Top Rising And Falling Housing Markets In The U.S.
June 26, 2009
Local Market Monitor, released its latest Home Price Forecast, covering well over 300 US local markets. The forecast, which predicts local market behavior over the next 12 months, identifies markets where home prices will continue to drop as well as stable markets with opportunities for growth.
According to the forecast, among the largest US markets—identified as those with populations greater than 600,000—the 13 markets with the best expected performance in home price are:
- Baton Rouge, La.
- Buffalo-Niagara Falls
- Dallas-Plano-Irving
- Fort Worth-Arlington
- Houston-Sugar Land-Baytown
- Little Rock-North Little Rock-Conway, Ark.
- McAllen-Edinburg-Mission, Texas
- Oklahoma City
- Rochester, N.Y.
- San Antonio, TX
- Syracuse, N.Y.
- Tulsa
- Wichita, Kan.
These top markets, where home values are expected to remain level, are among those markets that did not have a big housing boom. Home prices in these areas are generally below the US average and reflect where the recession has so far had a relatively mild impact.
“These are markets that did not have a large boost in home prices over the last few years and therefore, even though the economy is doing poorly, no adjustment in prices has been necessary,” said Ingo Winzer, president of Local Market Monitor. “Steady economic growth and price appreciation have helped these markets remain stable.”
The 11 largest markets with the worst expected performance in home price are:
- Bakersfield, Calif.
- Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.
- Fresno, Calif.
- Las Vegas-Paradise
- Miami-Miami Beach-Kendall
- Orlando-Kissimmee
- Oxnard-Thousand Oaks-Ventura, Calif.
- Phoenix-Mesa-Scottsdale
- Riverside-San Bernardino-Ontario, Calif.
- Stockton, Calif.
- West Palm Beach-Boca Raton-Boynton Beach, Fla.
These markets, which are expected to have the largest declines in home values over the next year, are also among those that previously had the biggest price booms. This was attributed in large part to speculative buying, including the repercussions of inflated housing construction on the local job market and investor portfolios.
“We’re going to see prices fall below equilibrium in many of these markets,” said Winzer. “Prices are going to continue to decrease in some of these markets for several years before they really stabilize.”
Source: Local Market Monitor
TDHCA Releases Two Down Payment Assistance Programs
June 25, 2009
Updated: TDHCA Down Payment Assistance Programs No Longer Accepting Applications
The Texas Department of Housing and Community Affairs announced today a short-term loan program that allows people to get a slice of the $8,000 upfront, then pay it back to the state when their federal tax credit money rolls in.
The program should help people who want to become home buyers and who qualify to receive the $8,000 from the IRS, but need that money to get to the closing table in the first place.
Now Texas is one of at least 13 states with a program to advance the $8,000 to home buyers, according to the National Association of Home Builders.
The TDHCA loan is interest-free, but home buyers have to pay it back to the state quickly. And there’s a limited pool of money available — enough for around 700 home buyers statewide to tap at once.
“Our hope is that Texans will use these programs and repay the department very quickly so we can give other Texans the opportunity to tap into it,” said Michael Gerber, executive director of TDHCA.
No exotic mortgage loans are allowed. Buyers must take out a conventional, FHA, VA or USDA mortgage loan and take a home buyer education class.
And buyers don’t apply directly to the TDHCA. They must go through an approved mortgage lender, of which there are hundreds, who will walk them through the process.
Two programs are available. One provides 5 percent of the mortgage amount, up to $7,000, and must be paid back within 90 days or the state will start charging 10 percent interest.
It is available to all who qualify for the federal tax credit, as long as no exotic mortgage loans such as adjustable-rate loans or 40-year loans are used.
The second TDHCA program provides 5 percent of the mortgage loan amount, up to $6,000, and must be paid back within 120 days to avoid paying interest. That program is available only to people who already are using one of the state agency’s home buyer programs, geared toward lower-income residents.
The funds are available only on qualifying purchases made by December 1, 2009 to eligible borrowers on a first come, first serve basis.
Now if you are thinking of purchasing a home in the San Antonio area and would like to take full advantage of the new down payment assistance programs offered by TDHCA register below to get started:
Forbes Ranks The Best Cities For Recession Recovery
June 13, 2009
The three most important things in real estate: location, location, location.
It’s true for recovery from a real estate bubble too. Overall, many economists expect the national economy to return to growth later in 2009, perhaps as soon as this summer. But that won’t be the case everywhere. While some cities are poised for a quick rebound, others face a slog to recovery that could take years.
Poised for swift recovery are many Texas cities, such as Austin, San Antonio, Dallas and McAllen. These areas did not see the massive real estate bubble that formed in states like California, Nevada and Florida. The economy is diverse, with heavy growth coming from education and health care in recent years.
Read the entire article written by Joshua Zumbrun at Forbes.com
Best Cities Poised for Recovery
Austin-Round Rock, Texas
Fayetteville-Springdale-Rogers, Ark.
Boulder, Colo.
Huntsville, Ala.
San Antonio, Texas
Mobile, Ala.
Dallas-Fort Worth-Arlington, Texas
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.
McAllen-Edinburg-Mission, Texas
Seattle-Tacoma-Bellevue, Wash.
Pulte Homes Opens Three New San Antonio Communities
June 12, 2009
Grandview, where homebuyers can choose from four floor plans of both one- and two-story homes ranging from 1,896 to 2,781 square feet. Homes start in the high $190,000s. To get to Grandview, take Loop 1604 and exit north on Hausmann/Kyle Seale Parkway. The community will be ahead on the right.
Lakeside at Canyon Springs, which has oversized lots, a community pool, bike trails, and three one- and two-story floor plans ranging from 1,700 to 2,400 square feet. Lakeside homes start in the mid $180,000s. To get to Lakeside, head north on U.S. 281, turn left on Overlook Parkway, turn right at the Canyon Golf intersection and the neighborhood will be on the right.
Hillcrest is just minutes from Lackland Air Force Base. Buyers can choose from one- and two-story homes ranging from 1,427 to ,2354 square feet. Hillcrest homes start in the high $140,000s. Take Highway 90 west to Loop 1604, head north (right) on Loop 1604, make a turnaround at Marbach Lane, and turn right on Spurs Ranch Road into the Hillcrest community.
“It’s a perfect time for homebuyers to purchase a brand new Pulte home because of Pulte’s combination of incentives and pricing, government tax credits and low interest rates,” says Isolda Sicina, general sales manger for Pulte’s San Antonio division. “… This is the time to buy, while the deals are hot… .”
For more information on building a new home with Pulte Homes at Grandview, Lakeside at Canyon Springs or Hillcrest register below.
