Top Cities Unaffected By Recession
November 24, 2009
Some U.S. cities with stable housing and diversified employment have been virtually untouched by the Great Recession.
Analysts say cities that are most likely to leave the recession in the same or better condition than they started it are those where home prices didn’t fluctuate wildly, which spared them the devastating effects of foreclosure, lost jobs, and lost productivity.
If there is a lesson to be learned, experts say, it is that families looking for long-term economic stability should settle in locales with diverse employment and minimal shifts in housing values.
To identify these cities, Forbes magazine ranked the 100 largest Metropolitan Statistical Areas by employment rates, the conventional mortgage home price index, and the average days on the market for properties currently for sale.
The top cities on Forbes list were:
- Omaha/Council Bluffs, Neb.
- San Antonio, Texas
- Austin-Round Rock, Texas
- Pittsburgh, Pa.
- Harrisburg/Carlisle, Pa.
- Dallas/Fort Worth, Texas
- Rochester, N.Y.
- Houston, Texas
- Raleigh/Cary, N.C.
- Baton Rouge, La.
Lone Star Luck
In No. 2 city San Antonio, home to four military bases, and Austin, our third-ranked city and the state seat of government, municipal jobs supplement Texas’ robust energy sector. In Dallas (No. 6), it’s a thriving tech industry that buffers it from energy highs and lows. Although Houston No. 8 is invested mostly in oil, it has diversified its energy industry beyond oil rigs into refining and chemicals manufacturing.
What’s more, the state’s housing prices never ascended to the unsustainable levels the rest of the country hit at the peak of the housing bubble. Thus, it didn’t crash as hard. These factors have toughened the local economy against a recession that is inextricably tied to real estate.
“Texas didn’t have as big of a boom,” says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. “So we’re not having anywhere near the kind of bust.”
Full List: America’s Fastest-Recovering Cities
Read the entire article at Forbes.com written by Francesca Levy.
Now Official: Congress Extends and Expands Home Buyer Tax Credit
November 6, 2009
San Antonio First-Time Home Buyer Tax Credit
The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30, 2010. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight.
Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
Clearly, the time to act is now! Mortgage rates remain at historically low levels. The 30-year fixed rate mortgage fell to 4.97% last week. Also, Congress has indicated there will be no further extension. Buyers who wait to sign a contract could find themselves settling for a home they really don’t want, if they can find one at all. This once in a lifetime opportunity will shortly be gone for good.
Don’t take a chance and procrastinate – there won’t be another chance! Register below to get started.
