Be Homes Announces The New Flex It Program
January 30, 2009
Be Homes, an international real estate builder and developer, has introduced a new series of home that focuses on offering larger square footage for a greater value. The concept for these new homes is the Builder now has an option for our Buyers that lets them chose between a one and a two car garage home design based on our existing product series. “If they choose to Flex the existing plan we move some of the garage space into the home creating a bigger home for less money per square foot”, stated Scott Inocente, Director of Sales and Marketing for Be Homes. “We are very excited that this simple concept allows for our Buyers to choose what space is most important to them.” By simply choosing to Flex it™ the home design can add additional bedrooms, baths, media rooms, or create luxurious and spacious family rooms all for less money per foot.
This new series of home is available at two communities in Northeast San Antonio (The Parc at Escondido, and Escondido Meadows) as well as three communities in Northwest San Antonio (Lakeside, Canterbury Court and Heathers Cove). Sales consultants are on premise to assist in finding the perfect floor plan for your needs.
Be Homes is a San Antonio-based builder with 8 communities throughout San Antonio and New Braunfels and features homes priced from the $80s to low $200’s operated under the Bejar Group of Companies. With over 40 years of experience, the Bejar Group has specialized in industrial complexes, hotels, retail and residential development. Prior to coming to San Antonio, the Bejar Group started a residential housing division in Florida while continuing the development of its projects in Mexico. One such division, GRUPO EXPOCASA developed nine different housing projects and more than 5,200 homes during the last five years, all in the outskirts of Mexico City. Grupo Expocasa is a fully integrated company that does everything, from the purchase and development of the land, to the construction, marketing, and sales of their homes, and serves as the blueprint for the San Antonio Division. For more information, please visit www.be-homes.com.
Congress Introduces Bill H.R. 600 That Would Reinstate Downpayment Assistance
January 21, 2009
The following statement was issued by Scott Syphax, president and CEO of the Nehemiah Corporation of America in response to H.R 600, a bill introduced in Congress that would reinstate seller-funded downpayment assistance (DPA). Prior to the October 1, 2008 ban on DPA, Nehemiah was the oldest and largest provider of downpayment assistance.
“With foreclosures on the rise and banks maintaining their stranglehold on credit, we commend Congressman Al Green for recognizing the important role downpayment assistance can play in the market’s recovery. Through H.R. 600, DPA offers a simple solution that can empower thousands of worthy families to take advantage of depressed home prices therefore reducing the glut of homes on the market. Further, it does so without spending a single government or taxpayer dime according to the Congressional Budget Office. Creating opportunities for sustainable homeownership will be a cornerstone to strengthening a crumbling housing market and breathing life back into the economy. As the Obama Administration takes the reins tomorrow, we call on Congress to reach across the aisle and prioritize broadening opportunities for responsible homeownership in America by reinstating DPA..”
San Antonio Real Estate Market Report December 2008
January 17, 2009
San Antonio December 2008 MLS Report |
||
| Sales | Sales Year Ago | % Change Year Ago |
| 1,322 | 1,631 | -19% |
| Average Price | Avg Price Year Ago | % Change Year Ago |
| $177,405 | $183,339 | -3% |
| Median Price | Med Price Year Ago | % Change Year Ago |
| $139,900 | $150,700 | -7% |
| Price Per Sq Ft | Price Per Sq Ft Year Ago | % Change Year Ago |
| $86 | $88 | -2% |
| Days On Market (DOM) | DOM Year Ago | % Change Year Ago |
| 94 | 83 | 13% |
| New Listings | Active Listings | Pending Sales |
| 1,770 | 11,696 | 996 |
| 7.5 Months of Inventory | ||
Source: SABOR
Texas Tops List For No. 1 Relocation Destination In U.S.
January 15, 2009
Texas may be well known for its tasty barbeque, rowdy cowboys and friendly nature, but it also boasts a solid employment base, low tax rates and some of the nation’s most affordable housing. And in these challenging economic times, those qualities can look particularly attractive to families and businesses looking to move to a place where they can plant some roots. So it’s no surprise that more people chose to relocate to Texas in 2008 than any other state, according to Allied Van Lines’ 41st Annual Magnet States Report.
For the fourth year in a row, Texas took the lead as the No. 1 destination state in 2008 based on Allied’s report, which tracks U.S. migration patterns.
Texas achieved the highest net relocation gain (inbound moves minus outbound moves performed by Allied Van Lines) of 1,903 in 2008. Also for the fourth year in a row, North Carolina placed second on the list with a net relocation gain of 800, followed by Virginia in third place with a gain of 398.
Colorado and Oregon placed fourth and fifth respectively for states with the largest net relocation gains.
“Texas truly offers such a wide range of activities for its residents,” said David King, general manager of Berger Transfer and Storage in Houston, Texas, and Allied Van Lines’ largest booking and hauling agent. Berger has 17 locations nationwide with four locations in Texas (Austin, Dallas, Houston and San Antonio). King added, “It makes a lot of sense that we moved more people here than anywhere in the U.S. in the last several years. More retirees are relocating here, especially to San Antonio and The Hill Country. And a lot of people are moving here from the Northeast for employment opportunities, reasonably priced housing and the high quality of life.”
Texas experienced 5,891 inbound shipments and 3,988 outbound shipments by Allied, for a net relocation gain of 1,903—just slightly lower than last year’s net gain of 2,041. The Lone Star State chalked up 9,879 total shipments and ranked second behind California which had 11,400 total shipments and claimed “the most mobile state” title (the highest volume of inbound and outbound shipments by Allied Van Lines), followed by Florida in third place with 8,692 total shipments.
“It’s easy to see why Allied Van Lines moved so many people here,” said Bill Hammond, president and CEO of the Texas Association of Business. “We have no state income tax and continue to maintain low taxes, which is especially attractive to businesses. That, in turn, creates more jobs here. Add to that affordable housing and an overall great quality of life and there’s no question why Texas is so appealing.”
Brooke Hunt, chairman of the Texas Association of REALTORS?, agrees that moderate housing prices attract more people to Texas and said several other factors contribute to the state’s charm.
“Not only is our housing affordable, we also enjoy quality construction and can buy more for our money in Texas,” Hunt said. “In addition to drawing homeowners with great real estate, our public school systems rival the quality of many private schools and the business climate here is excellent. Our Legislature also works very hard to maintain low taxes, low unemployment rates and an outstanding business environment.”
Outbound States
The largest net relocation losses (more outbound than inbound shipments) were experienced by Michigan, followed by Pennsylvania, New Jersey and Illinois. Auto industry difficulties most likely continued to negatively affect relocations to Michigan in 2008, as Allied Van Lines’ outbound shipments of 2,388 were about double its inbound shipments of 1,181 for the state. Pennsylvania experienced the second largest net relocation loss with 855 more outbound than inbound moves, closely followed by New Jersey with a net relocation loss of 738, and Illinois with 551.
PMI Group Ranks Texas Markets As Most Stable In The U.S.
January 14, 2009
Winter 2009 PMI U.S. Market Risk Index (3rd Quarter 2008)
10 Riskiest and 10 Most Stable MSAs out of 50 Largest MSAs
10 Riskiest of the 50 Largest MSAs 10 Most Stable of the 50 Largest MSAs
Afford- Afford-
Risk Risk ability Risk Risk ability
Rank MSA Index Index Rank MSA Index Index
High Riverside-San Bern.- 99.9 89.04 Minimal Dallas-Plano- <1 129.85
Ontario; CA Irving; TX
High Miami-Miami Beach- 99.9 88.23 Minimal Fort Worth- <1 132.60
Kendall; FL Arlington; TX
High Ft. Lauderdale- 99.8 93.33 Minimal Houston-Sugar <1 130.14
Pompano Beach- Land-Baytown;
Deerfield Beach; FL TX
High Los Angeles-Long 99.8 89.86 Minimal Pittsburgh; PA <1 131.87
Beach-Glendale; CA
High W. Palm Beach-Boca 99.6 102.11 Minimal San Antonio; 1.0 120.62
Raton-Boynton Bch; FL TX
High Las Vegas-Paradise; 99.4 122.23 Minimal Charlotte- 2.2 127.47
NV Gastonia-
Concord; NC-SC
High Tampa-St. 99.2 98.03 Minimal Columbus; OH 2.8 137.78
Petersburg-
Clearwater; FL
High Orlando-Kissimmee; FL 98.7 100.06 Minimal Cleveland- 3.4 156.48
Elyria-
Mentor; OH 3.9 128.53
High Santa Ana- 98.3 91.71 Minimal Indianapolis
Anaheim-Irvine; CA -Carmel; IN
High Jacksonville; FL 97.3 95.95 Minimal Denver- 4.1 115.06
Aurora; CO
PMI Mortgage Insurance Co., today released its Winter 2009 Economic and Real Estate Trends Report, and its widely cited U.S. Market Risk Index(SM). The index shows that the risk of lower house prices two years from now increased broadly across the nation — rising in 369 of 381 MSAs (Metropolitan Statistical Areas) or 97 percent — highlighting the breath of the economic and housing downturns.
PMI estimates that half of the nation’s 50 largest MSAs have an elevated or high probability of seeing lower house prices by the end of the third quarter of 2010, relative to the third quarter of 2008. A growing number of MSAs in the Industrial Midwest and along the East Coast show an increase in probability of lower home prices in two years.
“The two primary drivers of increased risk scores across a broader segment of MSAs are the continued high level of foreclosures and rising unemployment,” said David Berson, PMI’s Chief Economist and Strategist. “These factors will put additional upward pressure on risk, with increases in affordability and lower mortgage rates providing some offset.”
PMI’s U.S. Market Risk Index(SM) ranks the nation’s 381 largest MSAs according to the likelihood that home prices will be lower in two years. Risk scores translate directly into an estimated percentage risk that home prices will be lower in two years. The Risk Index uses economic, housing, and mortgage market factors (including home price appreciation, employment, affordability, excess housing supply, interest rates, and foreclosure activity) to determine these probabilities. Among the nation’s 50 largest MSAs, 23 had a risk score exceeding 50, indicating a greater than 50 percent chance of prices being lower in those markets in 2 years.
In an effort to enhance forecasting accuracy, the Winter 2009 Risk Index incorporates a new home price index. PMI now bases its estimates on the more precise MSA-level Repeat Transaction Home Price Index from Loan Performance (a division of First American CoreLogic, Inc.). Previously the company based its estimates on Federal Housing Finance Agency (FHFA, formerly the Office of Federal Housing Enterprise Oversight, OFHEO) data. This change better reflects the breadth of mortgage market transactions and eliminates any bias on home prices resulting from the inclusion of refinancing activity. PMI also moved from utilizing state-based measures of mortgage foreclosure activity to MSA-based data to better reflect the impact on house prices from foreclosures at the local level. A complete copy of the Winter 2009 PMI Economic and Real Estate Trends(SM) (ERET) report and Appendix that provides data for all 381 U.S. MSAs is available at: http://www.pmi-us.com/eret.
Housing affordability was little changed in the third quarter from the second, caused mostly by a slowing in personal income growth in response to rising unemployment rates as the recession deepened. Moreover, mortgage rates were higher in most of the third quarter as the credit crunch worsened. PMI’s proprietary Affordability Index measures today’s housing affordability in a given MSA relative to its 1995 baseline. An Affordability Index score exceeding 100 indicates that homes have become more affordable; a score below 100 means they are less affordable.
For all 381 MSAs, the weighted average Affordability Index reading was 114.5 in the third quarter, compared with the second quarter reading of 115.5. Across the nation, 62 percent of the MSAs showed marginally lower affordability. Affordability improved slightly, however, in 59 percent of the 100 MSAs ranked in the two highest risk classifications, mostly in response to sharply falling house prices — which averaged a 14.0 percent decline from a year-earlier, far exceeding the drop in income growth over the period.
Forbes America’s 25 Strongest Housing Markets
January 8, 2009
Behind the Numbers
To compile this list, we asked Moody’s Economy.com to compile a list of the country’s real estate markets that are nearest to recovery. Moody’s looked at the country’s Census-defined metro areas–including metropolitan and micropolitan statistical areas–with populations over 500,000, and prepared forecasts through 2011. They then compared them to prices in the second quarter of 2008, which are the latest figures available, to calculate how far prices will likely fall before reaching bottom.
Not one metro area will see prices increase before the end of this year, according to Zandi’s forecasts. The strongest metro areas will be flat at best–but that’s better than the 15% drop Moody’s expects on average in the U.S. Prices won’t start to pick up again until late this year or sometime next year even in the strongest markets.
That’s because there are countervailing forces at work. The job market is weakening all over. On the other hand, new housing starts are down, which should help reduce supply–eventually. And, at just over 5% for a conforming 30-year mortgage, interest rates are lower than they’ve been in more than 35 years.
Texas markets are most set to benefit. Housing values were rising in many Lone Star State towns until oil futures collapsed and agricultural commodity prices fell. But the bottom doesn’t look very deep. Moody’s forecasts no change for McAllen and a fall of less than 3% for Dallas, Fort Worth, El Paso, San Antonio and Houston.
“Texas has the best large-state economy in the country right now,” says Zandi. “Employment is slowing, but its still growing.”
McAllen, Texas
Syracuse, N.Y.
Pittsburgh, Pa.
Buffalo, N.Y.
El Paso, Texas
Tulsa, Okla.
Houston, Texas
Charleston, S.C.
Little Rock, Ark.
Birmingham, Ala.
Fort Worth, Texas
New Orleans, La.
Dallas, Texas
Austin, Texas
Rochester, N.Y.
San Antonio, Texas
Augusta, Ga.
Baton Rouge, La.
Memphis, Tenn.
Oklahoma City, Okla.
Albany, N.Y.
Indianapolis, Ind.
Columbia, S.C.
Scranton, Pa.
Omaha, Neb.
Read the entire article “America’s 25 Strongest Housing Markets” written by Deborah Orr, at Forbes.com
2009 San Antonio Housing Forecast
January 7, 2009
Written By Aïssatou Sidimé from the Express-News
Existing home sales should improve in 2009, based on home sale increases during the last month, according to presenters and attendees at the San Antonio Board of Realtors Annual Housing Forecast on Tuesday morning.
“I’m expecting to be at least at 2005 volumes and maybe slightly less than 2007,” said presenter Bob Gardner, CEO of Legacy Mutual Mortgage.
Still, 2009 won’t see a return to the boom days of 2006. Median home prices in San Antonio are expected to stay flat.
Gardner’s predictions were welcome news for an industry that appeared to shift closer to the ugly national picture in November when the number of home sales dropped 32 percent and the median price fell 4 percent.
Based on home sales for the last five weeks, Gardner told the audience of 650 attendees at the Omni San Antonio Hotel in the Colonnade that he’s taken the unusual step of hiring new employees in an industry that had been shrinking.
“There are people coming out of the woodwork buying housing,” Gardner said. “I thought January would be more like 2003, but I don’t think so. We are expecting to exceed our (sales) predictions by 35 percent. I’ve had to add some contract people to handle the business.”
Other presenters, including Paul Bishop, managing director of real estate research for the National Association of Realtors, and Mark Dotzour, chief economist of the Texas A&M University’s Real Estate Center, agreed that San Antonio’s housing market is fundamentally stronger than most markets nationwide.
“In 2008, San Antonio had job growth, cheap mortgages and positive price appreciation but declining volumes,” Dotzour said. “It tells me local economics are not the issue. It’s a lack of confidence in our government. And when that is repaired, buyers will start buying again.”
Bishop said these same positive forces also kept foreclosures down statewide compared to the rest of the country.
Actual data from 2008 may not show as cheery a picture, though.
Mortgage rates do continue to fall, and job growth is positive. But home price appreciation averaged less than 1 percent for the year through November 2008. The median sales price was $150,400 during that period, up slightly from $150,100 for the comparable period in 2007 And home sales declined 18 percent from 21,178 sales in the same period in 2007, according to SABOR figures.
New foreclosures were kept to just 0.6 percent in Texas versus 1.1 percent nationally in the third quarter of 2008, Bishop said. But San Antonio foreclosure postings spiked 46 percent in January to the single highest number of auction filings for one month since at least 2000.
Anecdotally, local agents also report higher home sales, but they say Gardner’s forecasted 35 percent increase is more than they expect to see. Several agents reported their December and January sales were either flat or increasing. Historically, sales dip in these months.
But, still, that’s hardly 35 percent.
“I was at 2005 levels (last year) and expect to do better,” said Missy Stagers, an agent with Coldwell Banker D’Ann Harper Realtors. Stagers said she has four deals already set to close this month, versus one in January 2008 and nine in January 2007. She expects to benefit from shrinking new-home inventories and a stronger general economy.
Presenters said the lackluster 2008 figures masked some strong sectors.
Lisa Schmidt of The Phyllis Browning Co. said downtown condo sales are ahead of projection. “Pretty much what has been finished is sold,” she said of the 910 condos built or placed under construction since 2007.
In addition, there were strong price-per-square-foot increases in several communities in 2008, including Rogers Ranch, Colonies North, Cordillera Ranch and Terrell Hills, which each showed at least a 5 percent price increase in 2008, Gardner said.
