Forbes Where Home Prices Are Likely To Rise
August 26, 2008
Forbes.com just released the top 10 cities which homeowners can expect long-term appreciation. Two Texas cities, San Antonio and Austin made the list.
To determine where house prices are expected to rise next, Forbes.com looked at projections for housing starts from the NAHB and job-growth figures from Moody’s Economy.com, for the 100 largest metro areas in the U.S. The estimates are based on the cost structures of business in the respective cities and the composition of the local economies.
10. Oklahoma City
9. Atlanta, Ga.
8. Minneapolis, Minn.
7. Colorado Springs, Colo.
6. Salt Lake City, Utah
5. Austin, Texas
4. Portland, Ore.
3. San Antonio, Texas
2. Charlotte, N.C.
1. Albuquerque, N.M.
Texas On The Rise?
Centex one of Texas’ largest homebuilders, has been stung by over extension into Michigan and Colorado, as well as big bets on the vacation-home market in Texas. In July, the builder reported losses of $150 million. There’s a bright spot, however.
San Antonio and Austin, Texas, have largely avoided the real estate crash, with price increases of 2.5% and 4.1% in year-over-year terms, respectively, according to the NAR. This is driven in part by the fact that the two markets are expecting building slowdowns of 24.7% and 28.2%, respectively, through the end of the year, as home builders are bearish about the remainder of 2008 and 2009 in the sales market or cannot find financing. Builders as a whole are taping their wounds and cutting back production, adopting a wait-and-see approach to home prices in the coming year.
But for the start of 2010 and into 2011, builders expect a more vibrant market for sellers. For homes built in 2009, which would come off the conveyor belt in 2010 and 2011, the NAHB forecasts a 9.6% increase in Austin and a 20.9% increase in San Antonio above 2008 levels. Much of that has to do with expected job growth in all non-farm sectors.
San Antonio Real Estate Market Report July 2008
August 21, 2008
July 2008 MLS Report |
||
| Sales | Sales Year Ago | % Change Year Ago |
| 1,826 | 2,262 | -19% |
| Average Price | Avg Price Year Ago | % Change Year Ago |
| $190,056 | $188,099 | 1% |
| Median Price | Med Price Year Ago | % Change Year Ago |
| $156,500 | $154,700 | 1% |
| Price Per Sq Ft | Price Per Sq Ft Year Ago | % Change Year Ago |
| $88 | $90 | -2% |
| Days On Market (DOM) | DOM Year Ago | % Change Year Ago |
| 81 | 63 | 29% |
| New Listings | Active Listings | Pending Sales |
| 3,602 | 13,380 | 1,615 |
| 7.9 Months of Inventory | ||
Source: SABOR
2008 Parade of Homes at Cibolo Canyons Begins Saturday August 30th
August 20, 2008
The 2008 Parade of Homes, brought to you by CPS Energy, will be the first-ever Parade to feature all Green-built homes. This 10 day event will be held at “Palacios at Cibolo Canyons,” a breathtaking new subdivision and site of the new JW Marriott San Antonio Hill Country Resort and Spa. This fabulous destination resort boasts two Tournament Players Clubs (TPC) golf courses amid the understated elegance of the Texas hill country.
Custom builders in the Palacios at Cibolo Canyons neighborhood are Bridle Bit Custom Homes, Dale Sauer Homes, Don Craighead Homes, Genesis Custom Homes, Greenwood Custom Homes, Kyle Lindsey Custom Homes, Mike Hollaway Custom Homes, Summit Built Homes and Uptmore Custom Homes. The prices range from approximately $1.2 million to $1.6 million. This is a great opportunity to learn about this golf and resort destination, the outstanding builders, and the amenities available for the entire family.
Dates/Times:
Saturday, August 30 – Monday, September 1 8:30 am – 6:00 pm
Tuesday, September 2 – Realtor Day (SABOR Realtors Only) 9:00 am – 12:00 pm
Tuesday, September 2 – Thursday, September 4 3:00 pm – 9:00 pm
Friday, September 5 – Date Night 12:00 pm – 10:00 pm
Saturday, September 6 – Sunday, September 7 8:30 am – 6:00 pm
Tickets: Parade of Homes:
$12 adult at the gate; $10 pre-sale at local Home Depot locations.
$8 child age 5 – 12 (no pre-sale discount)
Attractions:
Visit each of the vendor displays in the Home Products Tent.
Register to win a brand new car, compliments of North Park Lincoln.
Directions:
Take US Hwy. 281 North, exit Stone Oak Parkway. Turn right on Stone Oak Parkway and cross over Bulverde Road. Entrance to Cibolo Canyons straight ahead. Click here for map.
Parking:
Enter Cibolo Canyons and follow directional signs for parking. Shuttle buses will be provided to take visitors to the Parade street.
Are You Investing In The Right Cities?
August 18, 2008
First American CoreLogic, today announced the release of its full month June 2008 LoanPerformance Home Price Index (HPI).
| 12-Month Change By Top CBSAs (Core Based Statistical Areas) as of June 2008 | ||
| 12-Month | ||
| Change | ||
| Los Angeles-Long Beach-Glendale, CA | -26.55% | |
| Riverside-San Bernardino-Ontario, CA | -26.07% | |
| Oakland-Fremont-Hayward, CA | -25.67% | |
| Miami-Miami Beach-Kendall, FL | -24.00% | |
| Las Vegas-Paradise, NV | -23.52% | |
| Cape Coral-Fort Myers, FL | -22.17% | |
| San Diego-Carlsbad-San Marcos, CA | -22.09% | |
| Phoenix-Mesa-Scottsdale, AZ | -21.14% | |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | -20.06% | |
| Orlando-Kissimmee, FL | -19.15% | |
| Tampa-St. Petersburg-Clearwater, FL | -15.34% | |
| Cleveland-Elyria-Mentor, OH | -13.15% | |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | -12.92% | |
| San Francisco-San Mateo-Redwood City, CA | -11.98% | |
| St. Louis, MO-IL | -11.40% | |
| Boston-Quincy, MA | -10.15% | |
| Minneapolis-St. Paul-Bloomington, MN-WI | -8.65% | |
| Chicago-Naperville-Joliet, IL | -7.25% | |
| New York-White Plains-Wayne, NY-NJ | -7.06% | |
| Edison-New Brunswick, NJ | -6.77% | |
| Atlanta-Sandy Springs-Marietta, GA | -6.15% | |
| Detroit-Livonia-Dearborn, MI | -5.93% | |
| Seattle-Bellevue-Everett, WA | -5.10% | |
| Portland-Vancouver-Beaverton, OR-WA | -5.08% | |
| Philadelphia, PA | -3.62% | |
| Denver-Aurora, CO | -2.78% | |
| Charlotte-Gastonia-Concord, NC-SC | -1.49% | |
| Honolulu, HI | -0.89% | |
| Raleigh-Cary, NC | -0.48% | |
| Dallas-Plano-Irving, TX | 1.56% | |
| San Antonio, TX | 2.12% | |
| Salt Lake City, UT | 2.27% | |
| Houston-Sugar Land-Baytown, TX | 3.55% | |
| Austin-Round Rock, TX | 4.02% | |
Source: First American CoreLogic, LoanPerformance HPI, Single Family Detached Series as of June 2008
As you can see from the chart above, cities across the nation have lost up to 26% of their value in the past 12 months. San Antonio is one of the handful of cities still appreciating due to lower median prices which equals more affordable housing.
If you are a real estate investor looking to enter a new market or are currently investing in the San Antonio Market, we have properties right now that have positive cash flow.
Current inventory includes:
- Single family residences that range from 1 to 4 units
- Majority of the properties need some repairs but the properties are priced accordingly
- Up to 50% Equity
- Positive Cash Flow
- Properties are located in the “Blue Collar” areas of San Antonio
Preferred Terms:
- Cash or Hard Money Lender
- $500 Earnest Money Deposit
- Must be able to close within 30 Days
For a list of properties currently available, enter your information below.
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Bexar County Foreclosure Filings Up 10.7 Percent For September
August 16, 2008
Written by Aïssatou Sidimé from the Express-News
Mortgage lenders have filed to auction off 869 Bexar County properties at the September foreclosure auction, according to RexReport.com — a 10.7 percent increase from the 785 postings in the same month last year.
The percent increase is less than August’s 11.2 percent increase from August 2007, reflecting a continued slowing of the increase in foreclosure postings that began in June.
The auction will be held Sept. 2 on the Bexar County Courthouse steps.
The Bexar County trend is in direct contrast to the growth in foreclosure filings nationwide. Nationwide foreclosure activity — including default notices, auction sale notices and bank repossessions — jumped 55 percent in July from July 2007, according to data released this week by RealtyTrac Inc.
Homeowners trying to sell their homes to get out of an unaffordable loan are finding fewer options due to falling home prices, a slowing economy and a tough credit market.
The Federal Reserve noted on Wednesday that more banks had tightened their credit requirements in July for both consumers and businesses.
The Bexar County housing market has seen slower increases in foreclosures because most homes continue to appreciate in value, which is considered a sign that a market is still healthy, said Travis Kessler, chief executive officer of the San Antonio Board of Realtors.
The median sales price of existing homes in San Antonio rose 2.5 percent in the second quarter compared to a 7.6 percent drop nationwide, according to the National Association of Realtors.
“A lot of the foreclosure rate has to do with our housing affordability,” Kessler said. “We are a much lower-cost market than, say, California. We are much more steady. When you live in an environment where you owe more than a home is worth, then you do see an increasing foreclosure rate.”
However, foreclosure experts have said the reduction in September auction notices in Bexar County might be somewhat artificial because the Labor Day holiday at the beginning of the month may have discouraged some trustees from filing as they planned to take long holidays.
Also, “there were three fewer filing days for the auction, which is consistent with fewer postings, ” said Gregg Stanley, publisher of San Antonio-based RexReport.com.
Bloomberg News contributed to this report
Banks Continue to Tighten Lending Standards
August 14, 2008
The results of a new survey released Monday by the Federal Reserve confirms what many people looking to buy or refinance already know — it’s hard to get approved for a loan.
The Fed’s July 2008 Senior Loan Officer Opinion Survey, which covered 52 domestic banks and 21 U.S. branches and agencies of foreign banks, found that 75 percent of those banks had tightened lending standards for prime loans since the previous survey, in April. Standards were tightened even more for “nontraditional” loans — 85 percent of banks that originate that type of loan said they had tightened standards on those loans. And six out of seven banks that originate subprime loans said they had tightened lending standards on those loans in the last three months.
The outlook for the remainder of the year isn’t much friendlier for easy financing. About 45 percent of loan officers from domestic banks said they expected their banks to tighten lending standards on prime home loans in the second half of they year, and about 65 percent said they expected standards on nontraditional and subprime loans to continue to tighten during the same time period.
It’s good that banks are adopting more stringent lending guidelines than the virtually nonexistent ones they employed during the 2005 to 2007 boom, which now many of those loans are going into foreclosure. Having good credit is now more important than it has ever been. Many clients still believe that the “no money down, bad credit” loans are still being offered, I’m sorry to inform you that those glory days are long gone.
If you are planning on purchasing a home in the San Antonio area in the near future, financing is the first step in the home buying process. Pre-Qualify Now for free with DHI Mortgage online and enter “Daniel Gaitan with Trend Setter Realty” as your REALTOR®. If you have bad credit or your credit needs some work, DHI Mortgage also offers a program called the Home Buyer’s Club which can assist you with Budgeting, Debt reduction, Establishing positive credit, Direct Bureau rescoring, Credit scoring models, Free credit reports, Intensive coaching and more. Depending on your credit score, the Home Buyer’s Club could have your credit repaired in 3 to 6 months.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
Nehemiah Launches Web Community in Support for Seller Funded Downpayment Assistance
August 13, 2008
Nehemiah Corporation of America announced the launch of www.DPAGroundSwell.org, a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance (SF-DPA). The ban on these programs was written into law by President Bush when he signed H.R. 3221 Housing and Economic Recovery Act of 2008 on July 30, 2008.
The site will bring together families and individual homeowners as well as industry groups and local members of the real estate market including brokers, bankers, lenders, homebuilders and others to provide a central information and communication hub to fight the ban.
“Since the passage of the Housing Bill, we have been contacted by families, industry groups and individuals voicing concern about the long-term impact of this ban on themselves and their communities,” said Scott Syphax, president and CEO of Nehemiah Corp. “When the Bill passed, we pledged to continue to fight for these programs, and DPAGroundSwell.org is an important tool that will enable us to harness the swell of industry dissent against the ban by empowering individuals at all levels to influence public-policy decisions. We encourage everyone to visit the site find out how to get involved.”
To date, SF-DPA programs have provided more than one million credit-worthy families with the downpayment necessary to qualify for a 3% FHA-insured mortgage and helped them realize the dream of homeownership. Nehemiah Corporation of America is the largest and oldest provider of SF-DPA, and has provided more than $1 billion in gifts to 300,000 working-class families in the last decade.
Importantly, the site enables visitors to directly contact local representatives and offer support for a bill introduced by Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays on July 31, 2008, that would reinstate SF-DPA. If passed and signed into law, the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) will allow downpayment assistance to continue indefinitely.
This website has been built as a “participation-platform” and includes strategic content to spark discussion, drive traffic to the campaign website and harness creativity, information sharing, and most importantly, collaboration among SF-DPA stakeholders and supporters. By bringing together tools to engage Congress and the Administration such as video sharing, micro-blogging, and more, www.DPAGroundSwell.org provides a forum for everyday citizens to ensure that their voices are heard on this important issue.
“More than 75,000 letters have already been generated through this campaign,” continued Mr. Syphax. “We expect to top 250,000 individual actions in the next 50 days, all helping us to save and reform SF-DPA for the millions of potential homebuyers who need this important program, in addition to the industry members who rely upon this assistance to help candidates worthy of homeownership.”
Centex Opens New More Affordable Section in Northwest San Antonio
August 12, 2008
Centex northwest San Antonio community of Monticello Ranch is opening its newest section of homes
on August 9th, which will offer homebuyers a more affordable option in the already popular community.
The newest addition will be called The Oaks of Monticello Ranch and it will feature one and two story
home designs from 1,201 to 2,444 square feet, with three or four bedrooms and up to three baths. These
homes will be priced from the $110s to $140s.
The Oaks will debut along side the already open section of Monticello Ranch that is priced from the
$130s to $170s. That section features The Sierra Collection with one and two story home designs from
1,483 to 3,007 square feet, with three, four or five bedrooms and up to three and a half baths.
Monticello Ranch welcomes homeowners with an exquisite entry monument, a beautiful recreation center
with a swimming pool and play area. Homeowners can also take advantage of No San Antonio City taxes.
The community is conveniently located on Talley Road, just off of Potranco outside Loop 1604.
Homeowners can attend excellent nearby Northside ISD schools and enjoy all of the new shopping and
entertainment the area has to offer. To find Monticello Ranch, take Loop 1604 to Potranco, then take
Potranco outside the loop for about 3 miles. Turn right on Talley Road. The community will be ¼ mile up
on the left.
If you would like to schedule a showing of Centex Homes at Monticello Ranch or any of the 25 other Centex communities in and around San Antonio, please provide your information below.
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Bella Vista Homes Announces the Grand Opening of Saddle Creek Ranch
August 11, 2008
Bella Vista Homes announces the Grand Opening of their newest community, Saddle Creek Ranch. Featuring a series of homes never before seen in San Antonio, Bella Vista will offer plans ranging in size from 1,200 to more than 3,000 square feet and base prices between the $130′s to $190′s. Their featured model, the Garner II, will be open to the public by early August, and showcase a 5 bedrooms, 3.5 baths, a game room and a media room in its spacious 3,044 square feet, with a first-floor owner’s retreat and family room ceilings that soar to the second floor.
Located off FM 1103, just east off IH-35, Saddle Creek Ranch is conveniently located between San Antonio and Austin, with easy access to Hwy 78 and Loop 1604, as well. Saddle Creek Ranch is anchored by the family-friendly community center, with a pool, playscape and park directly in the center of the neighborhood. The younger residents attend the Schertz-Cibolo-Universal City Independent School District, while adult residents enjoy a tax break in having no city taxes. Kristan Kapper, the Bella Vista onsite sales professional and 10 year industry veteran, says, “I love selling here. Saddle Creek is close to the city, but still in the country.”
Bella Vista is among the top 16 Energy Star builders in San Antonio and continues that practice in Saddle Creek Ranch as well as all San Antonio area communities. That rating gives each home an average of 20-30% more energy efficiency than homes built outside of the Energy Star practices. Bella Vista currently has four homes under construction and will be ready for occupancy in early to mid fall.
If you would like to schedule a showing of Bella Vista Homes at Saddle Creek Ranch or any of the 6 other Bella Vista communities in and around San Antonio, please provide your information below.
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First-Time Home Buyer Tax Credit Fact Sheet
August 7, 2008
On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit to provide an incentive for first-time home buyers.
Disclaimer: This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.
Who is Eligible
- The $7,500 tax credit is available for first-time home buyers only.
- The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
- All U.S. citizens who file taxes are eligible to participate in the program.
Types of Homes that Qualify for the Tax Credit
- All homes, whether single-family, townhomes or condominiums will qualify.
- However, there are several conditions:
- The home must be used as a principal residence, and
- The buyer has not owned a home in the prior three years.
- The Tax Credit includes newly-constructed homes.
Income Limits
- Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.
- For married couples filing a joint return, the income limit doubles to $150,000.
- Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
- Married couples filing jointly who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
- The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples filing jointly with an AGI that exceeds $170,000.
Effective Dates for the Tax Credit
- First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
- A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
- For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
- If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).
- If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.
Payback Provisions
- The tax credit is an interest-free loan that must be repaid over 15 years.
- The minimum repayment amount must be 15 equal annual installments. For example, if the credit amount is $7,500, then the home buyer must repay a minimum of $500 each year for 15 years.
- A home buyer must begin repaying the credit two tax years after claiming the credit. For example, if the credit is claimed on the 2008 tax return, repayment of $500 (or less, if the credit amount is less than $7,500) per year begins with the 2010 return.
- If the home owner sells the home for a profit and there is a remaining credit, then the home owner is required to repay the remaining credit during the tax year of the home sale. The amount of the repayment will depend upon the amount of profit from the home sale:
- If the profit on the sale is more than the remaining credit, then the home owner must repay the entire remaining credit.
- If the profit on the sale is less than the remaining credit, then the home owner must repay an amount equal to the profit on the home sale. The remaining credit payback will be forgiven.
- If the home owner sells the home but did not make any profit on the home sale, then the remaining credit payback would be forgiven.
Further information regarding the tax credit may be found at www.federalhousingtaxcredit.com or www.irs.gov.
TriStone Homes Opens Its Doors In San Antonio
August 2, 2008
Press Release:
At TriStone Homes, we have combined the most innovative floorplans and the most detail oriented craftsmanship in the business to bring San Antonio homebuyers a gorgeous new home to enhance any lifestyle. We have targeted the most up and coming communities in the city to showcase our newly designed homes priced from the $130’s to the $240’s. TriStone Homes will have a home for everyone from the first time buyer to the family looking to move up into their second home.
With a professional sales staff, an experienced construction team andtop-notch customer care representatives, every TriStone homebuyer can rest assured that they will be guided through the home buying and building process by a hometown company that truly cares about the complete satisfaction of every homeowner. Come check out one of our four communities today to find out why Tristone Homes is the homebuilder all of San Antonio is buzzing about! www.tristonehomes.com
Laurel Mountain Ranch (San Antonio) – Price Range Start @ $140′s – $180′s
Westcove Village (San Antonio) – Price Range Start @ $130′s-$170′s
The Ridge at Leon Valley (Leon Valley) – Price Range Start @ $130′s – $170′s
Estonia (San Antonio) – Price Range: $TBD-$TBD
If you would like to schedule an appointment to visit one of TriStone Homes communities, please fill out the information below.
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San Antonio Builders Scale Back
August 1, 2008
Written by Aïssatou Sidimé from the Express-News
San Antonio-area builders continued to chip away at the oversupply of new homes that has saturated the market since 2006, selling more homes than they started in the second quarter.
Local builders started 2,495 homes in the quarter ended June 30, down 35 percent from the 3,832 homes started in the second quarter 2007, according to a report released Thursday by Metrostudy, a housing research firm.
Builders sold 2,857 homes, though that’s still 26 percent fewer than the 3,864 homes they sold in the second quarter of 2007. The slowdown is part of a calculated strategy started in late 2006, builders say, to keep the market healthy by selling through the oversupply of homes that hit San Antonio that year.
“Everybody has been trying their best to reduce inventory,” said Michael Moore, president of the Greater San Antonio Builders Association and of Ironstone Development.
Since 2006, local builders have been advised to cut housing starts to a cumulative 10,000 or less for any 12-month period in order to absorb all excess homes, according to Jack Inselmann, vice president of Metrostudy’s central U.S. region.
Earlier this year, Inselmann projected the goal would be met by the end of September. The declines are well under way, with San Antonio having the tightest monthly housing inventory of the roughly 40 major markets tracked by Metrostudy, Inselmann said.
But on Thursday, he revised his target date to the end of 2008, citing the credit crunch caused by problems at Fannie Mae and Freddie Mac and rising oil prices.
Any increase in new-home sales will depend on improving consumer confidence, which Inselmann said would not occur until after the U.S. presidential election in November, as well as reducing oil prices.
Meanwhile, many San Antonio builders are cutting inventories by minimizing their number of speculation, or spec, homes — those built without a buyer.
Jim Leonard, president of Greenboro Homes, has cut his spec homes by 50 percent since January in response to a 30 percent decline in sales. He replaces the spec homes only as they sell — except in the Pecan Hill neighborhood near the University of Texas Health Science Center, where housing demand remains strong.
“The Medical Center has always been a good economic generator,” he said. “Our slowdown in that neighborhood is scant, down no more than 10 to 15 percent from a year ago.”
Leonard said he expects sales to improve in other neighborhoods as first-time home buyers begin taking advantage of the new $7,500 tax credit in the housing rescue bill signed by President Bush this week. The credit must be repaid, making it more of an interest-free loan.
Leonard said that as first-time buyers get into the market, existing-home sellers will be able to upgrade, starting a chain reaction.
“If first-time home buyers buy your house, then you will have the ability to move up, and we can get that snowball going downhill again,” said Leonard, whose average sale price is under $200,000.
Higher-priced custom-home builder John McNair of McNair Custom Homes expects it will take 12 to 18 months before the snowball hits his average price point of $575,000.
Once sales increase, developers expect to begin clearing the way for new communities, said Moore, a land developer who has not cleared any new lots in seven months.
“There is about a 34-month supply of lot. So, unless it gets worked down to 24 months, there may not be any demand for some time,” he said.
