a detailed list of materials for the project, with information such as size, color, model, brand name and product. The contract should include approximate start and completion dates.
Study the design plans carefully. Before any work begins, the homeowners should insist both that they approve the plans and that the contractor identifies the design plans in the written contract.
Known as the “Right of Recision,” federal law requires a contractor to provide a homeowner with written notice of the resident’s right to, without penalty, cancel a contract within three business days of signing it, provided it was solicited at some place other than the contractor’s place of business or appropriate trade premises.
Verify that you share an understanding of financial terms with the contractor and that the contract explicitly states them. The total price, payment schedule and any cancellation penalty should be clear.
The contract should include a warranty covering materials and workmanship for a minimum of one year, and identify the warranty as either “full” or “limited.” The contract must identify the name and address of the party that will honor the warranty, namely the contractor, distributor or manufacturer. Homeowners should make sure the document specifies the time period for the warranty.
In the event of a disagreement, a binding arbitration clause is useful. Arbitration may enable the homeowner to resolve disputes without costly litigation.
Before signing a contract, completely review it and confirm that you comprehend it. Consider the scope of the project and verify that the contract includes all requested items. If the agreement lacks mention of a specific, discussed item, consider it excluded. Never sign an incomplete contract, and always keep a copy of the final document for review.
San Antonio Homeowners can depend on NARI
NARI reminds all homeowners that its members must adhere to a strict code of ethics and that there are grievance procedures in place for members who do not. Under the NARI code of ethics, members pledge to always provide quality service and work and follow the high ethical standards of the association, to only promote products and services that are functionally and economically sound, and consistent with objective standards of health and safety, that any advertising or sales promotions will be factually accurate, and any agreements or warranties will be fair and mutually beneficial to all parties concerned.
NARI members also agree to honor all contractual obligations, until and unless all contractual parties involved alter or dissolve them. They also will promptly acknowledge and act on any customer complaints, and refrain from any act intended to restrain trade or suppress competition.
NARI is the only trade association dedicated solely to the remodeling industry, and its members voluntarily subscribe to a strict code of ethics. Consumers may wish to search www.RemodelToday.com to find a qualified remodeler who is a member of NARI.
Forbes Ranks The Best Cities For Home Sellers
April 8, 2008
1. San Jose, Calif.
2. San Francisco, Calif.
3. Salt Lake City, Utah
4. Austin, Texas
5. Kansas City, Mo.
6. San Antonio, Texas
Prices here rose 7.9% last quarter, based on National Association of Realtor estimates, and its foreclosure rate was only 1% (problem markets like Atlanta have a rate of 2.5% and crashing markets like Detroit are over 4%). What makes San Antonio a good place for sellers is that jobs are growing by 3%, the third highest in the country, and construction starts have been slashed by 42%.
7. Denver, Colo.
8. Providence, R.I.
9. Charlotte, N.C.
10. Seattle, Wash.
Read the entire article “Best Cities For Home Sellers” written by Matt Woolsey at Forbes.com
Mortgage Wedding Registry Helps Newlyweds With Home Down Payment
April 7, 2008
The traditional wedding gifts help a young couple starting out furnish their home with china, crystal, and accessories that will become family heirlooms as they build their lives together. Now, with Feather Our Nest (www.featherournest.com), family and well-wishers can present the bride and groom with the ultimate wedding gift, their first home.
The brainchild of Carol Peterson, an experienced REALTOR and founder of the Travel Bride honeymoon registry (www.travelbride.com), the Feather Our Nest mortgage registry is a unique concept to help any newlywed couples get started with their first home. The service works like any wedding registry. The bride and groom register online using the simple web form or by telephone. Feather Our Nest will then provide the couple with a set of attractive Wedding Registry cards that can be given to friends and family to advise them of the registry and provide instructions on how to make cash contributions of any denomination toward a new home down payment. Gift-givers receive gift cards that can be presented to the newlyweds, and timely updates with lists of gift givers are delivered via e-mail to the bride and groom.
‘Today’s newlyweds are searching for innovative and different types of bridal registries, especially since many couples already have established households and don’t need two toasters or more china,- said Peterson. ‘With Feather Our Nest, we help young couples cross the threshold toward a new home. What better way to help a young couple start out?-
To help registered users find a home, Feather Our Nest is affiliated with Referral Network, Inc., which helps connect prospective homebuyers with qualified real estate agents anywhere in the United States and Canada. If the newlyweds use an agent within the referral network, the $300 registry fee for Feather Our Nest is fully refunded at the close of escrow
HELP SETTING UP A MORTGAGE BRIDAL REGISTRY
These entities either offer registries for wedding guests to make cash gifts toward home-buying expenses or coordinate the setup:
National City Mortgage: Must go to a local branch to get paperwork that then can be taken to any bank to set up a homeownership bridal registry account; www.nationalcitymortgage.com.
There is one San Antonio branch, at 1000 Central Parkway N., (210) 494-4085.
FeatherOurNest.com: Everything is done online. Each deposit must be at least $50 by check or credit card; (866) 523-4438 or www.featherournest.com.
MORTGAGE REGISTRY ETIQUETTE
- It is OK to ask wedding guests for cash gifts to be used to buy a home.
- Like any registry, don’t include information about your mortgage registry with the wedding invitation.
- Keep mortgage gifts separate from all other cash, as that makes it easier to document the gifts.
- Mortgage registry deposits can come only from people who will not earn any payment from the couple’s home purchase.
- Offer a second registry for traditional gift items as a courtesy to your wedding guests.
- Send personalized thank-you notes to all your gift givers.
Sources: Joanne Rossa, Diana Boucher, Carol Peterson, and Geoffrey Laux of SunTrust Mortgage
San Antonio Ranks In Top 10 Cities For Residential Real Estate Investing
April 3, 2008
HomeVestors® of America, Inc., the company famous for its “We Buy Ugly Houses”® billboards and America’s #1 Home Buyer, has named the top 10 markets for real estate investing in the first quarter of 2008. They are as follows:
1. Dallas, Texas
2. Houston, Texas
3. Atlanta, Georgia
4. Fort Worth, Texas
5. St. Louis, Missouri
6. Philadelphia, Pennsylvania
7. San Antonio, Texas
8. Denver, Colorado
9. Minneapolis, Minnesota
10. Phoenix, Arizona
HomeVestors, which has bought more than 34,000 homes in the U.S. over the last 11 years, based the findings on the number of houses bought in each market by the franchise network in the first quarter of 2008.
“We’re off to another ugly year for residential real estate, creating record-setting demand for a trusted national home buyer,” said John Hayes, president and CEO of HomeVestors. “We generated more than 200,000 opportunities for our franchisees to buy houses in 2007 and we expect even more opportunities this year. Despite changes in the market, real estate investing continues to grow. From small towns to big cities, people continue to look to HomeVestors to help them out of ugly real estate situations.”
HomeVestors is the only national franchise that specializes in buying, rehabbing and selling single-family homes across the nation. The company has more than 250 franchises in 35 states.
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